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For exact knowledge about finding out which is the most effective, the best way to find that out is to time using:

long start = System.nanoTime();
... perform operations ...
long stop = System.nanoTime();
double milliSecondsElapsed = (stop - start) / 1000000.0;

I think your way of doing it currently is quite good.

I found that there is another way of doing it but it seems to involve writing a seemingly SQL query that looks like this:

INSERT INTO Contacts 
SELECT 'ae0caa6a-8ff6-d63f-0253-110b20ac2127' AS ID, 'xxx' AS FirstName, 'xxx' AS LastName, '9008987887' AS PhoneNumber, '[email protected]' AS EmailId, 'Yes' AS Status 
UNION SELECT '9afab56e-a18a-47f2-fd62-35c78d8e0d94', 'yyy', 'yyy', '7890988909', '[email protected]', 'Yes' 
UNION SELECT '378d757a-ee60-07a4-e8bc-396b402c3270', 'zzz', 'zzz', '9000898454', '[email protected]', 'Yes'

Unless that alternative way of inserting rows to the database improves performance significantly, I would stick to the way that you are doing it now. I imagine that the code required to write this SQL statement would be quite ugly (if you would want to transform your current String[]/ContentValues approach into this SQL statement). Especially considering that I assume you only perform this mass-insertion once. Besides, the code required to transform into SQL also takes time to execute of course, which might neglect the performance increase you would get from doing the mass-insertion with a single SQL statement.

Also, your current approach is very easy to read and understand.

As for whether or not you should write a bulkInsert() method, you could do it just for the challenge of it... if you don't have anything better to do :)

###Summary

Stick to what you are using right now.