Vanguard Life, a member of the Vanguard Assurance Group, shares in the legacy of excellence that has defined the Vanguard brand over the past five decades. Established to meet the growing demand for life insurance in Ghana, Vanguard Life builds on Vanguard Assurance’s solid reputation as a leading insurance provider in the country.
As Vanguard Assurance marks a significant milestone with its golden jubilee celebration, Vanguard Life, its sister company, is also embracing a new chapter characterized by growth and strategic brand repositioning.
Having established itself as a trusted provider of life insurance solutions in Ghana, Vanguard Life is now setting its sights on expanding its market reach and enhancing its product offerings. This new era is driven by a vision to build on its legacy while adapting to evolving customer needs and market dynamics, with a focus on innovative services, digital transformation, and customer-centric strategies to provide financial security and peace of mind.
Mr. Kwame Asare Boakye (KAB), the Managing Director of Vanguard Life, shared insights into the company’s new direction and its strategic evolution. Having spent 13 years with the brand, he intimated an internal capability assessment he led and a strategic plan he implemented, while serving as the Chief Operations Officer of the group that reversed Vanguard Assurance’s plateauing growth.
As such, despite challenges like the COVID-19 pandemic, Vanguard Assurance achieved significant premium growth from GHS 104 million in 2018 to GHS 139 million in 2020. This success prompted the board to appoint him as the Managing Director of Vanguard Life in May 2022 to reposition the life insurance division of the Vanguard Assurance Group. Moreover, since then KAB has demonstrated remarkable influence in driving performance, achieving substantial premium income growth of GHS366 million in 2024.
Faced with regulatory challenges and capital deficiencies, after assuming his new position, Mr. Boakye led efforts to stabilize Vanguard Life, which was under restriction and unable to meet the minimum capital requirement of GHS 50 million. Despite the setback and loss of key business partners, the company pivoted towards a retail-focused strategy, emphasizing customer acquisition through smaller, more sustainable policies.
This shift proved successful, as premium revenue, which had plummeted to GHS 9 million in 2022, rebounded to GHS 15.6 million by the end of 2023. As of August 2024, Vanguard Life had already surpassed its previous year’s performance, demonstrating a strong recovery trajectory under the new leadership.
So, it’s all being pushed mainly by the retail agenda. But as we’re doing that too, we were also trying to go through a process of meeting our minimum capital by collaborating and working together with the shareholders and the board and by God’s grace, we’ve been able to meet our capitalization in August 8, 2024. We have an investor who has come in. It’s no other investor than Ghana Amalgamated Trust under the Ghana Financial Stability Fund. So, they have come in to support with some funding. And so, now regulatory wise, we don’t have any issue.
“We are ready. We have our minimum capital. We have met it; we have our license. So, now the plan is to go out and bring business, talk to the dissatisfied partners like brokers, and to let them know now we are repositioned and we have capitalized and in terms of governance structure too, we have improved our governance. New investors have come in. Now we have moved the board membership from five to seven; we have three independent board members, and it cuts across. The governance has improved, there’s a well laid down strategy in place to hit the ground running. So in a nutshell, I’ll say that Vanguard Life is back on its feet and 2025 will be exciting.”
Existing Bond Between the ‘Sibling’ Companies
Mr. Asare Boakye, the MD of Vanguard Life, detailed the relationship between Vanguard Life and Vanguard Assurance, which is celebrating its 50th anniversary.
Originally established in 1974 as a composite insurance company, Vanguard Assurance operated with departments covering life, motor, and fire insurance, he revealed. Then, following the enactment of the Insurance Act in 2006, all life insurance departments had to be separated into independent entities, leading to the creation of Vanguard Life Assurance, he disclosed.
According to him, today, Vanguard Life and Vanguard Assurance function as sibling companies under the Vanguard Assurance Group, alongside another subsidiary, VA Network, which focuses on microinsurance. As such, he opined that the 50-year milestone celebrates the entire Vanguard Assurance Group, which encompasses both life and general insurance services.
“I feel great to be part of Vanguard at 50 at this moment, and especially when Vanguard Life’s sister, Vanguard Assurance, is doing well and Vanguard life [itself] is now ready to take off and reposition its brand in the industry. So, I think this year is a very good year for Vanguard Life, Vanguard Assurance and the Group [as a whole], because it should have been sad if by the time we attained 50, which was October 1, Vanguard Life had not met the minimum capital.”
Considering the relationship between the two companies, the Managing Director stated that Vanguard Life has greatly benefited from the strong brand reputation of Vanguard Assurance, which enjoys widespread recognition and trust in the market. He noted the company’s pivot towards the retail space has allowed it to engage directly with individuals, moreover, building on the established corporate appeal of the Vanguard Assurance brand.
So yeah, if you go and do a presentation and just say, oh, Vanguard life; they’ll welcome you. They are ready to associate themselves with you because of the brand.”
Strategies and Plans to Recapture The Market Going Forward
KAB outlined Vanguard Life’s strategic plan for market recapture starting in 2025, highlighting that the company has completed its foundational preparations. The systems, sales force, and products are now ready, and the staff is aligned with the company’s vision, he declared. The first focus will be on internal staff engagement, ensuring they are motivated and committed to the new direction, he asserted.
According to the Managing Director, the next phase will prioritize customer experience, particularly in claims payment, supported by state-of-the-art equipment and scalable software. He further disclosed that Vanguard Life plans to launch a mobile app for enhanced customer access and convenience. The final approach, he said, involves implementing a loyalty and reward system to appreciate existing customers who remained loyal during the challenging times, while also attracting new clients, reinforcing a sense of belonging to the Vanguard brand.
The Managing Director, assessing the new operations of Vanguard Life, indicated that the company will be predominantly technology-driven, focusing on digital onboarding and service delivery. He noted that customers will be able to access services and report claims directly through the revamped website and a new mobile app, eliminating the need for in-person visits. The app will enable users to check claim statuses and upload documents easily, he revealed.
Mr. Asare Boakye added that policy issuance will also be streamlined, with electronic documents sent via text links once premiums are processed, enhancing efficiency and customer convenience. The upgraded website is set to be launched in first quarter 2025, marking a significant shift towards a fully digital service experience.
So, it’s going to be exciting. Going to be more digital driven”.
Novel Products and Services, to Transform the Industry
Differentiating its products and services from the plethora of life insurance products and services in the country, Mr. Asare Boakye outlined a series of innovative products and services aimed at creating excitement in the industry.
Another significant development will be an enhancement of the company’s existing funeral insurance products. Currently, most funeral policies only provide financial benefits upon death, which Mr. Boakye believes lacks emotional connection and practical support.
Vanguard Life, Prioritizing Strong, Family-like relationship
Vanguard Life sets itself apart from other life insurance companies by emphasizing a strong sense of family and treating its customers as integral members of that family. The MD noted that this customer-centric approach drives the company’s commitment to urgency and personalized service.
With recent recapitalization and plans to leverage digitalization, Vanguard Life aims to offer a seamless customer experience. Additionally, the company is focused on rewarding loyalty and creating excitement among its clients, reinforcing its reputation as a brand that prioritizes strong, family-like relationships.
According to Mr. Asare Boakye, Vanguard’s formidable presence in Ghana’s insurance market is rooted in its authentic, indigenous heritage and the exceptional character of its Founder. His benevolence, personal touch, and strong relationships have built a lasting foundation of trust and loyalty. These qualities have helped Vanguard navigate challenges throughout its history, allowing the brand to maintain its strength and usefulness.
That is how come through all the things; the thick and thin of the lifespan of the company, still Vanguard is strong. So, I will say that the indigenous nature of it, and the fact that we are not foreign– we are here and we are staying through thick and thin, and we have still survived. So, we are very formidable because we are indigenous.”
Moreover, the Managing Director disclosed that Vanguard Life prides itself on being a family-oriented company driven by integrity and accountability, aiming to create value and a positive experience for its clients.
In response to global industry trends, including digital transformation, evolving environmental, social, and governance (ESG) standards, and a shifting economic terrain, Vanguard Life is diversifying its strategies. The company has implemented a robust core insurance software system, integrating operations, finance, and customer relationship management (CRM).
In alignment with ESG principles, Vanguard Life intends to follow the lead of Vanguard Assurance, which is already a certified ESG member. The company is set to achieve its own ESG certification soon, ensuring that sustainability is integrated into product development and processes. Vanguard Life is also embracing the global shift toward inclusive insurance, leveraging technology and partnerships to create bundled products that cater to diverse needs, including pensions, health, and personal accident coverage.
Mr. Asare emphasized Vanguard Life’s proactive approach to embracing the future of the insurance industry by integrating Artificial Intelligence (AI) into its core operations. Unlike many who discuss AI without a solid foundation, Vanguard Life has developed a robust core system that will seamlessly incorporate AI technology.
The company plans to launch an AI-powered app, enabling clients to interact via platforms like WhatsApp for automatic insurance services, from product inquiries to underwriting. According to him, field agents will also benefit from AI integration, allowing them to input data directly into the system without requiring back-office support, which will focus on quality control instead.
Bridging the Knowledge Gap: Addressing the Lack of Awareness About Life Insurance
KAB highlighted the importance of insurance education in Ghana, noting that despite efforts by organizations like the Insurance Awareness Commission, there is still a significant knowledge gap. To address this, Vanguard Life has launched a series of “road shows” aimed at educating people on life insurance and adding value to their lives.
In summary, the new Vanguard Life is adapting to the evolving needs and expectations of its customers by enhancing its technological infrastructure. The company is upgrading its core software and integrating CRM applications to improve customer interaction. It is also developing a mobile app that incorporates AI, enabling customers to easily engage with the company.
Goodwill Message to Vanguard Assurance
KAB expressed his congratulations to Vanguard Assurance on its 50th anniversary, emphasizing that while the milestone is significant, there is still more to be done. He conveyed optimism for the future, wishing them well as they plan their new strategy and affirming Vanguard’s commitment to becoming a household name in Ghana. He believes that focusing on seamless customer experience will solidify Vanguard’s position as a trusted brand among Ghanaians in the years ahead.