Goldstar Insurance gets ISO certification

By Oyet Okwera
Goldstar Insurance Company Limited has stood out among insurance in Uganda by clinching the most coveted (International Organisation for Standardisation) ISO 9001:2008 certification. ISO seeks to officially recognise companies that conform to high standards. The standards are based on the excellent management systems of any company which culminates into the accreditation of the ISO. Therefore, companies that qualify for ISO standards like Goldstar Insurance are those that have absolutely consented to the required management systems of operations. ISO management system standards include; ISO 9001, ISO 14001 and ISO 31000.

Most companies including Goldstar Insurance Company embrace ISO standards to improve the efficiency of company operations. Incorporated in 1996, Goldstar Insurance is regarded as one of the most reliable insurance companies now boasting 17 years of insurance services. Goldstar was nominated the best insurer for the financial and technical support in 2005 by the Uganda Association of Insurance Brokers.

The Governor, Bank of Uganda Tumusiime Mutebile (middle) is helped to cut the cake as Goldstar celebrates its ISO certification

It was also ranked  the fourth in the premium league of non-life insurance companies in the industry in the same year. According to Azim Tharani, the managing director at GoldStar Insurance, the company trudged through a journey into the insurance market proclaiming to provide “insurance as solid as gold”.

The foundation of Goldstar is based on its underlying pillars including; their strong and solid financial base, prudent underwriting (not losing focus by just targeting to grow the top line), sound reinsurance support and backing coupled with professional, experienced and highly skilled staff.

Paul Kavuma, the chief operations officer at Goldstar Insurance says, “the audit process of our own standards led us to attain excellence and conformity with the ISO Quality Management system and the eventual accreditation. We started by appointing a consultant who took us through the rigorous period of six months which we are now proud of.” Kavuma says the attainment of this prestigious ISO standards recognition will propel Goldstar Insurance to greater heights in terms of doing business.

He was also optimistic that the public should expect more excellent service delivery which is already in place to meet expectations of all clients across the numerous products offered. To achieve this success, Tharani reveals that the promoters put a strong foundation with an appropriate philosophy and culture for Goldstar aimed at attaining a sustainable growth.

According to Kavuma, the underlying philosophy has always been to aim for slow, but steady growth with a culture of providing excellent service not only to meet, but endeavour to exceed clients’ expectations. Kavuma adds, “All these achievements have been possible over time with our flexibility to provide tailormade policies to suit our clients’ needs and requirements and, more importantly, by promptly settling our claims.”

Goldstar Insurance has both non-life and life products including; whole life, endowment assurance plan, education plan, gold achiever plan, group credit life, group life, group life extension to group personal accident, group pension among others. For one to consume the different products offered by Goldstar Insurance, there are distribution channels through the Sales and Marketing, agency plus brokers.

Kavuma advises the general public to inquire from the Sales and Marketing department to get accurate information on the specific product they are interested in. “As Goldstar Insurance looks to the future, we strongly contend that our initial philosophy and foundation are still relevant in today’s market.

Accordingly, we shall continue to adhere to our mission to “Safeguard. Strengthen. Serve”, and to our core values with customer satisfaction at the forefront, now entrenched with a “personal touch”,” said Tharani. Tharani says at the moment, Goldstar Insurance has positioned itself on the path of being the insurer of distinction with support from stakeholders like; brokers, and clients, both existing and prospective; from the Insurance Association for technical support and from the Insurance Regulatory Authority for impartial guidance and monitoring.

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What ISO certification means to Goldstar Insurance

By Saudha Nakandha
Goldstar Insurance company is one of the few insurance companies that are proudly ISO 9001 certified. According to J. K. Pandey, the director 6M Consult International (the company that worked with Goldstar in achieving its certification), the certification of insurance company was based on its meeting the agreed requirements of customers on time with commitment to all stakeholders.

“For Goldstar, they first documented the system and then implemented it. Finally, a neutral, reputed certification body URS, came to audit them and found that, they were doing what they claimed. And this is what brings confidence in the market place for Goldstar,” says Pandey.

He says unlike other companies, Goldstar achieved this landmark in a few months’ time. They achieved this performance after undergoing training for documentation and implementation.

They also did internal audit related training. Pandey explains that this puts them ahead of those companies which do not have a well-crafted system and work in haphazard manner. He also says that ISO guides an organization to focus on “how they do business”, whereby each procedure and work instruction is documented and thus, it becomes the springboard for continuous improvement.

He says employee morale has increased at Goldstar as they are asked to take control of their processes and document their work processes. “It fosters the understanding that quality, in and of itself, is not limited to a quality department, but is everyone’s responsibility. On top of that, it improves Goldstar’s communication which has led to quality, efficiency, and on time delivery,” says Pandey.

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Pledge to improve service delivery

By Oyet Okwera
After attaining the ISO 9001:2008 certification, the management of Gold- Star Insurance Company Limited has pledged to continue improving service delivery. The ISO 9001:2008 certification is only given to companies which meet the requirements of quality management set by the International Organisation for Standardisation (ISO) upon going through comprehensive audit of management standards. This ISO certification, therefore evidently portrays GoldStar Insurance as a company characterised by reputable insurance services.

Azim Tharani, Goldstar Insurance managing director (right), introduces Paul Kavuma (left), the chief operations officer
to the Governor, Bank of Uganda Emmanuel Tumusiime Mutebile

GoldStar Insurance Company entered into the insurance industry of Uganda in 1996 when there was fierce competition among the existing players. This was in addition to a market culture where most people did not insure their property, assets or lives. This accounted for the low penetration level at below 1% of the Gross Domestic Product (GDP) when the regulatory body was also in its infancy. Despite all this, the shareholders were brave enough to enter the industry at that stage.

They were Azim says this ISO certification will help Goldstar exhibit more skills through the professional people it employs in the company. “Much as there are challenges in this sector, we will strive to aim at international standards because we are now internationally recognized with this ISO,” says Azim. Addressing insurance stakeholders at Kabira Country Club during the official celebration of the ISO certification, the governor, Bank of Uganda, Prof. Emmanuel Tumusiime Mutebile congratulated GoldStar Insurance for acquiring the certification. He advised management to use it to promote modern, professional business management needed in Uganda.

According to Mutebile, modern and professional management is important for companies which aim to compete at both regional and global markets. “The attainment of ISO 9001:2008 certification by GoldStar Insurance will also influence public perception especially, the expectations of the customers and brokers in terms of the quality and reliability of the service they will receive from the company,” said Mutebile. The governor added that this ISO certification benchmarks the company’s management against international best practices which also raises the bar for other companies in Uganda. “I hope this achievement will spur other insurance companies to follow suit to improve the quality of their management,” says Mutebile.

According to statistics available, the total asset of the insurance industry is at about sh550b which is only 1% of the country’s Gross Domestic Product (GDP). This is less than one tenth of the Kenyan insurance industry. The life insurance section of the Ugandan Insurance is underdeveloped with total assets at only 0.2% of GDP.

Mutebile believes that despite these low statistics, there are strong grounds for believing that the insurance industry will undergo a profound transformation in the coming decades. Mutebile also says that currently, negotiations are taking place between representatives of the East African Community partner states to determine how the common market will be implemented in the insurance industry.

The partner states have already agreed to harmonise prudential regulations around the 26 insurance core principles issued by the International Association of Insurance Supervisors. The next phase of the process will entail the development of capacities for cross-border supervision which operate in two or more of the partner EAC states, Paul Kavuma, chief operations officer at GoldStar Insurance said “we want to stand firm and further prove to all stakeholders that we are a household name in the insurance industry in Uganda.”

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Life insurance is for all

Life Insurance seems to be a new kind of product in Uganda but the Goldstar Insurance has had an over 20-year experience in it. Saudha Nakandha had an interview with Zephania Dube, the manager, Life and Pension Division, Goldstar Insurance Company
What is life Insurance?
Life Insurance is insurance for human beings whereby an insurance company guarantees a lump sum payment in the event of either death or disability or expiry of a specific term in return for a regular contribution.

Why do I need Life Insurance?
Most of us have dependents, who depend entirely on our income for all their needs, namely: clothing, food, shelter, education etc. Imagine what their future would be like if you were no longer there to provide for them.

In addition to a disciplined saving arrangement that guarantees attainment of one’s financial goals, Life Insurance shall accord you decent retirement income.

By the way, all our individual life plans can be used as collateral security against bank loans as long as they have life cover. Life Insurance is the only investment instrument that can address all these needs simultaneously, hence the reason we cannot do without it.

What Life Insurance packages does Goldstar Insurance have?
In line with its commitment to providing unequalled insurance services, Goldstar has products for both individuals and corporate. Under individual life products we guarantee quality education for your children as well as ensuring that your family’s standard of living is maintained.

Some of our popular products are Endowment Assurance Plan, Education Plan, Personal Pension Plan and Goal Achiever Plan. In the case of Group Business (corporate), we offer cover to employees in the event of death, total permanent disability, critical illness as well as providing funeral services.

Companies with either Workers  Compensation or Group Personal Accident can add a life component through our Group Life extension policy to address the inadequacy of the benefits under these products. Banks and microfinance companies are also catered for under our Credit Life Scheme which protects these institutions against loans issued.

Who can afford Life Insurance from your company?
At Goldstar, anyone can afford our life insurance products. We believe our minimum monthly contribution of sh50,000, can accommodate people of all walks of life.

Why should I trust Goldstar for the case of my life insurance policy?
You should trust Goldstar Insurance Company because it is wholly Ugandan, has a strong financial base and just like any insurance company, is regulated by the Insurance Regulatory Authority (Uganda). With highly skilled and experienced life practitioners, Goldstar should definitely be your insurer of choice.

How can I choose the years my insurance policy should run for?
The term of your life insurance policy shall depend on the ages of your dependents. As long as they are still under your care, you will need life insurance cover or if the purposof the savings is target based, the term of the policy will depend on the various specifics.

Who can I name as my beneficiary?
Not every person can be appointed your beneficiary, but only those that depend on your income e.g. spouse, children, parents etc.

What happens if I fail to make the required premium payments on my insurance Policy?
It all depends on the plan. For example, in the case of Endowment Assurance, premiums should be paid for at least three years, otherwise all the contributions are forfeited. However, the client is given a period of 12 months within which to find alternative employment and clear the outstanding amount.

Is it possible to review my life insurance needs?
It is our recommendation at Goldstar that our clients review their life policies annually to ensure they keep pace with the changing needs of your family.

Can I borrow money from Insurance policy?
Borrowing against your policy would definitely defeat the purpose the policy was initially taken out for i.e. savings and family protection. You can, however, use your policy as collateral against bank loans.

Is it possible to have joint life insurance?
Yes certainly, one can have a joint policy with his or her spouse. In the event of the first death, the proceeds would be payable to the surviving spouse.

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