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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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Insurance products must be well explained to gain trust—Bedrock Insurance CEO

byLawrence Segbefia
May 31, 2019
in Banking And Finance, Business, Local Economy
Albert Eyeson-Ghansah (Left), Justice Ofori (Middle)

Albert Eyeson-Ghansah (Left), Justice Ofori (Middle)

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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 complaints from policyholders 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.

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“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 regain the confidence of the public by also making a prompt claim payment.

Bedrock Insurance operations

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 being the most people-centered 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 has in the industry,” he said.

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