Bedrock Insurance Company, a wholly owned Ghanaian company, has officially commenced operation with a suite of products and services expected to lead a revolution in an insurance industry that still has a rate of penetration of less than 2percent.
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.
Albert Eyeson-Ghansah, Chief Executive Officer (CEO), Bedrock Insurance Company Limited, noted that although the company is a new one in a very fiercely competitive market, it is encouraged that today’s best performing large companies were yesterday’s small startups.
He noted that those small companies chose to tread the path of hard work, discipline, professionalism, solid relationships, good corporate governance and above all being genuinely responsive to customer needs and wants which have made them big and multinationals today.
“Bedrock is a small company, no doubt. Nonetheless, we have great ambitions; and because we desire to become a great company, we continue to find out what great companies do differently. In our search, we found out that great companies create value for their customers, solve society’s problems and still make money too.
We believe that for companies to be financially successful and good, leaders, with every employee, must demonstrate that values matter at every turn. Therefore, at Bedrock, we aim at creating a values-based company built upon our five core values of Integrity, empathy, innovation, efficiency and enthusiasm,” he said.
Focus on seeking respect
Mr. Eyeson-Ghansah noted that, as a company, Bedrock will seek respect from all stakeholders and as customer-centric business, the pursuit of respect begins with the customers. He noted that seeking respect means Bedrock will deliver what it promises.
When it comes to seeking respect from employees, it will be treating them fairly and with dignity; and for shareholders, it means operating with transparency and accountability; Bedrock will seek respect from insurance brokers by responding promptly to their requirements, including paying brokerage with dispatch, and promptly paying all legitimate claims presented by mutual clients.
Touching further on respect, Mr. Eyeson-Ghansah said Bedrock will seek respect from the regulator by being compliant; and will seek respect from society by living in harmony with it and creating goodwill. “We believe if we did all that, we would attract customers, good talent, and investors; revenues, profits, and market capitalization would then follow.”
The best product offering
He added that with the implementation of a robust software which went live in tandem with the launch, Bedrock envisages to be the most people-centred risk solutions provider of choice in the market and it will achieve this by treating customers fairly and forging mutually beneficial relationships and ensuring claims are made within same day.
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.
Focus on stratifying all stakeholders
Kwame Pianim, the guest speaker, touched on the insurance landscape globally, continentally and nationally. He noted that expanding the scope of compulsory insurance will go a long way to increase the penetration of insurance in the country.
He urged Bedrock to focus on key stakeholders such as the customer, without whom you have no sustainable business and who are counting upon you to help minimize their risks; the staff, for whom the progress and good performance of your business is of existential import; the country that looks up to you to pay taxes and to generate employment opportunities for the youth, to make risk manageable and to help mobilize long-term funds for development.
“Above all be candid with your board and shareholders and support them to provide governance structures and policy guidance that will encourage the company and its officers to refrain from doing anything in private that they will be ashamed of to see reported on the front page of the daily tabloids. This is the litmus test of good corporate governance,” he said.
Ehunabobrim Prah Agyensaim VI, Chief of Assin Owirenkyi Traditional Area, Assin Kushea, who chaired the ceremony urged Ghanaians to patronise the products and services of the company.