Quality Insurance marks 30 years of growth, innovation                          

By Sandra Agyeiwaa OTOO

Quality Insurance Company has highlighted its financial growth and product innovation as it marks 30 years of operations in Ghana’s insurance industry.

Cecil Ribeiro, Head of Operations at Quality Insurance Company (QIC), in an interview highlighted the company’s strong growth trajectory over the last three decades.

“The first achievement I’ll speak about is growth of the company. In the last 30 years, this company has grown from one that was writing about GH¢500,000 to GH¢1m on average and is currently writing in excess of GH¢130m while we continuously post underwriting profits,” he revealed.

He noted that the company’s ability to generate underwriting profits sets it apart in an industry where many firms rely heavily on investment income.

“Underwriting profits is not something that other insurance companies post within Ghana. Most profits are from investments. When we say underwriting profits, it means that the actual process of doing insurance business, we are making money out of it,” he stated.

According to him, the company channels its dividends to support Catholic hospitals and schools nationwide, describing this as a major achievement and a key part of its corporate social responsibility (CSR) efforts.

On innovation, Quality Insurance has strengthened its market position with its ‘Go Girl’ insurance product, which has won Insurance Product of the Year on two occasions within the last three years – reflecting strong industry recognition.

Mr. Ribeiro said the company stands out among more than 30 insurers in Ghana as it is the only one offering a ‘courtesy car’ service for women involved in accidents, describing this as a unique and practical innovation in the market.

He added that the initiative ensures insured women do not have to struggle with finding alternative transport after an accident, as the company immediately provides them with a replacement vehicle for convenience and mobility.

He clarified that the company, established in 2006 as a composite insurer, is marking 30 years of achievements rather than its founding. He said the anniversary celebration is aimed at showcasing its milestones and celebrating its successes, beginning with Christ the King Catholic Church.

“I wouldn’t say it’s the 30th anniversary of founding. Basically, the company was established in 2006 and, of course, it was established as a composite insurance company. 30 years down the line, we’ve achieved a lot and we think we have to bring these achievements to the public’s attention,” he said.

“Apart from that, it’s also to celebrate our successes which have been chalked up in those 30 years. So, that is the main reason why we decided to celebrate this 30th anniversary – starting  with Christ the King,” he added.

He said the company does not have products specifically for men, but provides coverage for both men and women aged 50 and above under its ‘Golden Age Policy’, which focuses on making healthcare more convenient for older clients.

He explained that under the policy, in partnership with major laboratories such as Lancet, medical personnel are sent to clients’ homes to collect samples in the comfort of their homes – adding that aside from this, the only gender-specific product currently offered is the ‘Go Girl’ policy for women.

Quality Insurance is also pursuing growth through subsidiaries such as Quality Life and Quality Financial Trust, with plans to introduce another entity.

On regulation, Mr. Ribeiro said the company complies with claims guidelines set by the National Insurance Commission (NIC) and has not been fined.

He identified low insurance penetration as a key challenge, stressing the need for public education.

“If you look at insurance penetration, in my opinion, it comes down to education. A lot of people do not see the importance of insurance until something happens,” he pointed out.

“So, I would say education of the public is essential and as insurers we need to educate our clients. That way, I believe we will build capacity for the public and other insurance companies to do the right thing as far as insurance is concerned,” he added.

Post Views: 65