Vanguard Assurance Company Limited has denied media reports claiming the company is fleecing some clients following complaints by some market women at the Odorna market in Accra.
A Free Press publication accused VA of capitalising on the ‘ignorance’ of several market women at the Odorna market and deducted “some amount of cash from their personal bank accounts without their consent”.
In a rejoinder signed by its Operations Manager, William Quarshie, Vanguard agreed that indeed there were deductions but denied that was done without the consent of the market women.
“Our retail products approved by National Insurance Commission were sold to some traders at Odorna. The preferred mode of payment proposed by the traders was for our agent to collect cash from them every month. This is against VA Life rules so the agent convinced them for the premiums to be deducted from their bank accounts. “Three (3) of the traders namely: Georgina Owusu, Joyce Osei and Cecilia Ofosu were not happy that their premiums were deducted from their bank accounts. These three women went to Free Press to complain instead of coming to VA Life to Complain,” VA clarified.
Read rejoinder below
Our attention has been drawn to a publication online by Free Press on the 6th of February, 2019 and Vanguard Life takes a very serious exception to this.
Facts of the matter
- Our retail products approved by National Insurance Commission were sold to some traders at Odorna.
- The preferred mode of payment proposed by the traders was for our agent to collect cash from them every month.
- This is against VA Life rules so the agent convinced them for the premiums to be deducted from their bank accounts.
- Three (3) of the traders namely: Georgina Owusu, Joyce Osei and Cecilia Ofosu were not happy that their premiums were deducted from their bank accounts.
- These three women went to Free Press to complain instead of coming to VA Life to Complain.
- Three (3) of your reporters headed by one Samuel Ansah Boateng (Free Press Editor) came to our office on the 4th of February, 2019 to get our side of the story.
- We explained to them how our system works in VA Life and suggested that the aggrieved customers should officially report to us and we will take it up.
- The three (3) customers subsequently reported to us and all their premiums were refunded to them and Policies cancelled without any charge.
Errors in publication
- It is very unfair and malicious for Free Press to describe VA Life as “fleece” and publish this online which has gone viral on social media. The affected customers involved were 3 but the impression created by the publication suggested that several market women at Odorna. There is no evidence which suggests that VA Life has devised any illegal means to milk illiterate market woman as alleged by Free Press.
None of the market women were forced to sign on to our Policies and the subject matter was not the product but the method of payment. So it is unfair to allege that VA had hidden clauses in their policies and the women who bought the product did not know what product they bought. VA Life never collected any physical cash from the women as alleged by Free Press. Their premiums were deducted from their bank accounts and the amount was also not in dispute. Free Press has also mixed up two brand names. Vanguard Assurance is different from Vanguard Life Assurance.
It is important to note that all Insurance companies in the country are heavily regulated by the National Insurance Commission and there is no way a brand like VA Life that has been operating for Forty-four years will involve itself in any illegal activities as claimed by Free Press. Vanguard Life is a responsible and credible insurance entity licensed to provide life insurance solutions to the insuring public. As a part of Vanguard Assurance from the inception of the Business over Forty-Four Years ago, we will not engage in such unethical practices at the expense of our brand reputation.
It is normal for insurance companies to make monthly deductions from their clients account and there is nothing illegal about this. Again, no bank in the country can also make deductions on our behalf if we do not show documents authorizing deductions from the account holder.
Conclusion
As stated earlier, Vanguard Life is over 44 years and we will not allow any unprofessional act from your outfit to damage our brand. We therefore demand a retraction of the story and an unqualified apology to us in the same manner this story was published. Failure to retract and apologize will force us to explore other legitimate means of redress.
Yours faithfully,
William Quarshie
Operations Manager
By: Kekeli Kuatsenu/awakenewsonline.com
