PROVIDENT INSURANCE @ 25Statement by CEO
In 1982, a small mustard seed was sewn on the premises of the Methodist Book Depot, at Makola in central, Accra.
As the seed germinated and sprouted, it got legally registered and received its final licence to commence business as Provident Insurance Co. Ltd. on the 2nd of October 1982. This is 25years ago, so we have every good reason to reflect over this period. In doing so, we can say, the world has changed since then, Ghana has changed and Provident Insurance Co. Ltd. has equally changed with the times and most importantly moved on.
This year 2007, Ghana celebrates its Golden Jubilee; this year 2007, Provident Insurance Co. also celebrates its Silver Jubilee. This Silver Jubilee is not only an opportunity to celebrate our 25 years of being in the Insurance Business but also a springboard to the future- the next 25 years. This event today is the launch of a series of activities which would eventually culminate on Tuesday October 2nd 2007 our birthday. As part of these celebrations, we have refurbished our main business hall to give us a new corporate face and to offer our clients improved comforts.
We shall commission our new Ultra Modern Office Building in Takoradi, as one of the highlights of the Silver Jubilee celebration.
Other activities like launching of new insurance products, Radio and T.V. Blitz talk shows etc. have been lined up as part of the anniversary celebration
Madam Guest Speaker, Ladies and Gentlemen, if modesty would permit, I would like to say with pride that, over the twenty five years that Provident Insurance Co. has been in operation, we have grown to be one of the dominant and innovative companies in the Insurance Industry in Ghana.
From a very humble beginning which later on saw us as the first Insurance Co. Ltd. to win the Best Marketing Insurance Company Award in 3 successive years in 1991, 1992 and 1993. Provident has since enjoyed an enviable high steady growth in every aspect of its business.
Total Assets for example grew from c33 billion in 2002 to c101 billion as at December 2006. Equity capital of the company was also increased by c23 billion from a lower capital of c7 billion. Our operations have been modernized by the use of modern technology including IT and our human resource base very well strengthened and motivated,
May I also say that for the past 5 consecutive years, Provident has been rated as one of the most profitable in the Insurance Industry.
These new strategic developments would no doubt help Provident re-affirm its position as the “Peoples' Insurer of Choice” within the Ghanaian industry.
Looking ahead into the next 25 years, the keys to our success, would be to plan and employ strategic and critical factors in several areas of our business operation. Some of them are as outlined below;
1. Firstly, we have already began and would complete by the close of this year the separation of our Life Business from our General Business in line with the new Insurance Act 2006 (Act 724) again in the next 25 years we shall identify new Targets and new Markets for our numerous valued clients
2. We shall better our own record as the number one speedy insurance claim payments to our clients and 3rd parties
3. Begin our “Client Based Partnership” program through innovative and efficient client service.
4. Provide the Insuring Public with new and affordable basic insurance products.
5. Train, equip and Provide sales incentives and motivations to staff and marketing/sales executives to meet sales goals.
6. Provident will yet again provide leadership in the insurance industry through product innovation and development. With our new IT infrastructure software, our clients would be able to acess directly on line their life Insurance Policy Account Statement, with effect from January 2008. This also will apply to Geneal Business / Non life whereby clients can check on line the status of their policies. It is worthy to note that at present, renewal notices are being sent by SMS within the industry and Provident is one of such trail-blazers.
Provident is recognized and rated among the leading corporate bodies who honour their social responsibilities and these we happily do because we believe in sharing with society what we have gained from it.
In pursuance therefore we have often sponsored programmes and activities of institutions such as the Korle Bu Teaching Hospital, Ghana Heart Foundation, Institute of Statistics, Social and Economic Research (ISSER) of the University of Ghana, The Shama Ahanta East Metropolitan Assembly (SAEMA) to mention just a few. We have also helped the needy in society and we promise to do even more of these in the coming years.
As part of our Silver Jubilee Celebration, we unveil our new Provident Insurance Co. Logo which from now on will represent our corporate image and our message for the future
We have modernized our corporate visual identity to show where we are going in the future, but we are also proud of where we are coming from. But there are things that will never change about Provident which we have maintained
Provident has been and will always be realistic and client focused.
“Our mission is to give by resolute dedication, innovative, efficient, renewable and qualitative insurance services, while at the same time endeavouring to provide quick and efficient claim settlement as the core of our business To reflect this mission we have retained our visual essence, our Provident Padlock and our Provident Blue.
We have avoided following the trend of becoming an acronym (PIC). We are proudly retaining the powerful association of the whole word 'Provident'. Provident comes from 'Provide' and is about 'prudence', 'far-sightedness' and 'wisdom'. Provident means, 'Timely preparation for the future'.
The logotype for the word Provident has been modernized. We have chosen a simple typeface; yes simple but grand, flashy and eye-catching.
The new logo is part of Provident's new corporate Visual Identity.
Today's public is more visually sophisticated so our famous Padlock, no longer encircled, has been liberated and simplified to make a more modern, three -dimensional icon.
Today, by changing our corporate Visual Identity, we are making our own 'Timely preparation for the future'. Our visual identity will include how we use imagery – pictures – it is all about our esteemed clients. Images of our clients: always strongly Ghanaian, always images of client's needs and client's dreams.
This example is designed to be in all of our branches. It's a point-of–sale material. As you will see, in the foreground, this is the satisfied customer, the Provident Person.
Behind, is everything that Provident protects. In this case, for Provident life, it's a well protected family - the man with his wife and children. For non-life, it's the home, a car and all other assets that make life easier.
We have introduced this grid system, the white squares. These will provide a strong visual identity to make Provident's communications instantly recognizable across any media. The grid serves to create a tight system for the placement of the Provident Logo and any type. And the grid also serves another important function that is not immediately obvious: This grid protects what's most valuable.
We'll use images of confidence: big dreams, success, tight and secure family, education of children, owning a house, owning a car etc Confidence is what Provident gives you.
Being Provident is a lifeclass choice for the modern Ghanaian with great expectations for the future.
Provident's advertising message will be honest, accessible, real, natural and simple. As a point of interest, we won the Radio advert for the year 2002 and in 1991, 1992 and 1993 as already mentioned won the Best Insurance Marketing Company of the year consecutively.
Our leadership role in specific areas of the insurance industry will still continue. Our advertising messages whether it's in the newspapers or on billboards, on TV or in our own branches will provide a positive self-image for all Ghanaians, whether Provident's clients or otherwise.
And finally, we all know that, this age, women are bread-winners, Women are C.E.O's, Women are Superior Court Judges, Engineers, Pilots, Top Politicians etc and women are as important and esteemed clients to Provident Insurance as Men. So, whether you are a man or woman, Remember….with Provident, Man you're covered!