A wholly owned Ghanaian insurance company, Bedrock Insurance Company, has officially launched to the market coupled with variety of special packages in products and services. The event which took place over the weekend at Mövenpick Ambassador Hotel Accra, Ghana.
Albert Eyeson Ghansah, Chief Executive Officer of Bedrock Insurance Company says despite the company being a new entrant in a fiercely competitive market, the company has promise to optimise its core insurance and business processes by leveraging on new line of business system to deliver value for customers more efficiently and effectively.
With same day payment –known as the Bedrock Fast Track Claims where claims up to GH¢3,000 reported before 3pm are paid on the same– Bedrock’s products provide timely protection to customers against liabilities they might legally be exposed to; as well as loss or damage to property under product offerings which includes; motor insurance policies, fire & allied perils policies, engineering policies, liabilities, general policies, accidents and marine.
Speaking at the launch of Bedrock Insurance Company in Accra, he said the company would be investing in the right people and the right technologies and adopting continuous improvement in its operations. “We’ve spent time to prepare ourselves implementing robust software from which will go live right after today,” he said.
Mr Eyeson-Ghansah said “Ghanaians believe in quality brands that are result-oriented and the Bedrock brand although young promises to put at the forefront of its services the fair treatment of customers.”
He said as Bedrock geared up to take advantage of expanding opportunities in the changing environment, it would direct its efforts at raising standards in the fair treatment of consumers.
“In the long run, the industry as a whole has a clear interest in informed, responsible and capable consumers. And we are committed to maintain the high standards of providing our customers the best of services.” Mr Eyeson-Ghansah said in his statement assuring stakeholders that the company would be in Ghana for the long haul, fully complying with all regulatory requirements.
He pledged support to efforts being made by the Commissioner of Insurance and his team aimed at creating a responsible, responsive and well-regulated insurance industry. Mr Justice Yaw Ofori, the Commissioner of Insurance, has urged insurance companies to avoid setting premiums at very low prices with the intention to achieve new customers or drive competitors out of the market.
He said it was surprising that companies were willing to set prices so low that there is not enough as pure risk premium. He said companies engaged in undercutting were, therefore, unable to pay claims promptly, leading to clients’ dissatisfaction and loss of confidence in the insurance industry.
To safeguard the interest of the policy holder and to ensure the safety and soundness of the industry, the Commission is actively embarking on measures to significantly reduce underpricing and ensure a fair treatment of customers. Also, Mr. Ofori urged Bedrock to play by the rules so as to become a sus- tainable and competitive player.
Mr Kwame Pianim, an economist, who was the guest speaker, said the insurance industry could be improved by ensuring a healthy macro-economic stability so that the good performance in the industry is not whittled away by depreciation in the external value of the cedi.
Similarly, on the need to mimimize, he added; “There is also the need to minimise unhealthy competition in the general business not necessarily through regulatory intervention but by having a group of skilled actuarial professionals who will assess risks and provide benchmark pricing guidelines to the industry,” he said.
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