Albert Eyeson-Ghansah is a Chartered Insurance company and a Fellow of the Affiliation of Chartered Accredited Accountants (ACCA), United kingdom
Not too long ago introduced insurance coverage company, Bedrock Insurance coverage Firm Ltd, is decided to split via the fierce competition within the sector with a host of client-centred improvements.
Key between these innovations is technologies-compliant products and solutions and company giving and prompt promises payment.
Chief Government Officer, Albert Eyeson-Ghansah, explained Bedrock Insurance plan has currently completed the rollout of infrastructure to assistance know-how-pushed solutions that will provide legitimate convenience to buyers.
“We want men and women to be ready to sit in their bedrooms, in their offices or where ever they may be and be in a position to go on line, make enquiries about insurance policy and get a quotation, get the policy done…And even in an party of a claim, we must be in a position to pay your declare applying the cell dollars system,” he stated at a media come across past week.
Mr Eyeson-Ghansah also stated that due to the fact prompt and hassle-cost-free promises payment was so crucial to the Bedrock Insurance plan mission, rapidly statements payment has been tied to workers evaluation and benefits – like the payment of conclude-of-year bonuses.
“We haven’t been all-around for long but for this quick time that we have been about every single assert noted we have compensated the declare without stressing the purchaser. The Bedrock Fast-monitor Claims [or ‘Three Before Three’] is that any assert that is up to GHS3,000 and claimed before 3 pm is paid out that exact working day.
“That is a demonstration that prompt statements payment is not just a cliché. It is not a little something that we are just declaring. It is something that we imagine in which we are dwelling,” he reported.
Bedrock Insurance, a wholly owned Ghanaian business, was formally introduced on final Thursday, May 30 with a assure to make insurance policy easy.
The corporation attained its running license from the National Insurance plan Commission (NIC) in December 2017 and commenced operations in February 2018.
The Insurance coverage company’s suite of items gives timely safety to customers versus liabilities they might lawfully be uncovered to as properly as decline or harm to home beneath solution choices which contains motor insurance plan insurance policies, hearth and allied perils insurance policies, engineering guidelines, liabilities, typical guidelines, accidents and maritime.
Even though penetration is very low, the sector generates significant financial gain year following year for marketplace players.
The sector performs a incredibly important position in the economic system, allowing for individuals and firms to transfer danger for a top quality. Sector authorities believe that a strong sector will boost the stability of economic markets.
Profitability, firm’s progress charge, organization dimensions, assert payment and liquidity are amid the important common chance variables within the sector.
The Insurance policies Act, 2006, Act 724 segment 80 and 81 mandates insurance policy companies to prepare and lodge their accounts and fiscal assertion with the Nationwide Insurance policies Fee each and every quarter and just about every monetary calendar year.
The whole gross top quality created by the to start with 50 percent of 2017 was GHS656,380,119. Nevertheless, within the same period of time in 2018, the overall gross quality produced by all the general insurance plan companies was GHS705,626,889.
This implies that the gross quality in the same time period was greater by GHS49,246,770 representing 13.32%.
Promises payment problems
Statements payment has been the most sensitive region within the sector, with many Ghanaians obtaining bad notion about industry players’ commitment to statements payment.
Commenting on this problem, Mr Eyeson-Ghansah talked about the non-existence of a trustworthy widespread databases for Ghana’s insurance coverage sector as the result in.
“We require to have a typical a database in the industry and I believe the regulator is working on that exactly where we can collaborate and share details. It ought to be some kind of a bureau exactly where we can all share info,” the Bedrock Insurance CEO explained.
He reiterated that after the regulator, the NIC, sets up this common databases, claims payment difficulties this sort of as delayed payment and deliberate attempts by persons or teams to cheat the technique by requesting a number of claims payments from various organizations would be substantially minimized.