Insurance products must be well explained to gain trust - Bedrock Insurance CEO
Stakeholders in the insurance industry have urged insurance companies to build trust by properly explaining insurance policies to clients before they sell to the public.
The call comes after several complains from policy holders who complain of being shortchanged by insurance companies whenever there is an accident and they file for claims.
Speaking to Citi Business News on the sidelines of the official launch of Bedrock Insurance, the Chief Executive Officer of Bedrock Insurance, Albert Eyeson-Ghansah pointed out that the challenge must be addressed to build confidence in the industry.
“Sometimes the agents of insurance companies do not properly explain the policy to the client,” he said, adding that insurance companies must ensure that clients are told exactly what a policy entails”.
Mr. Eyeson-Ghansah maintained players in the industry must do more to the regain confidence of the public by also making prompt claim payment.
Touching on the operations of Bedrock Insurance Company Limited, Mr. Eyeson-Ghansah stated that it is a wholly owned Ghanaian company offering the most user-friendly insurance for all clients; making insurance effortless with same day payments for genuine claims.
“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.”
He added that the company envisages to be the most people-centred risk solutions provider of choice in the insurance market.
“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 organizations 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”.