FRIMPS Oil, one of the leading Oil Marketing Companies (OMCs) in the country with over seventy service stations or outlets has successfully launched an indigenous company, Loyalty Insurance Company Limited.
Loyalty Insurance Company Limited is an indigenous company which was incorporated and registered as a private limited liability company under the Companies Act, 1963 (Act 179) on 31st March, 2016 and duly licensed by the National Insurance Commission (NIC) under the Insurance Act, 2006 (Act &24) to underwrite non-life insurance business.
Speaking at the launch of the company at the Ghana Shippers’ House in Accra, the Founder and CEO of Frimps Oil Company Ltd and Loyalty Insurance Company Ltd, Rev Dr Kwaku Frimpong urged the citizenry to resort to the company which seeks to cover clients against risk exposures including loss or damage to property, loss of earnings, legal liabilities among others.
However, the Oil and Gas entrepreneur added that, unlike other Insurance Companies in Ghana that consume longer durations with regards to insuring premiums to customers, the Loyalty Insurance Company will in less than a week provide premiums to respective customers.
“We have realized that insurance companies take long procedures to insure their customers. With loyalty Insurance Ltd, it won’t take more than a week. If you genuinely present your claims, you should be able to receive your premium in less than a week…” he stated.
“We won’t delay customers. Their satisfaction is our goal. They shouldn’t wait till something happens before they seek insurance…” Dr Frimpong added.
Meanwhile, the CEO of the National Insurance Commission Mr Justice Yaw Ofori commended Loyalty Insurance Company Ltd for their successful launch and urged them to comply and operate within the confines of the Commission’s laws.
“This put a great burden and responsibility on Loyalty Insurance to ensure that they operate within the confines of the laws. The corporate governance and risk management issued by the National Commission should be complied with.
The commission will not hesitate to sanction any company found not complying with the provisions of the code… so that the ultimate objective of improving the penetrative rate of insurance in the country can be achieved.
“Everyone with no life insurance should go and buy one because everyone will die. It’s a must for everyone; you don’t have a choice…” he advised.
Comment: please l will like to work with frimps oil company limited. please what’s the procedure? Thanks.