Quality Insurance Company has launched a new insurance package, primarily for the ‘Baby Boomer’ generation.

This novel insurance product, with all the features of regular vehicle insurance policies, is targeting people born between 1946 and 1964 and has some exclusive features for the target market.

The new policy was introduced to the public through a media launch at a ceremony at the QIC head office attended by the Insurance Commissioner, Dr Justice Yaw Ofori and officials from the Ghana Insurance Association.

Introducing the insurance package to the media, the Managing Director of the QIC, Kobena Addison explained that the policy was designed for Baby Boomers because they make up a large percentage of the consumer market.

“They are the biggest spenders in Ghana currently. 85% of employment is produced by Baby Boomers. 70% of disposable cash is sitting with Baby Boomers,” Mr. Addison said.

“We concluded that the only way this product can break through the market and make money is when we keep the premium the same as every other motor comprehensive insurance on the market. This policy will not cost you more,” he assured the public.

The Golden Age Comprehensive Insurance Policy provides free non-insurance benefits such as: 24-hour on-call services, guaranteed courtesy car at the time of a claim, facilitation of home medical laboratory services and automatic renewal of policy within 48 hours of expiry.

Board Member of QIC, Madam Afia Addo praised the dedication of the staff to raising the standard of insurance in the Ghanaian market.

She touted the success of the company’s last innovative product, ‘Go Girl’, but was confident the Golden Age Comprehensive Insurance Policy would be one of company’s best products yet.

“It is a thing of joy for the board that management and staff are continually pushing the bounds of what traditional insurance policies offer in the Ghanaian insurance space such that innovation and going the extra mile have become stalwarts of the trigger words that are evoked when the name Quality Insurance comes up,” Madam Addo said.

First Vice President of the Ghana Insurance Association, Andrew Fiifi Simpson described the target of Golden Age policy as people who value relationships and commended QIC for moving to strengthen the relationship with Baby Boomers while offering them great insurance cover.

“It is my expectation that this policy which is being launched today would put relationship building at the core of the offering,” Mr. Simpson noted.

Mr. Simpson was also of the view that Baby Boomers are an excellent choice of a target market because of their careful driving.

The Commissioner of Insurance, Dr. Justice Yaw Ofori urged that effective systems be put in place to ensure quality services are rendered to insurance policyholders in Ghana.

“Digitisation offers better prospects to increase efficiency,” he said. “The NIC on its part is focused on strengthening solvency, protecting policyholders’ interests and creating an enabling environment that encourages the development of innovative products.