Our Business Units
Our ability to form partnerships and consortiums with insurers to create tailor-made packages for a large clientele base has contributed to the growth of our organization into distinct business units. Safety Insurance Brokers operates through six business units and a dedicated Health Division.
Hotelier Insurance Business Unit
The Hotelier Business Unit was created through a collaboration between SIBL, SIC Insurance Company, the Ghana Hotel Association, and the Ghana Tourist Board to develop a tailored insurance package for the Hotelier Association in Ghana. Since September 2005, SIBL has spearheaded a nationwide marketing campaign to insure hotels across the country.
Foreign Travel Insurance Business Unit
This unit was established in 2002 when SIBL made history in Ghana’s insurance broking market by partnering with Vanguard Assurance Company to introduce Foreign Travel Insurance. As a recognized pioneer in the Foreign Travel Insurance sector in Ghana, SIBL continues to innovate and develop new policies with essential benefits at affordable prices for the insuring public.
Energy Insurance Business Unit
SIBL has leveraged its expertise to establish a Marine and Energy Business Unit, positioning itself as one of the few insurance brokers in Ghana to secure the Petroleum Commission Permit for operations in the offshore energy sector. Our energy clients include major organizations in the upstream and downstream markets and other prominent entities in the utilities, mining, and maritime sectors.
Life Insurance Business Unit
In 2011, SIBL teamed up with several Life insurance companies to create a dedicated Business Unit focused on growing our presence in the retail life insurance market through a network of sub-agents. Since then, we’ve also made great strides in the Group Life segment and are now recognized as a leading broker in Group Life sales. Today, Life Insurance makes up about 35% of our total revenue.
Motor Insurance Business Unit
In addition to managing large fleet of motor policies for our corporate clients, SIBL oversees a significant portfolio of motor insurance through an exclusive rights agreement with multiple private Driver and Vehicle Licensing Authority (DVLA) Inspection Centers, in collaboration with a consortium of insurers. Together, these Centers generate an average of 14,000 motor policies annually.
Traditional Business Unit
Our traditional business clientele spans across a wide range of industries, including banking, pharmaceuticals, telecommunications, distribution, energy, supermarkets, manufacturing, construction, freight forwarding, real estate, as well as individual and corporate clients. Currently, SIBL provides insurance programs to meet the needs of ten universal banks.
Health Insurance Division
In April 2018, the Ghana Association of Banks (GAB) entrusted SIBL with the mandate to establish a Commercial Health Insurance Company to serve its member banks. The goal was to deliver a more cost-effective and sustainable health benefits solution compared to existing plans. This initiative culminated in the launch of GAB Health Insurance Company (GHIC) in 2020, which has since grown into one of Ghana’s leading health insurance providers. GHIC now serves clients beyond the banking sector, including a wide range of organizations. This achievement stands as one of SIBL’s most significant milestones in the insurance sector.