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Bedrock Insurance Company Promises to Pay Insurance Claims Same Day

Bedrock Insurance Company Promises to Pay Insurance Claims Same Day

News Date: June 3, 2019

Bedrock Insurance Company Promises to Pay Insurance Claims Same Day
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.

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.

General Questions

There are many insurance companies that offer Life insurance and many others that offer Non-life (General) Insurance in Ghana.You can go to any of these insurance companies and take out insurance.Once you contact them, their staff will advise you on what they offer and what is best suited to your insurance need.Click to see the list of GIA accredited Life Insurance Companies and Non-Life (General) Insurance Companies.Insurance – Some Basic Steps
  • Contact an insurance company, an insurance broker or an insurance agent
  • Discuss your insurance needs with them.
  • Think     about the options carefully and then choose the product(s) that meet(s) your needs
  • Supply truthful information for the completion of the insurance contract documents
  • Sign the insurance contractPay your premium
  • Receive an insurance cover for the risk(s) you have insured.
When should you take Insurance?
Once you have life with its possible unwanted outcomes, it is advisable to take an insurance against such possible unwanted outcomes. Also, as soon as you acquire a property it is advisable to choose an insurance to cover the risk of damage or loss to the property. Again anytime you have liability to another person for any damage you may cause the person, it is advisable to insure the liability. For liability insurance in the form of third party motor vehicle, commercial building under construction and commercial buildings you are required by law to take out insurance as an owner.

Protecting your life and property should be an important part of your financial plan. Insurance protects you from financial problems resulting from damage or loss either to yourself or to your property. It is therefore important that you insure your life and property against any unanticipated accidents, damages or loss. You can take insurance to cover any of the following listed below:
  • Death
  • Accident
  • Theft
  • Fire
  • Loss
  • Damage
  • Disability Health.

Broadly there are two kinds of insurance:Life Insurance which pays an insurance benefit when the person who is insured dies;Non-Life (General) insurance, which comes in many forms, including property, liability, disability, health and travel.
  • Property Insurance provides protection against property damage and the insured is indemnified (compensated) if such damage occurs.
  • Liability Insurance provides you with insurance protection if you are found to be liable for causing damage to someone’s health or property.
  • Disability Insurance provides protection should you lose your ability to work and earn income, and pays you income if you are unable to work.
  • Health Insurance covers certain medical expenses and prescription medications.
  • Travel Insurance provides protection against certain adverse occurence during travel such as illness or even missed flights.


  • The insured (policy holder)
  • The third party whose property has been damaged by our insured's vehicle
  • The injured victim
  • Administrators of a deceased estate
  • Parents/guardians in the case of minor.

Non-motor insurance comprise of several lines example public liability, professional indemnity, personal accident etc. Each non-motor insurance claim has its own specific claims procedure and conditions.Generally, when an accident occurs the insured should comply with the following :
  • Report to the police.
  • Contact your broker/insurer and fill the specific claim form.
  • Do not settle or negotiate to settle, admit or repudiate any claim without the consent of your broker/insurer.
  • Forward all relevant documentary evidence in respect of the loss.
  • Forward all claims, writs of summons or letters from third parties to your broker/insurer through insureghana.com.

1. If your vehicle was driven without your consent, order or permission.
2. When an unlicensed driver was driving
3. When the claim is statute barred i.e claims not submitted within the three (3) or six (6) years period.
4. Where there was a change of ownership on the vehicle without reference to us.
5. Using the vehicle whilst the driver was drunk.
6. Using the vehicle for unauthorized purposes.
A. Own damage
  • Report the loss to the insurer and fill the accident report form.
  • Attach a copy of the driver’s license.
  • Furnish the insurer with an estimate of the cost of repairs from either the insurer’s recommended garage or a repairer of your choice.
  • Provide pictures of the damaged vehicle, clearly showing the registration number of the accident vehicle.
  • Allow damaged vehicle to be inspected by the insurer’s surveyor before the commencement of repairs.
  • Police report would be required, depending on the circumstances leading to the loss.

B. Property damage claim
  • Letter of claim
  • Police Report
  • Furnish the insurer with an estimate of the cost of repairs from either the insurer’s recommended garage or a repairer of your choice.
  • Provide pictures of the damaged vehicle.
  • Provide driving license of the insured’s driver.
C. Injury cases·
  • Letter of claim
  • Police Report
  • Medical report
  • Original receipts of Medical Bill incurred (To justify the cost being claimed for)
  • Sworn Affidavit.
Two (2) passport-size pictures of the injured victim endorsed by the doctor who treated the victim.D. Deceased (death) cases
  • Letter of claim
  • Police Report
  • Death Certificate/Burial permit/Post-mortem report
  • Letters of Administration
  • Personal Particulars of the deceased
  • Sworn Affidavit
  • Endorsed passport size pictures of Administrators (two each).
In all cases, a discharge form which states the agreed quantum (amount) will be issued by the insurance company to the insured or claimant for execution and forwarded back to enable us process the cheque.

Under all insurance contracts, damages or losses incurred must be reported to the insurance company for the purpose of making a claim. In most cases a report must also be made to the police. Under a motor insurance for example, you must report any accident to the police as soon as it occurs to enable you to begin the processes for making insurance claims.Failure to report an accident can subject you to personal liability if the persons involved later find themselves to be injured and your insurance company denies the claims due to your failure to report the accident promptly.
This is what you are paid in the case of an accident or loss for which you have insured. Once you have entered into an insurance contract and paid your premium, you are entitled to compensation from the insurance company for any damage or loss suffered. The extent of compensation depends on the type of insurance.

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