Loyalty breaths fresh air into insurance industry

Accra, Sept 20, GNA - The Loyalty Insurance Company, inspired and bankrolled by Frimps Oil and MIC group, hopes to restore the Ghanaian's confidence in the insurance industry.

The company which is crafted on sound actuarial principles, brings on board the virtues of loyalty, integrity, professionalism, speed, agility, customer service and Corporate Social responsibility.

Dr Kwaku Frimpong, Chairman of Frimpsoil, told insurance industry stakeholders gathered at the plush Addico Hall in Accra to witness the launch that' coming into existence of Loyalty Insurance Company Limited was as a result of a big dream and I am very excited that we are here today to formally and publicly outdoor the company.

This event is part of a series of activities lined up to help propel Loyalty Insurance forward towards the realization of that big dream. I am very convinced that this programme will go a long way to assure prospective and existing clients, stakeholders, partners, service providers and the general public that Loyalty Insurance is poised for business and that the company will deliver on its promises.'

Mr Frank Yeboah, Managing Director, Loyalty Insurance Company Limited said the company was incorporated and registered under the Companies Act on 31st March, 2016 and duly licensed by the National Insurance Commission (NIC) under the Insurance Act on February 20, 2017 to underwrite non-life insurance business.

Loyalty Insurance is owned by FRIMPS Oil Company Limited and the MIC GROUP. FRIMPS Oil is one of the leading Oil Marketing Companies (OMCs) in the country with over seventy (70) service stations across the country and commands a lot of respect and prestige in the oil and gas sector of the economy.

The MIC GROUP, among other things, deals in fuel retail and haulage across the country, as well as, real estate development and management, and ICT.

'Loyalty Insurance therefore enjoys the financial strength and capacity of its parent companies. The company is well-managed, highly capitalized and well-resourced to fulfil its mandate and promise to its clients and other stakeholders,' he said.

According to him,' We can boast of well-trained and highly qualified professionals with in-depth knowledge and wealth of experience in the Insurance Industry, backed by a forward-looking Information Technology infrastructure, which allows us to delight our cherished clients with speed and efficiency.

We have in mind that each contact with a client is an opportunity to improve public confidence and trust in Loyalty Insurance Company Limited and the Insurance Industry as a whole,' he said.

Mr Yeboah assured that the delivery of the company's products and services were underpinned by the fair and prompt settlement and payment of all legitimate claims.

'We are also very committed to creating and maintaining a good working relationship with all our service partners, including other insurance companies, reinsurance and insurance broking companies which ultimately translates into superior services for our valued clients,' he said

Adding,' We are therefore very dedicated to effective collaboration, networking and strategic partnership in doing business and we look forward to working with all the players on the Market for our mutual benefit, as well as the advancement of the Industry as a whole.'

The Insurance Commissioner, Mr. Justice Yaw Ofori, also urged all insurance companies to comply with the Corporate Governance and Risk Management Framework issued by the National Insurance Commission (NIC).

According to him, compliance with the provisions of the Code would ensure the improved operational efficiency of the insurance industry stressing that the Commission would crack the whip on offending insurance companies.

GNA