Bedrock Insurance Company Officially Launched

MR Albert Eyeson-Ghan- sah, the Chief Execu- tive Officer of Bedrock Insurance Company says the company will optimise its core insurance and business process- es by leveraging on new line of business system to deliver value for customers more efficiently and effectively.

Speaking at the launch of Bedrock Insurance Company in Accra he said the company would be investing in the right people and the right technologies and adopting continuous improve- ment in its operations. "We've spent time to prepare ourselves implementing robust software from which will go live right after today," he said.

Mr Eyeson-Ghansah said "Ghanaians believe in quality brands that are result-oriented and the Bedrock brand although young promises to put at the forefront of its services the fair treatment of customers."

He said as Bedrock geared up to take advantage of expanding opportunities in the changing environment, it would direct its efforts at raising standards in the fair treatment of consumers.

"In the long run, the industry as a whole has a clear interest in informed, responsible and capable consumers. And we are committed to maintain the high standards of providing our customers the best of services." Mr Eyeson-Ghansah assured stakeholders that the company would be in Ghana for the long haul, fully complying with all regulatory requirements.

He pledged support to efforts being made by the Commissioner of Insurance and his team aimed at creating a responsible, responsive and well-regulated insurance industry. Mr Justice Yaw Ofori, the Commissioner of Insurance, has urged insurance companies to avoid set- ting premiums at very low prices with the intention to achieve new customers or drive competitors out of the market.

He said it was surprising that companies were willing to set prices so low that there is not enough as pure risk premium. He said companies engaged in undercutting were, therefore, unable to pay claims promptly, leading to clients' dissatisfaction and loss of confidence in the insurance industry.

To safeguard the interest of the policy holder and to ensure the safety and soundness of the industry, the Commission is actively embarking on measures to significantly reduce under pricing and ensure a fair treatment of customers. Mr Ofori urged Bedrock to play by the rules so as to become a sus- tainable and competitive player.

Mr Kwame Pianim, an economist, who was the guest speaker, said the insurance industry could be improved by ensuring a healthy macro-economic stability so that the good performance in the industry is not whittled away by depreciation in the external value of the cedi.

"There is also the need to minimise ruinous competition in the general business not necessarily through regulatory intervention but by having a group of skilled actuarial professionals who will as- sess risks and provide benchmark pricing guidelines to the industry," he said.

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