The insurance industry in Ghana has faced many challenges even though its prospects for economy development is enormous. One major challenge in the industry is the low penetration in the financial sector. Insurance generally allows people and companies to transfer risks for a premium. Insurance is an important financial tool that can help channel funds for long term investment but in Ghana insurance funds have been scarcely used for that purpose.
Another major challenge with insurance penetration in Ghana has got to do with claims payment. Claims payment is so important it is perhaps the most sensitive area that has given the industry a bad name. Building confidence among Ghanaians about claims payment is the most important drive that is needed to change the negative perception.
Bedrock Insurance Company which officially launched in Accra, Ghana has begun steps to amend and change the perception with the introduction of some unique products which makes claims payment almost a daily affair.
In this line, the company has rolled out a unique product which will enable clients receive claims which are below 3,000 cedis on the same day. This is very important and a step in the right direction because the growth of the insurance industry heavily relies on prompt payment.
Even though some may argue that the amount involved is insignificant, the focus of the product which is a move to reshape the misconception is the ultimate goal.
Indeed the Chief Executive Officer of Bedrock Insurance Company Albert Eyeson-Ghansah has consistently challenged the public to try Bedrock and have a new experience. He has always maintained that the experience by the public is what will change the narrative.
This is not the only product offered by Bedrock. The company also offers 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.
Investing in people
The Insurance industry has become so sophisticated it requires the right investment in people and technology to be successful. Mr. Albert Eyeson-Ghansah has stated that the company is adopting continuous improvement in its operations to make claims payment more easy and flexible. The company has already dedicated some of its resources to implementing a robust software which is able to track customers’ demands and help address issues rapidly.
Bedrock has always pressed on customer satisfaction making sure customers are given the best treatment by employees. This is aimed at creating a value-based company built upon its five core values of Integrity, Empathy, Innovation, Efficiency and Enthusiasm.