Our Services
We are a company dedicated to delivering products and services that equip people, businesses, and organizations to make the most of their futures.
Risk Management & Advisory Service
SIBL acknowledges that material risk and its exposures are at the heart of the operations of all lives and businesses of its clients.
Therefore, SIBL integrates a functional Risk Management & Advisory services into its approach with every client as a technique for identifying and uncovering your risk exposures, managing them where possible, and proposing the needed vehicles for transferring them to insurance solutions.
The process involves a combination of risk assessments, control evaluations, data analysis, benchmarking, and the development of risk mitigation strategies and implementation plans. The goal is to help organizations improve their risk management capabilities and make more informed decisions while protecting and creating value.
Claims Management & Advisory Service
SIBL’s reputation for handling, managing, and settling claims is as important as the insurance products we provide.
Our claim service stands ahead of every insurance product we sell to our customers in that we will protect their businesses, homes, lives, health, investments, and possessions.”
SIBL seeks to provide efficient and effective insurance claims services in line with our Claims Philosophy.
This includes ensuring that all claims-related matters are dealt with within the timescales imposed by the National Insurance Commission (NIC) or SIBL, which is the stricter.
To ensure that all monies or compensations due our insureds or claimants arising from legitimate losses/accidents/incidents are maximised and recovered without undue delay.
To provide relevant advice and support for all insurance related matters and ensuring that other operational officers are given feedback on issues emanating from their activities which have implications on the claims Handling and Management processes.
Insurance Broking Service
As an insurance intermediary, SIBL facilitates the purchase and placement of insurance, and provides services to insurance companies and consumers that complement the insurance placement process.
SIBL legally and always works for our clients (policyholders) throughout the insurance process and acts independently in relation to insurers.
Here are a few ways in which we work with our clients:
- Help analyze clients’ businesses to uncover their risk exposures in their businesses.
- Advise and recommend to our clients what insurance solutions are suitable based on our comprehensive assessment.
- Help in selecting the suitable insurance carrier (ability and capacity) who is in good standing to insure their risks.
- SIBL assists clients in the choice of their insurance by presenting them with alternatives in terms of insurers and products. Acting as “agent” for the buyer, we usually work with multiple companies to place coverage for our clients. We obtain quotes from various insurers and guide clients in determining the adequate policy from a range of products.
- Arranging for the most suitable insurance needs to help transfer those risks that cannot be eliminated.
- Known for our ability to partner with a consortium of insurers to deliver tailor-made insurance packages to small, medium, and large establishments.
Healthcare Insurance Management Service
SIBL has developed the capacity, capability, and experience of providing Health Insurance Consultancy services to Corporate Institutions and professional Association Groups through its Healthcare Insurance Management Services.
Establishment of Health Insurance Services Companies
This takes the form of helping large Corporate Institutions and professional Association Groups to establish their own Health Insurance Companies to provide Commercial Private Health Insurance services to member groups and the insuring public at large. Although these established are commercial private health entities, because our clients are primarily the owners of the scheme, they have the privilege of designing their own plans to suit their unique situations
Third-Party Administrative (TPA) Services
The Third-Party Administration services provide our clients the privileged option of handling and managing their own health insurance expenditure with their own designed health benefits packages for their employees.
With the TPA option, it allows our clients to determine the limit of their expenditure, design the details of the scheme and appoint SIBL as Third-Party Administrators to manage the entire process of the expenditure fund, the facilitation of the network of approved service providers (hospitals, pharmacies, etc), provision of membership cards, policy terms for the scheme and the claims process. At the end of the period, SIBL will provide a full report on the entire scheme.
Placement with Commercial Private Health Insurance Companies—Open Market
This refers to placing our clients’ health insurance needs with the existing traditional health insurance companies on the insurance market. These are premium-based health insurance companies to the extent that various plans are separately priced for their packages. We do this by inviting bids from selected health insurance companies, conducting competitive analysis, drawing conclusions, and making recommendations. company or organization with an existing health insurance company for a traditional, premium-based health insurance scheme. The health insurance company must have been licensed by the national regulator, and this pre-qualification would be carefully assessed by SIBL.
SIBL will carry out all the due diligence: market scanning, corporate governance assessment, scheme viability assessment, securing of competitive quotations, scientific analysis, and evaluation of quotations with recommendations. In other words, we hold your hands to reliably get a good company to handle your health insurance needs if you are interested in the traditional, annual premium-based model. Once successfully placed, we do effective broking, consultancy, and M&E services for you throughout the customer-centric journey yearly.
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FAQ
How can I verify if an insurance company is legitimate?
To verify the legitimacy of an organization, please visit the website of the NIC: https://nicgh.org/insurers-reinsurers/life-companies and go through the list of insurance companies.
Is insurance required by law?
In Ghana, the Insurance Act 2021, Act 1061 provides for the protection of innocent third parties through the introduction of compulsory insurances such as: Public Liability, Professional Indemnity, Marine Insurance, Motor Insurance, Fire Insurance on Commercial and commercial private buildings.
Section 27 of Act 852 of NHIA Law also requires that every citizen is required to take the National Health Insurance Scheme (NHIS) for their health care.
What type of insurance do you sell?
Our services cover the whole spectrum of the classes of insurance available in the market and other ancillary services as follows:
Property Insurances i) Assets-All-Risks Insurance ii) Fire & Allied Perils and Burglary Insurance iii) Business Interruption (BI) Insurance iv) Goods-In-Transit (GIT) Insurance v) Political Violence & Terrorism Insurance | Employee Benefit Insurance i) Workmen Compensation Insurance ii) Individual/ Group Life, Accident & Critical Illness, and Other Life Insurance iii) Health Insurance iv) Mortgage Protection Insurance v) Foreign Travel Insurance |
Liability Insurances i) Airport Third Party Liability Insurance ii) Professional Indemnity/ Liability Insurance iii) Directors and Officers Liability Insurance iv) Public Liability Insurance v) Cyber Risks Liability Insurance vi) Motor Vehicle Insurance | Commercial Bonds i) Bid Bond ii) Performance Bond iii) Advance Payment Bond iv) Customs Bond v) Temporary Importation Bond vi) Transit Bonds vii)Warehousing/ Security Bonds viii) Removal Bonds etc…. |
Engineering Insurances i) Machinery Breakdown Insurance ii) Plant & Machinery Insurance iii) Electronic Equipment Insurance iv) Stock Deterioration Insurance v) Contractor’s All Risks Insurance vi) Erection All Risks Insurance | Money Insurance i) Fidelity Guarantee Insurance ii) Bankers’ Indemnity Insurance |
Energy (Onshore & Offshore Oil & Gas) Insurances | Marine (Hull & Cargo) Insurance |
How do I know how much insurance I need?
SIBL helps clients identify and assess the risks that affect them and their company and address them through a comprehensive risk management plan. Our goal is to ensure the absolute protection of clients while helping them remain competitive in today’s ever-changing risk environment.
How much does (auto, life, home, etc.) insurance cost?
Insurance costs vary from product to product. Please reach out to us on our Contact page to get a customised quote.
What are the minimum requirements for insurance?
In Ghana, the Insurance Act 2021, Act 1061, provides for the protection of innocent third parties through the introduction of compulsory insurances such as: Public Liability, Professional Indemnity, Marine Insurance, Motor Insurance, Fire Insurance on Commercial and commercial private buildings.
National Health Insurance Act 2012 (Act 852) Section 27 also requires that every citizen in Ghana is required to take the National Health Insurance Scheme (NHIS) for their health care.
Do you charge a fee for your services?
No. Brokers are paid by the Insurance Companies with whom the business is placed.
Under SIBL’s Transparency and Fees Disclosure policy, we state that Insurance Brokers are remunerated in the form of brokerage (commissions), which is built in the insurance premium. The principle and practice of remunerating insurance brokers from the insurance premium is also provided in the Ghana Insurance Act, 2021 (Act 1061).
Without an Insurance Broker, these fees are retained by Insurance Companies.
Is it not cheaper to buy insurance directly from an insurance company?
It is not. We as Brokers have the benefit of market information with which they can always negotiate for better premiums. We also ensure insurers do not add their marketing cost to the premium build up unduly. In addition, we make sure our clients get the best premium by shopping around various insurance companies.
What is the difference between an insurance broker and an insurance agent?
An Insurance Agent is an extension of the insurance company and is tied to one insurance company only. The Insurance Broker on the other hand, is a qualified professional who works for the interest of their clients and does so by dealing with various insurance companies. The Broker is responsible for his mistakes and so carries a Professional Indemnity Insurance cover to protect his shortcomings.
Who will take care of the claims process?
We ensure that all monies or compensations due to our insureds or claimants arising from legitimate losses/accidents/incidents are maximized and recovered without undue delay.
Client Testimonials
