The National Investment Bank (NIB) PLC and SIC Life Insurance Limited have collaborated to launch a Bancassurance product aimed at deepening insurance penetration and coverage in the country.
The product, themed “One Partnership. Total Protection,” is also intended to deepen financial inclusion and bring insurance services closer to the doorstep of citizens and covers four products namely Guaranteed Endowment Plan, Ultimate Family Security Plan, Education Fund Plus and Final Journey Plus.
The Bancassurance initiative is designed to make comprehensive financial and insurance services more accessible, relevant and convenient to customers of the two institutions, while providing them with greater choice in protecting their families, investments and future.
Speaking at the launch in Accra last Friday, the Managing Director of NIB PLC, Dr Doli-Wura Awushi Abdul-Malik Seidu, said the partnership formed part of the bank’s transformation agenda and its commitment to providing innovative solutions to customers.
“Bancassurance is more than simply another product. It brings banking and insurance together to provide solutions that respond to the changing needs of our customers at different stages of life,” he said.
Dr Seidu explained that while NIB PLC brought its banking expertise and customer network to the partnership, SIC Life contributed specialised knowledge in life insurance, risk protection and financial security.
The MD of NIB said the initiative would give NIB customers convenient access to insurance products covering family protection, savings, and education planning and long-term financial security.
“It is not enough to build wealth; we must also protect it. It is not enough to plan for today; we must also prepare for tomorrow,” he said.
The Managing Director of SIC Life Insurance Limited, Mr Solomon Twum Barima, said the partnership was part of the company’s transformation drive to make insurance faster, easier and more responsive to customers.
He said the partnership would also allow SIC Life to establish satellite operations at selected NIB branches, making insurance services more accessible to customers.
The Chief of Staff, Dr Julius Debrah, whose keynote address was read on his behalf by the Economic Adviser to the President, Mr Seth Terkper, said the partnership had the potential to create greater value for customers and contribute to national development.
He urged the institutions to look beyond selling insurance through bank branches and focus on making insurance more understandable, accessible and relevant to Ghanaian households and businesses.
The Director-General of the State Interests and Governance Authority (SIGA), Dr Michael Kpessa-White, described the initiative as a good example of inter-trading among state-owned enterprises.
He said the collaboration demonstrated how public institutions could leverage their respective strengths, infrastructure, expertise and customer networks to create value.
The Commissioner of the National Insurance Commission (NIC), Dr Abiba Zakaria, who chaired the programme said the partnership was a step in the right direction, particularly at a time when Ghanaians faced increasing risks from events such as floods and other disasters.
She said Bancassurance currently contributed about GH¢560 million to the insurance industry and noted that its market penetration had risen from about 13 per cent to between 13 and 16 per cent.
“I am confident that this partnership will move the needle further. Perhaps when we stand here again in the next three, four or five years, the needle will have moved to 20 or even 25 per cent,” she said.
Dr Zakaria said stronger collaboration between banks and insurers was necessary to close Ghana’s financial protection gap and ensure that more citizens were adequately protected against unforeseen risks.
BY KINGSLEY ASARE
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