CIMG Hall of Fame Insurer, Vanguard Assurance, has launched the Vanguard Digital Motor Insurance in Kumasi.

The ICT-based product is aimed at ensuring rapid response to claim payments to vehicles, drivers and passengers in case of any motor fatalities.

This product is also designed to lessen the work of the police when it comes to issuing reports to affected occupants in a road incident.

Statistics from the Ghana Police Service, Motor Traffic and Transport Department revealed that 180 people lost their lives through road accidents in January 2018 alone. 1,774 vehicles were involved while 1,771 people sustained various degrees of injuries.

Speaking to Ultimate Business, Friday, after the launch of the product in Kumasi, Executive Vice-Chairman of Vanguard Assurance, Dr Gideon Amenyedor mentioned that it was imperative to cut out the administrative bureaucracies and the stress that mostly characterizes post-accident insurance claims.

“Usually when you take an insurance, the provider promises to pay claims and because of the promise, the client pays what is called premium. One of the critical challenges the client faces is that, there’s a condition in the insurance contract that requires that, when there’s an accident, notify the insurance company.

“Vanguard is saying we understand our clients well, our people want to insure, but this condition of notification is really not good and thank God with the digital technology, it is the right time,” he said.

“We have a device which is embedded in your car for you and when there is an accident and the impact is so huge, it will trigger itself and when it is not too big, all you have to do is to press the knob which sends an SOS message to Vanguard Assurance and there are people on standby who will rush to the scene to access damage and start the paper works,” Dr Amenyedor revealed.

The Vanguard Assurance boss further stated that the new digital motor insurance is very beneficial in especially cutting down what he describes as “fraudulent” cost.

“The Vanguard Digital Motor Insurance is going to cut down fraudulent cost. The effect is going to be that, even over time, premium might go down because insurance depends on the amount of money we pay as claims. If it is reducing why can’t we make it cheaper? So we believe that in the long run if everybody switches on it and the term reduces, maybe we can look at possibility of the premium going down but this is in the very initial stages.”

The Vanguard Digital Motor Insurance is currently available for prospective and existing clients in the major cities across the country and as telecommunication system advances in the near future, it is hoped that the service will be expanded to other towns.

By: Ghana/Ultimatefmonline.com/106.9FM/Patricia Ama Bonsu