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Business News Thu, 30 May 2019

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Bedrock Insurance officially launches in Ghana with same day payment claims

Albert Eyeson-Ghansah, CEO of Bedrock Insurance Company Limited

Bedrock Insurance Company Limited, a wholly owned Ghanaian company, has officially launched with the aim of offering the most user-friendly insurance for all clients; making insurance effortless with same day payments for genuine claims.

The Insurance company’s suite of products provides 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.

Chief Executive Officer (CEO), Bedrock Insurance Company Limited, Albert Eyeson-Ghansah said:

“I am much delighted we are launching our insurance company to Ghanaians. We aim to help people freely pursue their dreams in a world of uncertainties by making insurance simple so they can protect the things that mean the world to them. We are investing in the right people and the right technologies and adopting continuous improvement in our operations. We’ve spent time to prepare ourselves – implementing a robust software which goes live in tandem with our launch.”

“We envisage to be the most people-centred risk solutions provider of choice in our market and we will achieve this by treating our customers fairly and forging mutually beneficial relationships and ensuring claims are made within same day”, Mr. Eyeson-Ghansah added.

The company is also committed to offering quality indemnity in the area of retail and personal line clients- those who mostly purchase motor vehicle and home protection insurances as they form the majority of their clientele.

“We offer services to corporate client purchasing commercial lines insurances such as fire, motor and employee benefit policies as well as broker driven clients ranging from SME to big organisations and multinational corporations,” the CEO noted.

Mr Justice Yaw Ofori, the Commissioner of Insurance, lauded Bedrock and expressed the hope that it would help deepen the confidence in the insurance industry.

“I urge you to practice good corporate governance and maintain high standards to retain the confidence the public still have in the industry, he said”.

Kwame Pianim, Keynote Speaker

Fact sheet

Bedrock Insurance Company Limited is a privately wholly- owned Ghanaian company incorporated in Ghana under the Companies Code, 1963 (Act 179), and licensed to provide insurance solutions to individuals, families and businesses.

The Company obtained its operating license from the National Insurance Commission in December 2017, and commenced operations in February 2018.

Bedrock is seen to be the “people’s” insurance company which aims at offering excellent services. They want to establish the most user-friendly insurance front for all their stakeholders, making insurance super simple.

The company optimizes their core insurance and business processes by leveraging their new robust Line of Business (LOB) System to deliver value for their target customers more efficiently and effectively than our competitors.

Bedrock offers risk improvements, claims advisory support (based on relationships with Fire Service Ghana and Ghana Police service) and less recovery as part of their value added services.

Company Vision

Bedrock aspires to be the most people-centred risk solutions provider of choice in Ghana. Having the people at heart, the company aims at achieving its vision by

• Treating customers fairly • Forging mutually beneficial relationships • Doing good as they strive to do well • Working with empathy and integrity • Providing employees opportunities for growth

Company Mission

The central purpose of the company is to help people freely pursue their dreams in a world of uncertainties. This will be achieved with their innovative and advanced system of operation and well-learned heads of corporation who have expect knowledge in investing assets in the right people and technologies that breeds maximum returns. Bedrock aims at adopting continuous improvements in their operations to ensure they obtain the mission and hit their company’s vision.

Products

Bedrock Insurance suite of products provides protection to our customers against liabilities they might legally be exposed to; as well as loss or damage to property under the following product offerings:

• Motor Insurance Policies i. Third Party ii. Third Party, Fire and Theft iii. Motor Comprehensive

• Fire & Allied Perils Policies i. Assets All Risks ii. Home Protection iii. Commercial Premises Comprehensive iv. Business interruption

• Engineering Policies i. Contractors’ All Risks ii. Erection All Risks iii. Machinery Breakdown iv. Electronic Equipment Insurance

• Liabilities i. Product Liability ii. Public Liability iii. Employer’s Liability iv. Professional Indemnity v. Directors’ & Officers’ Liability

• Bonds i. Bid Bonds ii. Performance Bonds iii. Mobilization Bonds iv. Retention Bonds v. Customs Bonds

• General Accident i. Professional Indemnity ii. Fidelity Guarantee iii. Bankers’ Indemnity iv. Goods-in-Transit v. Cash-in-Transit vi. Personal/Group Accident • Marine i. Hull Insurance ii. Cargo Insurance

Company’s Clientele Base

Bedrock’s customers are segmented into existing and potential clients such as:

1. Retail and Personal line clients – individuals and household buying personalize insurances for motor vehicle and home insurances.

2. Corporate Client - This are corporate organizations usually ranging from medium to large including SMEs purchasing commercial lines insurances such as Fire, Motor , Liability and employee benefit policies through direct contact and sales representatives

3. Broker driven clients - This sector comprise mainly of large corporate entities and multinational corporations purchasing an array of insurance covers through the services of insurance brokers. Some personal line clients are also served through brokers.

Source: Bedrock Insurance

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