The Role of Insurance in Modern Economies
Insurance is practically a necessity to business activities and for individual protection. Without insurance coverage, the private commercial sector would be unable to function. Insurance enables businesses to operate in a cost-effective manner whereby risks associated with business activities are assumed by third parties.
Beyond the commercial world, insurance is vital to individuals’ life and property. Lack of insurance coverage would leave individuals and families without protection from the uncertainties of everyday life. Life, property and other insurance coverages are essential to the financial stability, well-being and peace of mind of the every person.
Technical Expertise and Services
As Insurance intermediary, Safety Insurance Brokers Limited (SIBL) prides itself as one of the largest insurance brokers that provide diversified range of services to a wide spectrum of corporate and individual clients both locally and internationally. We offer advice, information and other services to clients, acting as risk managers in connection with the solicitation, negotiation and sale of insurance.
We maintain relationships with underwriters to know which insurer would be most appropriate for clients’ risk. Hence, corporate risk managers see SIBL as their second set of eyes, an extension of their own risk-management department —a partner whose skills are heavily depended upon in areas of claims management and loss-control.
We operate differently through Business Units
Our ability to also form partnership with consortium of insurers to deliver tailor-made packages to large establishments in the insurance market has led to the formation of our organisation by business units. SIBL is divided into four business units: Hotelier Insurance Business Unit, Foreign Travel, Traditional, and Life Insurance Business Units, and each with profit and loss responsibility. Lately, SIBL has emerged as the leading brokerage that provides Employee Benefit Plans (EBP) to corporate Ghana having acquired clientele base stretching across industries, and now, an increasing number of individuals, corporate and institutional clients.
Our Life Insurance Business Unit was born when we partnered with a Life Insurance Company to sell their products through Life Agents. This effort yielded great results and has seen SIBL expanding our Life Business Unit to embrace another partnership with yet another Life Underwriter and the Association of Ghana Industries (AGI) to market and sell Employee Security Plan products to AGI members. In 2013, this Business Unit was further expanded to include yet another partnership with two more Life companies to market and sell Group Life and Accident policies to tertiary institutions and secondary schools.
Employee Benefit Plans – Our Specialty
We believe that Life Insurance, especially Group Life Assurance (GLA), can be used as a benefit package to retain best and brightest talent, promote industrial harmony and socio economic development, as well as provide a financially sustainable family life for all. To achieve this, we affirm our vital mission of strengthening the Group Life Insurance Sector by advancing knowledge about Life Insurance in Ghana through our much sought after road shows, where we interact with and educate employees about the benefits of Life insurances and how they may be utilized for the sustainability of the family unit.
The Group Life Assurance is an employee benefit package designed to give ample protection during the employee’s term of service. The policy offers 24-Hour Term (Death) Assurance Benefit – Accidental and natural death; 24-Hour Accident Indemnity Benefit including Permanent and Temporary Disability Benefits, as well as Dreaded Disease or Terminal Illness Benefit. Also, the Plan can be endorsed to offer optional additional protection benefits such as Funeral Expenses.
As with all our services, our risk analysis and services are carried out in close consultation with you, and tailored specifically to provide competitive coverage for your business and individual needs. Contact us on 024-4376965.