Star Assurance marks silver anniversary, targets 36% income growth
Star Assurance Company Limited, rated “A” in 2009 by the Global Credit Rating, has projected to close this year on a GH¢26 million gross premium income, from a 2009 unaudited position of GH¢19.
Managing Director, Kofi Duffuor, who disclosed the target among other lofty performance goals at the launch Tuesday of the company's 25th anniversary celebrations, said the insurance industry has seen a dramatic change in the past decade. In response, Star Assurance has also invested heavily in its operational areas – information technology, branch network and human resource – and will by September 2010, commission a new state-of-the-art software whose installation and implementation at the cost of GH¢900,000 will reposition the company to serve its rapidly growing client base more effectively and efficiently.
“Although Star Assurance is taking into the future a legacy of achievements, (including a 2002 “Insurance Company of the Year” rating at the prestigious Chartered Institute of Marketing Ghana (CIMG) awards) there is no room for complacency. We believe that complacency is an enemy of success and the bedfellow of failure. We will rather learn and build from the successes of the past twenty-five years as the company seeks to increase its underwriting capacity and the scope and quality of its products. Star Assurance's vision for the future is that of insurance partnership by creating delightful experiences in doing the business of insurance. The needs of customers will determine the path of the company while its values will guide it,” he said.
Other activities forming part of the silver jubilee celebrations include the sod-cutting ceremony for the beginning of work for a 10-storey office complex, the unveiling of a new company logo, a partnership with Joy 99.7FM to celebrate this year's Joy Easter Soup Kitchen, and educative discussion programmes on the radio stations.
To climax the celebrations, Star Assurance is rewarding customers with laptop computers, fridges and mobile phones in instant lucky dips, while an ultimate draw in September has a Mercedes Benz C class as topmost prize. To qualify, one must purchase a Travel Policy or a Comprehensive Motor Insurance Policy from the company between now and September 10.
Tribute
The ultimate reward for customers who buy a Travel or Comprehensive Motor Insurance Policy from now till September 10, 2010.
Paying tribute to the company's founder, Dr. Kwabena Duffuor who is the current Minister of Finance, as well as past directors, Mr. Kofi Duffuor said Star Assurance envisages a shift from the traditional general insurance products to customized products to support large risks as Ghana develops its oil and allied industries, requiring cooperation among insurance companies to co-insure these risks.
“The current dynamics facing the industry such as an increase in the number of players in the market, leading to a softening of rates, consumer demands, and convergence of the financial services provide a window of opportunity for the industry to achieve its full potential within the financial system,” he said, congratulating the National Insurance Commission also, under whose watch he said, the industry had “grown enormously, offering more business opportunities for companies and individuals and a diet of products to the insuring public.”
Star Assurance offers policies in Motor Vehicle Insurance - Third Party cover; Third Party, fire and theft cover and Comprehensive cover; Fire Policy; Business Interruption; Electronic Equipment; Comprehensive homeowners & personal insurance; Burglary; Plant all risks; Contractor's all risiks; Goods-in-transit; Cash-in-transit; Marine Insurance; Personal accident; Workmen's compensation and Public liabilities insurance among others.
Story by Isaac Yeboah/Myjoyonline.com/Ghana