In the dynamic realm of the Ghanaian insurance industry, Bedrock Insurance LTD stands as a testament to integrity, resilience, innovation, efficiency, and has over the years demonstrated a commitment to beyond excellence. Established in 2013, the company has experienced a transformative journey so far.
Bedrock Insurance LTD had its roots firmly embedded when it was incorporated on September 9, 2013. The National Insurance Commission (NIC), the regulatory authority overseeing Ghana’s insurance landscape, granted the company’s operational license in December 2017. Then, the company embarked on its journey into the realm of non-life/general/short-term insurance business, officially commencing operations in February 2018.
Regarding the choice of the name “Bedrock”, Mr. Ernest Frimpong, the Chief Executive Officer (CEO) of Bedrock Insurance LTD, emphasized that the name symbolizes true insurance protection and security. It speaks to the fact that clients can be rest assured, relying on Bedrock Insurance as their solid insurance rock. The name reflects the company’s commitment to safeguarding insured persons and their beneficiaries, and protecting clients’ interests, businesses and the things they truly value, and thereby ensuring a trustworthy and sustainable partnerships and relationships. In the context of the biblical reference to Jesus as the solid rock, Bedrock Insurance has positioned itself as a steadfast and reliable entity in the insurance industry.
Mr. Frimpong said: “The ultimate aim is for clients to feel comfortable, confident, and satisfied when conducting business with Bedrock Insurance, with the assurance that their utmost protection and security are the company’s top priorities”.
The New Face of Bedrock
At the helm of the ongoing transformation in the company is Mr. Ernest Frimpong, the CEO of Bedrock Insurance LTD. Until his current position as the CEO of Bedrock Insurance, Mr. Frimpong was the Managing Director of another non-life insurance company.
Mr. Frimpong is a Chartered Insurer and an Associate Member of the Chartered Insurance Institute (CII) of the United Kingdom (UK), as well as, an Associate Member of the Chartered Insurance Institute of Ghana (CIIG). He holds an Intermediate Certificate in Banking from the Chartered Institute of Bankers (CIB) of Ghana; a Master of Arts Degree in International Affairs, and a Bachelor of Arts Degree in Psychology with Philosophy from the University of Ghana; as well as a Bachelor of Laws (LLB) from KAAF University, Ghana. He is also a graduate of the Pole Paris Alternance (PPA) Business School having obtained a Master of Business Administration (MBA) with specialisation in Organisational Development and Change.
Mr. Frimpong started his insurance career at the National Insurance Commission (NIC) where he worked in various capacities, including being a Team Lead at the Supervision Department, Board Secretary and Special Assistant to the Commissioner of Insurance. He is a resource person at the Ghana Insurance College (GIC) where he graduated with an Advanced Diploma in Applied Insurance Studies.
Mr. Frimpong brings a lot of vibrancy and dynamism into the operations of Bedrock Insurance.
Key Milestones and Achievements in the Seven Years of Operation
Reflecting on the past seven (7) years, it is evident that Bedrock Insurance has undertaken a number of significant initiatives and strides.
Mr. Frimpong stressed: “I joined the company in January 2023, and the board of directors came up with an expansion agenda. The company moved from its North Ridge office where it started operations to its own four-storey head office building at Asylum Down in Accra.”
Mr. Frimpong revealed that the company has an agenda to have presence everywhere in the country; in all the 16 regions of Ghana. He further disclosed that since 2023, the company has set up six (6) new branch offices in Tema, Kumasi, Techiman, Aflao, Takoradi and Tamale.
Mr. Frimpong explained that Bedrock has also changed its operational software to make the company more vibrant and to enable the company to operate in a more efficient and effective manner. Furthermore, the company has been very strong in the social media space where it has a massive presence. The company has expanded in terms of its agency offices across the country including being present at the offices of the Driver and Vehicle Licensing Authority (DVLA). Bedrock Insurance currently has 25 agency offices across the country. The company has also recruited more experienced, knowledgeable and technically sound hands, including the Chief Operations Officer (COO), Mrs. Yvonne Charmaine Osei-Addo (Chartered Insurer, FCIIG, ACII, MSC, BSC); the Chief Finance Officer (CFO), Mr. Ahmed Oti (ACCA, ICAG, MSC, BSC); and the Head of Business Development, Sales and Marketing, Mr. Felix Della Horsu (MBA, BSC), to push the business to the next level of the transformative journey, and enable the company to operate optimally.
The company’s capital exceeds the NIC’s minimum capital requirement of GH₵50 million for insurance companies. Also, the company’s Capital Adequacy Ratio (CAR) far exceeds the NIC’s CAR requirement of 150% for insurance companies. These insurance industry indicators underscore the company’s financial strength and viability. The company is very liquid which allows it to meet all its operational obligations as and when they fall due. These strong financial indicators are backed by a strategic and dynamic reinsurance program that allows the company to manage its exposures in a sustainable manner.
“So, we’ve done a lot since we started operations in 2018 but much of the work of the expansion agenda started from 2023.” Mr. Frimpong pointed out.
Bedrock’s Unique Products and Services that Delight Policyholders
Bedrock Insurance stands out not just for its comprehensive product and service offerings but also for its commitment to making the insurance experience simple and accessible to all. At Bedrock, our philosophy is clear – “we believe in educating our clients while simplifying the insurance process”, Mr. Frimpong stressed.
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Mr. Frimpong added: “We strive to make insurance and its procurement much simpler and this is massively reflected in our communication with the insuring public. ‘Making Insurance Simpler’ is not just a statement; it’s a guiding principle at Bedrock. From sales to purchase to underwriting, the company has streamlined its processes to ensure a seamless and straightforward experience for clients. This extends to the ease of customer onboarding process including the completion of proposal forms, with carefully crafted questions designed to simplify the information-gathering process.”
Bedrock Insurance takes pride in offering a wide array of non-life insurance products. The company covers all conceivable non-life insurance needs in the Ghanaian market, including motor insurance, bonds, fire insurance, engineering insurance, liability insurance, accident insurance, and marine insurance. The goal is to provide a one-stop solution for clients, offering comprehensive coverage for homes, businesses, and industrial needs.
Efficient Claims Settlement: “The Three Before Three Claim Strategy”
While Bedrock excels in offering a diverse range of insurance products, it distinguishes itself in the area of claims settlement. The company places a strong emphasis on prompt settlement and payment of claims. Bedrock operates the concept of “three before three” claims payment.
We have what we call three before three claims where if you submit a claim which is up to GH₵3000, we pay the same day if you submit it before 3 o’clock. Insurance is about selling a promise and when the promise crystallizes in the form of a claim, we need to deliver to the satisfaction of our clients.” Mr. Frimpong emphasized.
Mr. Frimpong further shed light on Bedrock Insurance’s approach to claims settlement and payment, emphasizing a commitment to surpassing industry claims standards. The company strives to settle and pay claims in a prompt and fair manner. Beyond the National Insurance Commission’s (NIC’s) guidelines, Bedrock Insurance endeavours to expedite the claims process, often completing settlements in a timeframe shorter than the stipulated number of days that the NIC guidelines require. The company’s streamlined claims process begins with immediate acknowledgment of receipt of claims upon claim reporting, followed by a prompt identification of required documents, with active assistance provided to clients throughout.
The CEO iterated that claims are swiftly processed and approved within a few days, and for larger claims, a dedicated claims management committee ensures weekly reviews for efficient resolution. Notably, Bedrock Insurance prides itself on having no outstanding claims, attributing any delay to incomplete documentation, which are promptly addressed upon submission. The company’s proactive stance extends to reaching out to clients to facilitate the gathering of critical information, ensuring a smooth and fair claims settlement process.
Mr. Frimpong noted that Bedrock Insurance is not limited by scope; it extends its coverage to all aspects of life. Whether it’s insuring homes, businesses, or industrial liabilities, Bedrock has a tailored solution. The company’s belief in covering a diverse range of risks showcases its commitment to being a reliable partner for individuals and businesses alike.
Bedrock Insurance– The Preferred Choice for Potential Insurance Policy Buyers
Potential insurance policy buyers have strongly been advised to consider Bedrock Insurance for their insurance needs, as Mr. Frimpong highlights the unparalleled level of service offered by the company. At Bedrock Insurance, a dedicated customer service unit goes beyond the conventional, ensuring responsiveness to inquiries, addressing queries, and promptly resolving any issues that arises.
Mr. Frimpong noted that what sets Bedrock apart is the post-policy commitment, where the customer service team proactively reaches out to clients to assess their satisfaction and gather feedback, ensuring that clients have not just purchased a policy but have received the best possible service experience. This customer-centric approach reflects Bedrock Insurance’s commitment to excellence, making it the preferred choice for those seeking, not only coverage but, a superior and attentive insurance partnership.
We are guided by certain core values, which makes us unique. So, we always say that we do business with scrupulous professionalism and then also, we work with excitement and passion in delivering our services or the products that we have. As a company, we’re always finding a better way to make the clients happy… We try to work smart using technology to be able to work efficiently. So essentially, we put ourselves in the situation or in the shoes of our clients, and we treat them as we would like them to also treat us. We are empathetic in our approach to doing business, with a lot of enthusiasm.”
The CEO of Bedrock Insurance, moreover, emphasized a customer-centric approach that extends beyond merely selling policies; it involves advocacy and ensuring clients comprehend the intricacies of their insurance coverage. At Bedrock, the commitment doesn’t end with the purchase. During the often-challenging time of a claim, the company stands by its clients.
The CEO also underscored the importance of supporting clients through the claims process, aiming for a seamless and a positive experience. Recognizing that a claim can be a stressful event, Bedrock Insurance strives to alleviate the burden on clients, understanding that they are already facing challenges.
The ultimate goal is not just to settle a claim but to assist clients in reclaiming their previous state; helping them rebuild and recover from losses.”
This dedication to comprehensive support sets Bedrock Insurance apart, turning the insurance journey into a partnership, focused on the well-being and resilience of its clients.
So that makes Bedrock Insurance stands out. We have an enthusiastic board and management team that always strive for the best for clients and all stakeholders.”
A Commitment to True Protection and Unwavering Support
Mr. Frimpong advocated for the insuring public to choose Bedrock Insurance with a simple yet powerful message: “Fall on Bedrock Insurance because we are your true protector and that we will never disappoint you.” The promise is to be a reliable partner throughout the insurance journey, ensuring clients understand their policies for a simplified experience.
Bedrock Insurance commits to “walking with clients every step of the way, offering unwavering support and assistance during the claims process to alleviate any pain caused by unfortunate events”. The emphasis is on Bedrock’s dedication to being a steadfast protector and a trustworthy choice for the insuring public seeking a partner that genuinely cares about their well-being and peace of mind.
Key Considerations Before Purchasing an Insurance Policy
In offering guidance to prospective policyholders, Mr. Frimpong emphasized the evolving landscape of the insurance industry in Ghana and the positive shift towards greater trust in insurance companies. He highlighted the historical challenges the industry faced and how it dispelled the myth by introducing the concept of “no premium, no cover”, assuring clients that insurance companies now have the financial capacity to fulfill claims promptly.
Mr. Frimpong, thus, encouraged individuals to budget for insurance as part of their yearly financial planning, stressing that insurance is a necessity for everyone, providing protection against life’s uncertainties. He underscored the peace of mind that insurance offers, even in the absence of claims, and promotes a community-help mindset, where supporting others through insurance is a valuable contribution.
The advice extended to recognizing the importance of insurance for personal well-being, businesses, and properties, emphasizing that insurance can mitigate the impact of unforeseen incidents. Overall, Mr. Frimpong advocated for a proactive and positive approach to insurance, urging everyone to join the “Insurance train” and secure policies tailored to their needs, including life, personal accident, home, and professional indemnity coverage.
Bedrock Insurance, at the Forefront of Technological Advancements
Mr. Frimpong indicated that technology is actually now the driver of businesses, and as such, Bedrock cannot afford to be left behind. He stressed on the need to innovate and be able to do a lot of things to function and operate effectively and efficiently.
So, that’s the reason why, as part of the growth agenda or exercise, we had to procure a new operational software. A new software which allows for interfaces including customer service interface, and then also to be able to have an integrated operational software, where from start to finish, all information and processes flow seamlessly.”
The CEO highlighted Bedrock Insurance’s technological prowess, emphasizing the seamless integration of operational software encompassing underwriting, reinsurance, and claims, with finance seamlessly flowing through without manual interventions. This robust system enables the company to undertake various operations efficiently. Furthermore, the CEO disclosed the dynamic nature of the software, noting ongoing integrations with numerous applications, including the implementation of third party applications.
This forward-thinking approach extends to significant investments in the digital realm, ensuring that Bedrock Insurance remains at the forefront of technological advancements. The company is poised to introduce online payment platforms, allowing clients to purchase insurance seamlessly without the need to visit physical offices. This commitment to innovation reflects Bedrock’s dedication to providing clients with a cutting-edge and user-friendly experience, showcasing a vision that anticipates and adapts to the evolving insurance industry.
Bedrock To Leverage ICT To Enhance Competitiveness
The CEO, while acknowledging the vast opportunities that abounds in the African insurance market, noted that Bedrock is at the stage of development in its operation where it wants to be very dominant on the Ghana insurance market.
So, now we have 16 regions in Ghana. It’s our expectations and our plan that within the next five years, we’ll be able to have branch office representations in all the regions across the country. So, that’s our immediate goal; to have presence and to be able to command a sizable portion of the insurance business in the country.”
Bedrock Insurance is strategically positioning itself for long-term success by focusing on competitiveness, resilience, and a robust financial position. With a keen eye on the future, the company is investing in ICT infrastructure and innovative initiatives to enhance competitiveness, enabling it to conduct business not only nationally but also with multinational partners worldwide. The goal is to solidify a substantial presence in Ghana before considering international ventures.
To address future challenges and take advantage of opportunities, Mr. Frimpong outlined key areas of focus. The company aims to build a strong financial base by growing its premium income and profitability. Likewise, Bedrock is committed to achieving underwriting profit or positive insurance service results consistently, emphasizing efficient business operations and effective risk management. Sales and marketing are also prioritized, supported by branch and agency expansions and a focus on excellent customer service. Capacity building initiatives for staff and investments in information communication technology as well are integral to maintaining efficiency.
Furthermore, risk management is a cornerstone of Bedrock’s strategy, with regular analyses and scenario testing conducted by actuaries. The company adheres to rigorous checks and balances, including audit functions, risk management, and compliance units to ensure statutory and regulatory compliance. With a proactive approach to cybersecurity, Bedrock is committed to protecting its operations from potential threats.
Bedrock Insurance to Become a Household Name in the Next Five Years
In the next five years, the CEO, Mr. Ernest Frimpong, indicated that Bedrock Insurance envisions a prominent presence in the Ghanaian insurance market, aiming to command a significant portion of the market premium and achieve a substantial market size. The company’s strategic goals include establishing a massive presence in all regions of the country, cultivating the best human resources, and fostering motivation among staff to provide exceptional services.
Bedrock aspires to boast of the best ICT infrastructure, ensuring a friendly and seamless customer experience, ultimately becoming a household name synonymous with protection and reliability. The goal is for Bedrock Insurance to be recognized as the “true protector” in Ghana, reflecting its commitment to being a solid and dependable partner for clients. The company is actively working towards having a strong capital base unparalleled in the insurance industry to continue to remain financially viable, solvent, and liquid, enabling it to fulfil its commitment to settle any claim that comes its way in a prompt and fair manner. Top of Form
