Bishop in Ghana Shares Uniqueness of Church owned Insurance Company
CANAA || By Damian Avevor, Ghana || 19 June 2017
Bishop Gabriel Edoe Kumordji, SVD, of Keta-Akatsi Diocese in the Volta Region of Ghana has said that Quality Insurance Company (QIC) Limited, owned by the Catholic, is the only Insurance Company in Ghana that that offers free towage as one of the non-insurance benefits in the event of an accident or breakdown.
Bishop Kumordji, who is the Chairman of the Board of Directors of QIC said this at the 20th Annual General Meeting of the Company in Accra recently.
He noted that QIC is also the only Company provided courtesy car option, free break down assistance as a way of promoting loyalty to counter the downward pressures on pricing than now.
He said that in 2016, the Company invested in digital information technology for insurance renewals, claims processes and quotation, noting that its performance illustrated the opportunities and benefits in electronic business processes.
He noted that the phenomenal impact that technology had on the business was creating exciting and viable new opportunities for QIC, stating however that, capitalizing on this opportunity required strong focus on innovation.
The Bishop said the management had articulated a strategy to re-engineer the business of Company and had set themselves a target to achieve GHc40, 744,904 in revenue by year 2017 with a 52 percent increase in profit before tax.
He noted that “while these are aggressive and ambitious goals, the Board strongly believes that these are eminently achievable through game changing initiatives.”
Meanwhile, the Quality Life Assurance Company (QLAC), a Company also owned by the Catholic Church also held its 10th AGM simultaneously with QIC with a call on Catholics to consider taking their portions of rights issue in the Company by buying shares to recapitalize the Company.
Kintinka Sir Dr. Kwame Donkor Fordwor, Chairman of the Board of Directors of QLAC, said the directives for all insurance Companies to raise their minimum capital base to GHc15m by end of 2016, made the Board prepared and circulated Prospectus for a rights of issue of shares to all shareholders during the year.
He noted that the response was not “favourable because of which the national Insurance Commission had written several times to us demanding our current position on recapitalization.”
The Board Chairman said this offer was still opened to all, notifying that “the alternative option available to us is to offer your shares to strategic investors to take over the company. This may however, not inure to the benefit of the Catholic fraternity.”
He stated that the Board and Management were optimistic about the future of the Company and were committed to improving QLAC through top notch customer Service.
Kintinka Fordwor told the shareholders that “our resolve is to ensure the continual growth of the Company,” saying that a strategic plan had been drawn for QLAC to continue to attract and maintain a highly motivated and dedicated workforce to generate high and sustainable value.”