About Provident Insurance
Corporate Philosophy
At Provident, we espouse a simple set of corporate philosophy which defines our positioning in the Ghanaian insurance industry. Our corporate philosophy is a critical element of our culture. Our decision making, drive and unity as a company hinges on it. It consists of our vision, mission and values:
Our profile
Provident Insurance Company (Provident) is a private Limited Liability company incorporated and was registered in Ghana in February 1981. It commenced business in October 1982 on the principle of providing our policyholders with near-perfect protection with professional service delivery as is humanly possible and doing so at the lowest possible cost.
The Company started from a humble beginning with a stated capital base of five thousand cedis (GHS 5,000). Provident has now been evaluated as one of the most solvent Insurance Companies on the market by the National Insurance Commission (NIC). Accordingly, its operating License is annually renewed by the NIC.
Provident insurance has a solid asset base of GHS 105m as of 31st December 2021, out of which investments in short-term security and statutory reserves made up approximately GHS 36m. The total assets of Provident had seen a 9% increase from 2020 when the Company's total assets were GHS 96m.
Provident Insurance had a capital of GHS 65m as of 31st December 2021 with a Capital Adequacy Ratio (CAR) of 321%, which was over the CAR of 150% recommended by the Regulator.
As of 31st December 2021, the Company has no outstanding financial obligations in terms of bank loans. Its liabilities are solely related to the technical reserves in the form of outstanding claims.
This achievement has been the application of sound, professional and efficient underwriting and investment practices over the years.
Mission & Vision Statement
Vision
To become the insurer of choice in the Ghanaian Non-Life insurance market
Mission
To deliver professional and client-oriented services and settling claims speedily by leveraging on technology to achieve operational viability for the mutual benefit of stakeholders
Corporate Values
Provident Insurance Company's values are as follows:
- People and leadership
- Ownership
- Integrity
- Passion for winning
- Professionalism
- Excellent customer service and satisfaction
Board of Directors
Board Members
Mr. Pryce Kojo Thompson
Board ChairmanBackground
He is the Board Chairman of Provident Insurance Co. Ltd. He has an MBA from Bradford University, UK (1984) and BSc Economics from the University Of Ghana (1971). He has served in the following capacities in the financial services sector namely, as a former CEO/Managing Director of SSB Bank (now Societe Generale Ghana), former Board Chairman of Metropolitan Insurance Co. Ltd and former Board Chairman of Ghana Commercial Bank Limited (now GCB Bank Limited). He serves on the Board of Teachers’ Fund and also currently a Board Member of Old Mutual Life Assurance Company (Ghana) Limited.
Mr. Wilson Quartey Tei
Non-Executive MemberBackground
Mr. Wilson Q. Tei is a Non-Executive member of the Board of Directors of Provident. He is a Professional Insurance Underwriter with over thirty eight (38) years in life assurance practice, twenty six (26) of this in managerial capacity. He holds a Post Graduate Certificate in Insurance Management (M.I.T.C, Malta 2005) and Contractual Savings Certificate in supervisory and regulatory issues in private pensions and life assurance (World Bank, Washington D.C. 2003). He also holds an Executive Development Certificate from the Graduate School of Business Administration, University of Witwatersrand, Johannesburg, South Africa. He holds a certificate in Risk Management from School of Administration, Legon, Basic and Advanced Securities from the Ghana Stock Exchange, and Life underwriting and Reinsurance Administration from Swiss Re in 1980.
Mr. Wilson Q. Tei is a Certified Member of the Institute of Directors, UK and also a Member of the Chartered Insurance Institute, UK.
Mr. Mike Eghan (Snr)
Non-Executive MemberBackground
Mr. Mike Eghan is a Non-Executive member of the Board of Directors of Provident. He is a retired broadcaster, having worked with the Ghana Broadcasting Corporation as Assistant Program Organiser of Live Entertainment. He worked with the Volta River Authority as Entertainment Manager. He was also a Freelance Broadcaster/Presenter for the BBC World Service and the host of the Ghanaian popular talk show, ‘Mike Eghan Show’. He was awarded a Grand Medal Civil Division for his meritorious service in the media.
Mr. Samuel Acquah
Non Executive DirectorBackground
Mr. Samuel Acquah is a Non – Executive member of the Board of Directors Provident. He is a seasoned Professional having started as a Market Analyst and a Geologist and a Product Marketing Manager with various company in the UK.
Mr. Samuel Acquah is an astute Banker and an expert in Risk Management having worked with Barclays Plc, London, Standard Chartered Bank, Singapore, and also appointed as Director for
Risk modelling in Standard Chartered Bank, Dubai.
He has also had a stint with Ecobank Transnational Incorporated (ETI), Lome (2009) as Group Head, with responsibility for strengthening the Risk Management Function and was a member of the excellent Project team that oversaw their entire Transformation and optimization process as well as a member of the Flexcube standardization project across the ETI affiliates.
Mr. Acquah is currently the Chief Risk Officer at GCB Bank and he holds a BSc. Geology from the University of Ghana and an MSc. In Geoscience from Kingston University, London. He has also undertaken several professional development courses in finance, Risk Management, Risk analytics and Base II/III with reputed institutions.
Mr. Acquah is also a Board member of PBC Limited representing the Social Security and National Insurance trust (SSNIT).
He has over 25 years of Professional working experience, and appointed to this position as a member of the Board of Provident in 2017.
Mr Ato Ewusie Wilson
DirectorBackground
He holds a B.A. (Hons) Law & Classics from the University of Ghana and a Barrister-at-Law (B.L.) & Solicitor of the Superior Court of Judicature, Ghana School of Law. Mr. Wilson also doubles up as Legal Consultant to the Board, He was previously the secretary to the Board of Director
Mr. Michael Justice Ashong
Chief Executive OfficerBackground
Mr. Ashong commenced his investment banking career in 1986 at Merchant Bank Ghana Ltd. (now UMB Bank). He later founded Finance Options Limited, providing various financial and investment consultancy services to various local and international institutions. As a Project Manager at Sigma One Corporation Ghana, Mr. Ashong was directly in charge of the USAID-funded Review of all Rules, Regulations and Laws governing the Securities Industry in Ghana.
Before co-founding EM Capital Partners Ltd. (EM), an investment banking firm in 2010, Mr. Ashong was directly responsible for establishing Ecobank Development Corporation (EDC) with branches and offices in several African countries where he was the Group Managing Director till 2010. EDC is the investment-banking arm of the Ecobank Group. During this period, Mr. Ashong also oversaw all the investment banking businesses of the Ecobank Group in West and Central Africa. He was actively involved in growing Ecobank’s businesses across Africa, having been directly involved in the organic growth of the Group. He has over 32 years of experience in Investment Banking either leading or a key member of teams executing some of the most prestigious transactions across Africa worth in excess of US$10 billion.
He holds an EMBA from the University of Ghana Business School (UGBS) and a BSc. (Banking and Finance) from UGBS. Mr. Ashong also holds professional certificates in International Capital Markets, International Corporate Finance and Brokerage and Securities Operations from The New York Institute of Finance and an Advanced Securities Trading and Investment Advice certificate from the Ghana Stock Exchange. Mike is a member of the International Association of Consultants, Valuators and Analysts (IACVA), a fellow of the institute of Directors, Ghana and was a former member of the governing council of the Ghana Stock Exchange.
He was appointed a Director of Provident Insurance in 2017.
Management
Mr. Michael Justice Ashong
Chief Executive OfficerBackground
Mr. Michael Justice Ashong was appointed Chief Executive Officer in August 2022.
Mr. Michael Justice Ashong commenced his investment banking career in 1986 at Merchant Bank Ghana Ltd. (now UMB Bank). He later founded Finance Options Limited, providing various financial and investment consultancy services to various local and international institutions. As a Project Manager at Sigma One Corporation Ghana, Mr. Ashong was directly in charge of the USAID-funded Review of all Rules, Regulations and Laws governing the Securities Industry in Ghana.
Before co-founding EM Capital Partners Ltd. (EM), an investment banking firm in 2010, Mr. Ashong was directly responsible for establishing Ecobank Development Corporation (EDC) with branches and offices in several African countries where he was the Group Managing Director till 2010. EDC is the investment-banking arm of the Ecobank Group. During this period, Mr. Ashong also oversaw all the investment banking businesses of the Ecobank Group in West and Central Africa. He was actively involved in growing Ecobank’s businesses across Africa, having been directly involved in the organic growth of the Group. He has over 32 years of experience in Investment Banking either leading or a key member of teams executing some of the most prestigious transactions across Africa worth in excess of US$10 billion.
He holds an EMBA from the University of Ghana Business School (UGBS) and a BSc. (Banking and Finance) from UGBS. Mr. Ashong also holds professional certificates in International Capital Markets, International Corporate Finance and Brokerage and Securities Operations from The New York Institute of Finance and an Advanced Securities Trading and Investment Advice certificate from the Ghana Stock Exchange. Mike is a member of the International Association of Consultants, Valuators and Analysts (IACVA), a fellow of the institute of Directors, Ghana and was a former member of the governing council of the Ghana Stock Exchange.
He was appointed a Director of Provident Insurance in 2017.
Mr. Kenneth Doh
Chief Finance OfficerBackground
Kenneth Doh is a Chartered Accountant holding memberships with the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants, Ghana (ICAG).
Before joining Provident Insurance as the Chief Finance Officer, Ken worked with Standard Chartered Bank, Ernst & Young (EY), where he was an Audit Manager, Ghana Investment Promotion Centre (GIPC), where he was Deputy Director of Finance, and more recently with Saham Insurance where he was the Chief Finance Officer.
In addition to being a Chartered Accountant, Ken holds an MBA in Entrepreneurship from Aspen University (USA), an MSc in Accounting with Finance from the London South Bank University (UK) and an AEC in Project Management.
Mr. Kofi Ntim Danso
Chief Operating OfficerBackground
Mr. Kofi Ntim Danso is the Head of Underwriting. He is a dynamic professional with strong technical competence in Underwriting, Claims Management and Reinsurance. He is a Chartered Insurer and an Associate of the U.K Chartered Insurance Institute (ACII) in 2009. He is a product of the University of Ghana Business School (UGBS). He holds a Bachelor of Science in Administration (Bsc Admin Insurance Option) degree from the University of Ghana, Legon and a Master of Philosophy in Business Consulting and Enterprise Risk Management at the Kwame Nkrumah University Of Science and Technology(KNUST). His insurance career started with Star Assurance Company Limited in 2004, he served in different positions and Workgroups. He joined Provident Insurance in 2016 from Saham Insurance Ghana where he served as Underwriting and Reinsurance Manager. Although, he joined the company as Head of Underwriting, he has also distinguished himself as an astute technical person playing a key role of directing and leading the Technical Operations Team to achieve utmost client portfolio management and promoting harmonious working relationship among the Company’s Departments and Branch Offices.
Mr. Eric Agbozo
Marketing HeadBackground
Eric holds MBA General Management from the Blekinge Institute of Technology, Sweden, Advanced Diploma in Insurance from Malta International Training Centre, Malta, BA (Hons) Psychology from the University of Ghana and HND Statistics from the Accra Polytechnic. He worked with Wapic Insurance Ghana Limited as the Head of Underwriting before joining Provident Insurance Company Limited in 2016. He has attended several trainings and seminars organized by both local and international organisations including Continental RE, Ghana RE, Aveni RE, and Mainstream Re in areas of Engineering Insurance, Liability Insurance and Reinsurance. He has had an extensive training in Strategic Management.
Mr. Fred Boamah
Internal AuditorBackground
Mr. Boamah is a Chartered Member of the Institute of Chartered Accountants Ghana (ICAG), and currently a student member of the Chartered Institute of Taxation. Fred joined the Insurance industry in 1999 and had since been with the industry. Starting from Ghana Union Assurance Company Limited, as an Underwriter and later Reinsurance Officer, he rose through the ranks to become a Branch Manager of two of the Company's branches for about 5 years. He also pioneered the Internal Audit Department of the Company.
He later joined Donewell Insurance Company Limited, Audit and Assurance Department in January, 2008 and before leaving to join Provident Insurance Company Limited in December, 2015 as Internal Auditor, He was the Acting Head of Audit and Assurance of Donewell Insurance Company Limited. Fred is a well resourceful and experienced Internal Auditor having gone through immense training over the years.
Ama Sarpong Asante
Head Of HR & AdminBackground
Ama Sarpong Asante has more than 15 years of experience and a proven track record in delivering a diverse range of human resources functions that support Management and Staff in achieving the Company's goals.
Ama has also been involved with the set up of Companies like Sage Properties Limited (a real estate and properties management company), Scanfarm Ghana Limited and Afram Plantation Limited (both large scale mechanized farms) implementing best Business practices and recruiting Human Resource Support.
In the Public Sector she worked with Ghana Irrigation Development Authority (GIDA) of the Ministry of Food and Agriculture from 2013 prior to joining Provident Insurance.
Ama Sarpong Asante holds an EMBA in Human Resource Management from the University Of Ghana Business School and BA Honours in Administration (Psychology and Management). She is also a Member of Institute of Human Resource Management Practitioners (Ghana)
Mr. Louis Mawuena Hiagbe
Head Of ICTBackground
Mr. Hiagbe brings to the table a combination of experience and knowledge: he holds a degree in Business Administration ( Banking & Finance Option) from the University of Ghana, Legon and an Executive Master’s degree in Business Administration also from the University of Ghana Business School. He also holds a Post Graduate Diploma in Management Information Systems from GIMPA. He is an Associate Member of the Institute for the Management of Information Systems (IMIS) UK and also holds a Certificate in Insurance for IT professionals from the Chartered Institute of Insurance. (BCS / CII)
Mr. Hiagbe has over 20 years of experience in industry having worked with Donewell Insurance as the Head of MIS and has also consulted for several firms and Insurance Brokers; he holds a rich mix of experience in Finance and Project Management and is also an established Information Technology Expert. He has also led in the Implementation of many Insurance software(s) which has made him versatile in insurance underwriting.
Founder's Column
Provident Founder
Mr. Rudolf Von Ballmoos
Mr. Rudolf Von Ballmoos (Late) was the founder of Provident Insurance Company Limited. Before retiring in December 2008, he was the Managing Director and Chief Executive Officer of the Company since its inception in October 1982.
Mr. Von Ballmoos had over forty years of rich insurance background and work experience, spending most of those years in key management positions. He held a B.Sc. in Economics with specialty in Insurance from the University of Pennsylvania, USA. His insurance work experience included time spent at Crusader Insurance Company (Ghana), Providence Insurance Company (Liberia) and State Insurance Company of Ghana.
Mr. Von Ballmoos served on many Corporate Boards including Consolidated Discount House, Consolidated Asset Management Company. He contributed immensely towards the development of the insurance industry in Ghana.
Message From Chief Executive Officer
Michael Justice Ashong
Provident Insurance Company Limited is proud to announce that it is 40 years old. Hurray!!!!!!!
Provident Insurance Company Limited (Provident) is a private Limited Liability company which was incorporated and registered in Ghana in February 1981. It commenced business in October 1982 on the principle of providing its policyholders with near-perfect protection backed by excellent and professional service delivery.
From a humble beginning with a stated capital base of five thousand cedis (GHS 5,000) in 1982, Provident today, has an asset base of over GHS105 million and has been evaluated as one of the most solvent insurance companies in the country. Indeed, Provident was one of the first non-life insurance companies to have met the new minimum capital requirement set by the National Insurance Commission (NIC) (the Regulator) in 2020. Accordingly, Provident has had its operating License renewed annually by the NIC.
As we celebrate our 40th anniversary as a business, we cannot forget to profusely thank the Almighty God, our Master and Creator for His lavish grace over us during these 4 decades. I also wish to seize this opportunity to thank the Founders of Provident whose dream and foresight led to the establishment of this great institution which has provided excellent insurance coverage and immense support to our various clients and other stakeholders over the years.
Permit me at this juncture, to pay a glorious tribute to our highly esteemed clients who are the reason for our existence and success over the past 40 years. You are the core of the people who have trusted in our ability and capacity to deliver complete tailor-made insurance solutions over these years. Provident wishes to thank you for your valued businesses and your show of incomparable loyalty to our business relationships over the period. We value your trust and the confidence you have reposed in us over the years. You are the main reason why we have survived as a business and we sincerely appreciate you.
To our immediate partners, our brokers, agents and other strategic partners; we thank you profusely for the shared partnerships we have enjoyed over the years and we look forward to even more enhanced collaborations. Your immeasurable dedication and desire to delight our mutual clients by selflessly deploying your skills and expertise have created great value and satisfaction to our numerous clients.
Many and sincere thanks to you the staff of Provident. You are undeniably Provident’s most valued and treasured assets which we have leveraged to deliver the professional and excellent services that have continued to excite our clients over the years. As we celebrate 40 years of the existence of our dear Company, I want to express my profound gratitude and appreciation for your continued result-oriented efforts which I am confident will continue into the future. Indeed, dedicated employees like you are the foundation of any successful company. Thank you again for your contributions so far to the success of this company as we look forward to even greater successes into the future.
Life they say, begins at 40 in the life of any individual and so it is for our company, Provident. For this reason, we are being reflective on our forty-year journey and more importantly looking forward while leveraging on the great things and experiences we have attained so far.
Having been among one of the first insurance companies to have met the deadline for the recent new Minimum Capital Requirement set by the Regulator, Provident has over the last few years, laid out a well-defined strategy in all aspects of the business with the objective of creating real value for our valued clients as we reposition the Company to deliver even more convenient services into the future. Indeed, at the core of what we are doing is our desire to excite our clients through the provision of new and technology driven products & services which will ensure that each of our clients enjoy their respective experience with us.
Before the end of the year, Provident will launch its 360-degree digital set of insurance solutions which will create the most exciting and convenient experience for our valued clients. Our clients can buy and renew any of our products, file their claims or access any of our services from anywhere and at their convenience. To further enhance access to our products and services, Provident is opening two (2) new branches in Madina and Kasoa by the end of the year and the coming year will see additional Provident branches being opened across the country.
The most important department in our Company which is the Claims department has been recently overhauled with highly trained manpower and a state-of-the art technology to ensure that our clients have the most simple, timely and convenient experience in claims payment. Remember that at Provident, fast and convenient claims payment is our solemn promise to you. Experience it!!.
As the new Chief Executive Officer of Provident, I wish to assure our valued clients and other stakeholders of my relentless resolve to continue to ensure that Provident’s seamless and efficient services delivery continues to excite you beyond your expectations. Together with my team of highly trained insurance professionals and motivated staff at Provident, we make a promise to you; that our services will continue to be highly professional, client oriented, settling claims speedily and conveniently while we continuously leverage technology to achieve and deploy operational efficiency that will benefit and excite all our stakeholders.
I wish to thank you all for trusting and confidently doing business with Provident Insurance Company Ltd. over the past 40 years. I look forward to an even better and mutually beneficial relationship with you in the years ahead. Thank You.
Michael Justice Ashong
Chief Executive Officer
