Vanguard Assurance, a trailblazer in Ghana’s insurance industry, celebrates a remarkable 50 years of unwavering commitment to providing innovative and customer-centric insurance solutions.
Established in 1974, the company has grown from humble beginnings to become one of the nation’s leading insurance providers, earning a reputation for reliability and excellence. This golden jubilee marks a milestone of not just survival but thriving in an ever-evolving industry.
Reflecting on its journey, Vanguard Assurance has been a pioneer, adapting to Ghana’s dynamic economic, technological, and societal shifts. From offering basic life and fire insurance at its inception to introducing cutting-edge products like climate-conscious agricultural policies and Pay-Per-Insurance models, the company has consistently responded to the changing needs of its customers.
As it marks this historic milestone, Fredrick Adotey Saka (FAS), CEO of Vanguard Assurance Co. Ltd. reveals that the company remains a proof to the enduring impact of innovation, strategic leadership, and a customer-first philosophy in shaping the insurance industry and supporting national economic growth.
INDUSTRY FOCUS
TVA: Vanguard Assurance Company Ltd. is one of the oldest insurance companies that has journeyed through the ever-changing economic terrain, technological revolutions, and evolving consumer needs. Considering the journey of Vanguard Assurance Co. Ltd. in the Ghanaian insurance industry, can you tell us a little bit about where the Ghanaian insurance industry is at the moment and the developments that excites you in the industry?
FAS: The Ghanaian insurance industry is undergoing a transformative phase driven by the Domestic Debt Exchange Program (DDEP) and recapitalization under the Risk-Based Supervisory Model. This is more than a regulatory shift— it’s about strengthening the industry’s foundation.
Recapitalization, for instance, empowers insurance firms to take on larger risks, like underwriting major energy projects or handling multimillion-dollar international transactions. This capacity not only boosts our confidence as insurers but also supports economic growth by enabling innovation across industries.
While this phase comes with challenges, it’s an exciting period of growth that positions us to deliver even greater value to our clients.
TVA: According to the global insurance report 2023, it was established that insurance protection gap looms over both general and life insurance. In your own view, what do you think is the missing link that would allow the insurance sector to better address customers’ latent needs?
FAS: The insurance protection gap is a global challenge, and in Ghana, it stems from both demand and supply issues. On the demand side, many Ghanaians, particularly in lower-income groups, view insurance as unaffordable compared to immediate needs like healthcare or education. On the supply side, emerging risks like cybersecurity or climate change remain under-addressed due to limited investment in research.
Cultural perceptions also play a role, with many relying on family networks instead of insurance, viewing it as unnecessary or a waste.
At Vanguard Assurance, we see this gap as an opportunity. We’re designing affordable, tailored products for underserved communities and educating the public on insurance as an essential financial tool. By leveraging technology to reduce costs and partnering with fintech companies to reach untapped markets, we believe the industry can close this gap and unlock new growth opportunities.
TVA: What are some actions that are important for insurance carriers to do right now to expand their relevance in the country?
FAS: To stay relevant in Ghana, insurance carriers must be adaptable. As customer needs rapidly evolve, insurers must anticipate trends to remain dynamic.
A key example is the increasing focus on sustainability and corporate responsibility. Younger consumers, in particular, prefer brands that align with their values. At Vanguard Assurance, we’re reducing our carbon footprint through digital innovations and supporting impactful community programs.
Corporate social responsibility (CSR) is also crucial. It’s not just about donations but creating meaningful change. For example, we’ve partnered with schools to provide insurance education, building trust and demonstrating that we care about more than just profits.
Technology is a game-changer. With user-friendly apps and online claims processing, digital transformation is essential to meet customers where they are. Ultimately, staying relevant means recognizing that insurance is about people— their lives, dreams, and peace of mind.
TVA: The insurance industry is facing diverse challenges as well as opportunities considering emerging trends in the industry. As such, what are the most exciting topics in the insurance industry today?
FAS: The insurance industry is evolving rapidly, and three exciting topics stand out: AI, ESG, and cyber risk coverage.
AI has immense potential. From processing claims in seconds to detecting fraud and predicting risks, it’s transforming the industry. At Vanguard, we’re already using AI tools like chatbots to improve customer service and streamline operations.
ESG is another critical focus. Insurers can shape how businesses respond to challenges like climate change. At Vanguard, we support sustainable practices by offering products that insure green energy projects, aligning with global ESG principles.
Lastly, cyber risk is more relevant than ever. With increasing reliance on technology, data breaches and hacking pose serious threats. Insurers must lead the way by offering robust coverages to protect customers in this digital age.
TVA: Which trends do you see having the greatest potential to disrupt the sector?
FAS: The two biggest disruptors in the insurance sector today are artificial intelligence (AI) and big data.
AI is revolutionizing how insurers operate, from analyzing data in seconds to pricing policies accurately, detecting fraud, and improving customer service. However, it also challenges traditional methods, and companies that fail to adapt risk falling behind.
Big data, closely tied to AI, provides insurers with valuable insights into customer needs and behaviors. While it offers immense opportunities for product innovation, managing and analyzing such vast amounts of data requires significant investments in technology and skills.
At Vanguard, we view these disruptions as opportunities. By investing in the right tools and talent, we’re positioning ourselves to thrive in this new era.
TVA: As the CEO of a major insurance company, Vanguard Assurance Co. Ltd., what do you think the industry needs to do to evolve to become more relevant when addressing emerging risks?
FAS: The insurance industry is undergoing incredible change, and staying relevant means focusing on capacity development, collaboration, and technology deployment.
Capacity development is essential for addressing modern risks like climate change, which require specialized expertise. At Vanguard, we’ve invested in staff training to handle these complexities effectively.
Collaboration is key for tackling large-scale risks like cyber threats and ESG requirements. By sharing data and frameworks, insurers can collectively strengthen the industry.
Finally, technology deployment drives innovation. Tools like AI and predictive analytics help us process claims faster, understand customers better, and identify risks before they occur. At Vanguard, these innovations are already delivering exceptional results.
In this rapidly changing world, insurers must remain learners, constantly evolving to meet tomorrow’s challenges.
TVA: And where would you say the industry is in figuring this out?
FAS: The insurance industry is making steady progress, but there’s still work to be done. On the bright side, many insurers are investing in transformation, with increased training programs in areas like cybersecurity and climate risk management. Technology adoption, including AI and big data, is also growing, though legacy systems and resistance to change have slowed the pace.
Still, I’m optimistic. With strong leadership from regulatory bodies like the NIC and increased industry collaboration, significant breakthroughs are within reach. Transformation isn’t just possible— it’s essential.
TVA: How should the industry adjust its thinking around the volume of data presented by research about the new models, new technology that keeps reshaping the general insurance market to be better equipped for the future?
FAS: The vast amount of data available today is a powerful resource for the insurance industry, but it requires a clear strategy and the right mindset to leverage effectively.
At Vanguard, we initially focused on short-term insights, like identifying high-risk customers. However, we soon realized that the true value of big data lies in its ability to provide long-term benefits, such as developing products that align better with customer needs and improving retention rates.
Using big data effectively requires a shift in mindset, viewing data as stories that guide decisions. It also demands investment in analytics, talent, and fostering a culture of innovation. Additionally, we must use data responsibly and transparently, building trust with customers and reshaping the industry.
TVA: Climate change is real and the insurance industry plays a vital role, in terms of how to manage the risks. Moreover, there are billions, if not trillions, of committed capital waiting to be deployed for various green energies in enabling transition to decarbonization. What role is the insurance industry in Ghana playing in enabling transition to decarbonization?
FAS: Climate change has significantly altered the risk landscape, requiring insurers to quickly adapt. From re-evaluating risk ratings to addressing new exposures, the push for sustainability is reshaping the industry.
In Ghana, the insurance regulator has shown strong leadership in promoting sustainable practices, encouraging insurers to incorporate climate risks into their operations. At Vanguard Assurance, we proudly lead this movement.
Vanguard is the only insurer in Ghana to sign the Principles for Sustainable Insurance under the United Nations Environment Programme. This commitment goes beyond a label; it’s about integrating ESG (Environmental, Social, and Governance) factors into everything we do.
We’re particularly excited about our initiatives with the agricultural sector, helping farmers manage climate-related risks like droughts and floods. This is not just a business opportunity; it’s our way of contributing to the sustainability of Ghana’s economy.
TVA: How prepared and strategically positioned is the insurance industry in Ghana to tap into such an opportunity?
FAS: The Ghanaian insurance industry is making steady progress in addressing the challenges and opportunities presented by climate change. While there’s still work to be done, the foundation for a more sustainable, climate-conscious sector is being established.
A key step has been the leadership of the National Insurance Commission (NIC), which has facilitated stakeholder discussions to raise awareness and equip insurers with the knowledge to adapt.
At Vanguard Assurance, we’ve already begun implementing these recommendations. We’re collaborating with local and international partners to develop green insurance products for sectors like agriculture, manufacturing, and energy. These products aim to protect businesses while promoting sustainable practices.
With continued collaboration and investment, we believe the Ghanaian insurance industry can lead in climate-focused solutions, setting an example for Africa.
TVA: How is the insurance industry in Ghana responding to this phenomenon considering the perils the climate change poses?
FAS: The insurance industry in Ghana is adapting to climate change with increased focus on innovation and collaboration. Climate change is no longer a distant threat— it’s already impacting sectors like agriculture and infrastructure, prompting insurers to develop products that address these new risks.
For instance, Ghana’s farmers face unpredictable weather, including droughts and floods. At Vanguard, we’re creating insurance solutions that help farmers recover quickly and continue to support the nation.
Similarly, the manufacturing and automobile sectors are affected by climate change, facing risks like supply chain disruptions and extreme weather damage. Through climate-conscious policies, the industry is helping these sectors adapt and thrive.
While progress is underway, insurers must stay proactive, continually refining products to meet the evolving needs of clients in this rapidly changing environment.
TVA: Technology has become a vital component of the insurance business. What emerging technologies do you see as having greatest potential to disrupt insurance operations in Ghana?
FAS: Technology is transforming insurance, with artificial intelligence (AI) and big data leading the way in Ghana.
At Vanguard, we’re already using AI to streamline operations. For example, AI can automate claims processing and fraud detection, making tasks faster and more accurate. A motor insurance claim, which traditionally takes days, can now be assessed and approved in minutes with AI-powered tools.
Big data allows us to better understand customers by analyzing vast amounts of information. This enables us to identify trends, predict risks, and create personalized policies. For instance, we can offer lower premiums to drivers who demonstrate safe driving habits.
These technologies not only enhance efficiency but also make insurance more accessible and affordable for Ghanaians. However, they also pose challenges, such as data privacy concerns and the need for investment in infrastructure and training.
TVA: How should the industry prepare for these changes?
FAS: To capitalize on emerging technologies, the insurance industry in Ghana must take a proactive approach, starting with investment in research. Insurers should study global trends and adapt them locally. For example, at Vanguard, we’ve partnered on research to explore how AI can assess climate-related risks in Ghana.
Investment in technology is also crucial. It’s not just about acquiring new software, but building an ecosystem that integrates with existing operations, such as data analytics platforms that process vast amounts of information in real-time.
Training and development are equally important. Technology is only effective if the workforce is equipped to use it. At Vanguard, we’ve launched training programs to help our team leverage AI and big data in daily tasks.
Lastly, the industry must remain agile. With rapidly evolving technology, insurers need to foster a culture of continuous learning and experimentation to stay ahead.
By investing in these areas, the Ghanaian insurance industry can position itself as a leader in the digital era, ready for future challenges and opportunities.
TVA: AfCFTA is gradually making Africa borderless, thereby enabling the free flow of goods and services across the continent. To what extent are the African markets– such as Ghana, Nigeria, South Africa, Kenya, Egypt, etc. – different?
FAS: The AfCFTA is a significant step toward a borderless Africa, but each African market presents unique challenges and opportunities. For example, while Ghana and Nigeria are neighbors, their economic systems and regulatory frameworks differ significantly.
Cultural differences, such as the prevalence of traditional community-based financial systems like tontines in Francophone Africa, also impact insurance adoption. Understanding these cultural dynamics is key for expansion across the continent.
Infrastructure varies as well. While South Africa has advanced financial systems, countries like Kenya and Ghana are still working on bridging gaps in digital infrastructure and financial inclusion. This means insurers must tailor strategies to meet the unique needs of each market.
At Vanguard, we view these differences as opportunities. By understanding each market’s specifics, we can create products and strategies that resonate locally, driving sustainable growth.
TVA: How prepared is the Ghana insurance industry in the wake of such cross-border operations?
FAS: The Ghanaian insurance industry is making progress in preparing for the opportunities and challenges of AfCFTA, but there’s still room to grow. Many insurers, including Vanguard, are exploring cross-border expansion through partnerships and technology to better understand regional markets and tailor products for a borderless Africa.
However, there are challenges. Heightened competition is a major concern, with larger, established players from South Africa and Egypt entering the market. To stand out, local insurers must focus on innovation, customer service, and unique product offerings.
Shifting regulations also pose a challenge, as each country has its own framework. Successful navigation will require collaboration between insurers, governments, and regulators.
Finally, product diversification is crucial. To thrive in cross-border markets, Ghanaian insurers must offer products that meet local needs, such as microinsurance for underserved communities across West Africa.
With a proactive strategy and adaptability, I’m confident the Ghanaian insurance industry can succeed in the AfCFTA environment.
TVA: When such activities take effect, how will it impact the insurance industry in Ghana?
FAS: The impact of AfCFTA on Ghana’s insurance industry will be significant, offering immense opportunities for well-structured firms with strong systems and investments. These companies will benefit from access to a larger market, allowing them to scale operations, diversify products, and unlock new revenue streams.
For example, Vanguard, with its focus on innovation and customer-centric products, is well-positioned to expand into neighboring markets, growing our footprint and strengthening our brand across Africa.
However, smaller or less adaptive firms may struggle, facing competition not only from local players but also regional and international insurers entering the market.
AfCFTA will serve as a litmus test for the resilience and adaptability of Ghana’s insurance industry. While challenges exist, this is an exciting time for the sector, and with the right investments and strategies, Ghanaian insurers can emerge stronger and more competitive than ever.
COMPANY FOCUS
TVA: Vanguard Assurance Company Ltd., Ghana’s premier private indigenous insurance company celebrates 50 years of ‘insuring’ the Ghanaian people. Can you walk us down the memory lane of Vanguard Assurance Company Ltd.?
FAS: Vanguard Assurance’s journey began with the vision of the Late Nana Awuah-Darko Ampem I, who founded Marine and General Insurance Brokers Limited in 1969 to make insurance more accessible to Ghanaians. His entrepreneurial drive led to the creation of Vanguard Assurance, the first private insurance company owned and operated by Ghanaians.
Vanguard’s resilience and commitment to excellence helped it not only survive but thrive, becoming a trusted household name. Over the decades, we’ve grown into a key player in the financial sector, offering innovative solutions that have impacted millions of lives. As we celebrate our 50th anniversary, we honor our founder’s legacy and look forward to the continued success of this remarkable journey.
TVA: At inception, Vanguard offered only two classes of business– Life and fire. However, today, Vanguard has introduced multiple products and services to serve its customers. As such, can you talk us through some of the unique products and services that differentiates Vanguard Assurance from the competition in the insurance industry?
FAS: Our Motor Insurance stands out, offering unique add-ons like roadside assistance and instant claims processing, making us a leader in the space. We also pioneered Travel Insurance for foreign travelers that offers various benefits and security while in a foreign land. Our Home Insurance packages for families provide affordable protection for their homes.
What truly sets Vanguard apart is our focus on customer satisfaction. Every product is designed to solve real problems, not just sell insurance.
TVA: Vanguard Assurance, a leading general insurance company in Ghana, was established “to offer financial security through innovative insurance solutions that delight our customers”. How has this mission found fulfilment in the life of customers in the last 50 years?
FAS: Fifty years of operation is a remarkable achievement, reflecting the profound impact Vanguard has had on our customers’ lives. Our mission to provide financial security through innovative solutions has been realized repeatedly, from helping families recover after devastating fires to supporting businesses through unforeseen losses.
One story that stands out is of a small business owner whose inventory was destroyed in a warehouse fire. Thanks to our quick claims process, we supported him financially, enabling him to restock and reopen within weeks. Today, his business is thriving — a testament to the difference we make.
On the corporate side, we’ve covered some of Ghana’s largest projects, ensuring they can operate confidently. Whether safeguarding assets or offering peace of mind, we take pride in being a reliable partner, helping our clients navigate life’s uncertainties.
TVA: Vanguard Assurance Company Ltd. is noted for its customer-centric slogan “We always stand by you”. Can you expatiate what this phrase means and how it impacts the client?
FAS: The phrase “We always stand by you” goes beyond just a slogan— it represents a core promise that shapes everything we do at Vanguard Assurance. It reflects the values laid out by our founder, the Late Nana Awuah-Darko Ampem I, who believed that insurance is about more than just policies; it’s about people and their needs.
For our clients, this means that we are not simply here to sell them insurance products, but to provide reliable support throughout their journey, especially during difficult times. We show this commitment through our actions— whether it’s offering guidance on risk management or providing prompt assistance during claims.
An example of this is the 2015 floods in Accra. Many of our customers suffered significant losses, but Vanguard didn’t just process claims. We went beyond the transaction by offering emotional support and financial assistance to help them recover quickly. This shows how deeply the promise to “stand by you” is embedded in our company culture.
In essence, “We always stand by you” means that we are committed to building long-term trust with our clients, not only through financial protection but also by being a reliable partner in times of need, ensuring they feel supported every step of the way.
TVA: What advice will you give prospective insurance policy buyers and what should they consider in this highly homogenous market to make a choice?
FAS: My advice to anyone considering insurance is simple: view it as a partnership, not just a financial transaction. Insurance is about preparing for the unexpected, and when those moments come, you want a partner who stands by you— not just a company that processes claims.
In a market where many products may seem similar, it’s important to look beyond pricing and evaluate the quality of service and trustworthiness of the insurer. Ask yourself: Does this company have a proven track record of paying claims fairly and quickly? Do they offer support that goes beyond financial compensation?
At Vanguard Assurance, we don’t just offer policies— we build relationships. For example, we provide comprehensive support during claims, guiding our customers through every step of the process. For us, it’s about being there emotionally and practically when our clients need us most.
So, my advice is to choose an insurer who truly understands your needs, one who offers peace of mind, not just coverage.
TVA: The insurance industry talks a lot about “risk culture.” What is the “risk culture” at Vanguard Assurance?
FAS: At Vanguard Assurance, our “risk culture” is centered on being customer-focused. This means we don’t just assess risks in isolation; we consider how they affect our customers’ lives and businesses. Every risk is personal, and our role is to understand and address that perspective.
For example, when designing home insurance, we take into account specific risks like flooding during the rainy season, which many Ghanaian homeowners face. Our policies are tailored to address these concerns while offering financial relief and support when needed.
Our risk culture also emphasizes proactive engagement. We don’t wait for incidents to happen; we educate customers on minimizing risks, whether through property maintenance or safe driving practices. At Vanguard, risk management is about building a partnership with our clients, helping them prevent problems before they occur.
TVA: Buying insurance has morphed from a labor-intensive process, mired in reams of paperwork, into a relatively seamless transaction by the help of digital and AI processes. Vanguard Assurance is one of the earliest adopters of digital and AI. What core success factors do you see in digital and AI transformations, particularly in the context of your organization?
FAS: Digital transformation has been a game-changer for the insurance industry, and at Vanguard Assurance, we’ve fully embraced it. The key benefits of adopting digital and AI technologies are efficiency, accessibility, and personalization.
One major breakthrough has been in claims processing, where AI has drastically reduced the time to assess and approve claims. Customers no longer wait weeks for resolutions; many claims are processed in hours, boosting satisfaction and trust in our brand.
Digital platforms have made insurance more accessible, allowing customers to explore policies, get quotes, and purchase coverage online, especially catering to younger, tech-savvy consumers who value convenience.
AI also helps us offer personalized experiences, analyzing customer behavior to suggest tailored recommendations, such as additional coverage for high-risk drivers.
In short, digital and AI transformations have improved our operations and made insurance faster, simpler, and more relevant for our customers.
TVA: In a market of evolving risks and changing market demands, how does Vanguard Assurance intend to improve its product offerings to cater to emerging risks and changing market demands?
FAS: The world is changing rapidly, and so are the risks our customers face. At Vanguard Assurance, we prioritize staying ahead by continuously innovating our products.
One key focus is cyber risk insurance, which has become essential in today’s digital age. With increasing vulnerabilities to cyberattacks, we aim to offer comprehensive coverage that protects against financial and reputational losses.
We are also developing climate-related insurance products, particularly for the agricultural sector. As climate change affects weather patterns, farmers need protection from risks like droughts and floods. By collaborating with local stakeholders, we’re creating solutions that provide financial relief while promoting sustainability.
Additionally, data analytics helps us identify gaps and unmet needs, such as providing affordable, comprehensive coverage for SMEs through tailored packages.
In summary, our product development is dynamic, customer-driven, and future-focused.
TVA: As often said, innovation drives product development. With the rise of parametric insurance and other innovative products, how does Vanguard Assurance Company Ltd. intend to stay at the forefront of product development to meet evolving customer needs?
FAS: Innovation is at the core of Vanguard Assurance, and we understand that staying ahead in today’s fast-evolving market requires constant adaptation. One area we’re exploring is parametric insurance, which moves beyond traditional indemnity models.
With parametric insurance, payouts are triggered automatically when predefined conditions, such as weather events or natural disasters, occur. For example, if a farmer’s region receives below a certain amount of rainfall, the policy pays out immediately, streamlining the claims process and providing quicker financial relief when needed most.
We’re also leveraging big data and AI to develop more personalized and predictive products. By analyzing customer behavior and market trends, we can tailor policies for specific needs, such as coverage for gig workers or SMEs in high-risk sectors.
Additionally, we focus on collaborative innovation. By partnering with fintech and insurtech startups, we integrate advanced technology into our operations, ensuring Vanguard remains a leader in delivering modern insurance solutions. These initiatives set us apart from competitors and help us meet our customers’ evolving needs with greater precision and speed.
TVA: Every organization is in existence for continuous growth. As such, what are some of Vanguard Assurance’s strategic priorities and goals as it enters its next phase?
FAS: As Vanguard Assurance enters its next chapter, our strategic priorities are centered on growth, innovation, and customer-centricity. We’re committed to being a key pillar in Ghana’s insurance industry, providing customers with the support they need for secure lives and growing businesses.
A key goal is to expand insurance penetration in underserved markets. We’re investing in microinsurance products for low-income households and small businesses, making financial protection accessible to all.
Digital transformation is another priority. By integrating technologies like AI and big data, we aim to streamline operations, enhance customer experiences, and create innovative products for emerging risks such as cyber threats and climate change.
We’re also focusing on partnerships and collaborations. Whether with fintech companies, regulators, or international reinsurers, we believe collaboration is vital for growth and staying ahead of market trends.
Our vision is to build on our legacy while staying agile and future-focused, ensuring Vanguard continues to lead with innovative and reliable insurance solutions.
TVA: As the curtain raises for the 50th anniversary celebration, what messages do you have for all your stakeholders; shareholders, employees and customers?
FAS: As we celebrate 50 years of Vanguard Assurance, I want to express my deepest gratitude to all our stakeholders.
To our shareholders, thank you for believing in our vision and supporting us as we grew from a small indigenous company into one of Ghana’s leading insurers. Your trust has been the foundation of our success.
To our employees, you are the heart and soul of Vanguard. Your dedication, resilience, and passion for excellence have driven us to overcome challenges and achieve new milestones. Every policy sold, claim processed, and customer interaction reflect your hard work.
To our customers, you are the reason we exist. For 50 years, you’ve trusted us with your families, businesses, and dreams, and we don’t take that trust for granted. Your loyalty inspires us to continuously innovate and improve.
This celebration is not just about reflecting on our past, but also looking toward the future we will build together. Thank you for being part of this journey, and here’s to many more decades of success and partnership.
TVA: What should your stakeholders be looking forward to post 50th anniversary?
FAS: As we move beyond our 50th anniversary, our promise to our stakeholders is clear: Vanguard Assurance will continue to stand by you. This has been our mantra for five decades, and it will remain our guiding principle as we move into the future.
To our customers, you can expect even greater innovations, including new products that address emerging risks and market demands. Through advanced digital platforms and tailored insurance solutions, we are committed to making insurance more accessible, seamless, and relevant to your needs.
To our employees, we are investing in your growth and development, ensuring you have the tools and training needed to thrive in a rapidly changing industry. A strong, motivated team is key to our continued success.
To our shareholders, Vanguard will remain profitable, forward-thinking, and customer-focused. We will continue exploring new growth opportunities and deliver value as we expand both locally and regionally.
The next 50 years are filled with exciting potential, and we are thrilled to have you with us on this journey. Together, we’ll continue making history.
PERSONALITY PROFILE
TVA: When your name, Fredrick Adotey Saka, is mentioned, what comes to mind is the CEO of Vanguard Assurance Company Ltd. But beyond this, many would want to know more about you. As such, can you kindly tell us about yourself?
FAS: I’ve been in insurance for nearly 20 years, with roles in Sales and Marketing, Technical Operations, and Strategy. Five years ago, I became CEO of Vanguard Assurance after serving as the Chief Operations Officer.
As CEO, I drive our strategic direction and innovation. A key achievement has been launching our digital platform, which boosted customer engagement by 40% and enabled speedy claims processing.
I’m committed to sustainability. Vanguard was the first insurance company in Ghana to sign the Principles for Sustainable Insurance (PSI) and joined the UN Environment Finance Initiative (UNEP FI). We’re focused on reducing our carbon footprint and promoting responsible investment.
Outside work, I cherish time with my family, whether chatting about school, music, or just life.
TVA: How was your upbringing like?
FAS: I grew up in a modest Christian home with staunch Presbyterian parents who were deeply involved in the church, so I had no excuse to miss Sunday services. While I didn’t lack anything, I wasn’t given everything I wanted until the right time. This taught me early that everything has its time and season. I didn’t just grow up with my siblings; we often had cousins staying with us during holidays, so I knew almost all of my extended family.
TVA: Can you also walk us through your educational journey?
FAS: I started basic school at Shields Experimental in Tema, then moved to Akosombo International School for JHS. I completed my secondary education at Presec – Legon; so yes, I’m a proud Odade3. I earned both my first and second degrees from KNUST. My insurance certifications are from the Chartered Institute of Insurance-UK and the Chartered Insurance Institute-Ghana.
TVA: Growing up as a child, what is your fondest memory?
FAS: One memorable experience was spending time with my extended family in Kumasi during vacations. I was fascinated by the rich tourist potential of the Ashanti region, with places like Manhiya Palace, Kumasi Botanical Gardens, Kumasi Centre for National Culture, and Lake Bosumtwi. The knowledge I gained from these experiences stays with me, and I’ll always cherish them.
TVA: With the benefit of hindsight, was insurance the profession you desired to pursue? If not, what changed along the journey? Any regrets?
FAS: Insurance wasn’t on my radar initially. I studied Economics in university, aiming to become an Economist. After graduation, I was posted for my National Service at an insurance company, and that’s when I developed interest in the field and decided to pursue it as a career. It’s been a great journey so far and I’ve never had any career regrets.
TVA: What inspires you on a daily basis to get out of bed and come to the office?
FAS: As the CEO of this notable company, I’ve been entrusted with the responsibility of managing the company. I consider this a privilege and a source of inspiration, knowing I have the duty to ensure Vanguard remains the insurer of choice and continues to thrive beyond this generation. The trust of our shareholders, along with support from the board and staff, is incredibly fulfilling and motivates me to be at my best every day.
TVA: CEOs are seen to be the busiest ‘crop’ of people because they carry all the ‘burdens’ of the company on their heads. As such, how is a day in your life like?
FAS: As the leader, my role is to coordinate their efforts of my direct reports toward a common goal and ensure the team works in harmony. I typically plan my day the night before, so I know what to expect. I wake up at 4:30 for physical training before heading to work. Mornings in the office are spent on in-house engagements, handling issues that need my input or approval. I usually handle external engagements in the afternoon, unless something urgent requires attention earlier. However, this isn’t rigid, as sometimes unexpected issues need addressing even if they aren’t on my agenda for the day.
TVA: Tell us about your leadership approach and the impact of that as a CEO?
FAS: I believe my team would be the best people to answer this but let me attempt an answer. I would say, I’m fair and firm. I create an environment free from intimidation, offering a level playing field where everyone, regardless of their background, has the opportunity to succeed and grow. The system will thus recognize and reward those who deliver as expected. If challenges arise, support is available to help individuals catch up. However, persistent underperformance will not be countenanced, as we must return value to our shareholders. This is a business.
TVA: Beyond the hassles of work, what do you do for a hobby? Where would you like to be during your leisure time?
FAS: First on my list is spending quality time with my wife and kids— whether we’re watching movies, playing games, or enjoying a meal together, these moments are precious. My wife and I are both big fans of country music, and our endless collection keeps the ‘vibe’ at home lively. I’m also a passionate supporter of Liverpool FC and love following the team, watching matches, and discussing games with the family. My daughter and I are on one side as fellow fans, while the rest of the family supports other teams.
I’m also a fitness enthusiast, enjoying everything from walking to weight training, either at home or the gym. These hobbies offer a great escape from work and help me stay grounded, keeping me connected to what truly matters.
TVA: What is your favorite delicacy and wine for any special event?
FAS: You might be surprised, but I’d be perfectly happy with eba served with hot red pepper, smoked salmon, sardines, and fried eggs, all garnished with chopped garlic and onions— every day! As for my wine preference, I’ll go for Châteauneuf-du-Pape. And on any given day, a few shots of Macallan whisky does the trick!
TVA: What genre of music do you jam to on a good day?
FAS: I’m a country music fan, a passion I likely inherited from my dad. There’s something special about the storytelling in country music, which resonates with me, especially since my grandma used to tell us so many stories. My all-time favorites include Kenny Rogers, the Stanley Brothers, Eddy Arnold, and Dolly Parton.
TVA: If you could go back in time and have another opportunity, what would you do differently?
FAS: If I could go back in time, I’d focus more on building strong relationships early in my career. While I’ve always valued this, I now realize that investing in networking and nurturing connections with mentors, colleagues, and industry peers opens up invaluable opportunities and provides support during tough times.
TVA: When the curtain is drawn, what would you want to be remembered for?
FAS: Throughout my career, I’ve been fortunate to work in environments where I could operate freely, without fear of intimidation, which brought out the best in me. I firmly believe successful organizations are built on strong relationships and mutual respect. I hope to be remembered for creating a positive work environment where everyone felt valued and empowered. I prioritized giving all team members equal opportunities to succeed, regardless of their background. I want my team to look back and say that I listened to them, championed their ideas, and prioritized their well-being.
TVA: What advice do you have for aspiring or new CEOs?
FAS: Don’t be an armchair CEO; roll up your sleeves and get involved in the day-to-day operations. It’s crucial to understand the challenges your staff face so you can support their growth. As a CEO, you must lead by example— your actions set the tone for the organization. If you want your team to demonstrate integrity and accountability, you must show these traits first. While the CEO role is demanding, it’s equally important to prioritize your physical, mental, and emotional well-being.
TVA: What message(s) do you have for the youth who look up to you as their mentor?
FAS: I love this question, and I’ll tell you what I tell all my mentees. Generally, there’s this burning desire to wear ‘big shoes’ without taking the pain to go through the mill. Anytime I have had to counsel the youth on their careers, I tell them to be patient, stay focused and prioritize knowledge over positions and power. Career progression is a lot more than just good academic grades. Continuous learning, positive influences or networks, Integrity and resilience are critical success factors. Once competence and trust is built, the rest is just a matter of time.