Accra, May 23, GNA – Metropolitan Life Insurance Ghana Ltd, has launched a new life insurance product known as the Family Financial Wellness Plan (FFWP).
The new life insurance policy is designed to provide income protection for the immediate family of the deceased breadwinner(s) for the life/lives insured in the event of critical illness, permanent or temporary disability.
The launch of the Family Financial Wellness Plan was alongside the unveiling of a new chat bot called “Yaa”.
Speaking at the launch of the product, Acting Chief Executive Officer (CEO) of Metropolitan Life Insurance, Emmanuel Tuffuor, noted the launch of the Family Financial Wellness Plan is aligned with the company’s strategic objective of revamping its retail products to ensure present and future market fit and increased competitiveness.
“The life insurance landscape is fast changing. With the last five years growth averaging 20%, coupled with the increasing threat of new entrants; high product similarity; and relatively high power of customers and suppliers, and increasing regulation, the industry competition has become rife and getting more intense by the day, hence the need for players to embrace digital technologies to spur Product and Platform innovation.
“As a business, we have set out our Four-year Reload Strategy, which has the overarching ambition of doubling the size of our business within a strong control environment, with happy customers and employees. At the heart of this is our strategic objective of revamping our retail products to ensure present and future market fit and increased competitiveness. This product, Family Financial Wellness Plan, an income protection policy for individuals and families, is therefore aligned with our strategic aspiration,” he stated.
According to him, the Family Financial Wellness Plan, which can be taken on a term bases, provides the policy owner the benefit of a lump sum, which is paid on monthly instalments over their chosen period, in the undesirable event of Death, Temporary Disability, Permanent Total Disability, and listed Critical Illness (e.g., cancer, stroke, blindness, paralysis, coma, kidney failure, etc.) relating to the lives insured.
Additionally, policy owners also enjoy cash back benefit of 30% of their 3rd year risk premiums if no claim was made on the policy over the period. Similarly, 25% of the lump sum less cash back is payable as survival benefit if no claims were made at the end of the chosen policy term, and there is also a 10% standard annual inflation management component, but proposers may choose additional rates.
Commenting on the chatbot, Mr Tuffuor noted “Yaa” is a 24/7 interactive platform, which makes it convenient for clients and prospects to engage with the company.
“Clients and proposers can do just about anything and everything on this platform, which is accessible via a QR Code, dedicated WhatsApp number, and or our website. For example, you can seamlessly buy a new policy; update your existing policy; submit a claim; request an inquiry; and lodge a complaint, while on the go. With our WhatsApp Chat Bot, you are assured of Real Time Experience!,” he stated.
Speaking on behalf of the Commissioner of Insurance, Dr Justice Ofori was Rita Apau, Head of Core Supervision at the National Insurance Commission (NIC) who noted the Family Financial Wellness Plan has been duly registered and approved by the Commission.
Further asserting the Commission congratulates Metropolitan Life Insurance for the new innovation and believes the new product will help deepen insurance penetration in the country.
GNA