By Morkporkpor Anku, GNA
Accra, Oct. 5, GNA– The National Investment Bank (NIB) and SIC Life Insurance have launched a bank assurance partnership to provide customers with easier access to insurance and strengthen financial protection.
The partnership on the theme: “One Partnership, Total Protection”, seeks to combine NIB’s banking services and customer network with SIC Life’s expertise in insurance and risk protection.
The products include the Guaranteed Endowment Plan, Ultimate Family Security Plan, the Educational Fund Plus, Final Journey Plus
Dr Abiba Zakariah, Commissioner of Insurance, said stronger collaboration between the banking and insurance sectors was necessary to improve financial security for Ghanaians.
Recent incidents, including flooding and a stadium stampede, had raised concerns about the extent to which affected persons were financially protected when unexpected events occurred, she emphasised.
Dr Zakariah said climate change had further increased the vulnerability of poorer households, noting that although Africa contributed less than five per cent of global climate change, the continent bore a significant share of its consequences.
Financial inclusion should go beyond access to bank accounts and savings facilities to include mechanisms that enabled people to obtain financial support when unforeseen events occurred, she highlighted.
The Commissioner said the NIB-SIC Life partnership was, therefore, a step towards identifying risks facing individuals and providing appropriate financial solutions to help them manage those risks.
Bank assurance currently contributes about GHS560 million to Ghana’s insurance business, while its contribution to insurance premiums has increased from about 13 per cent to 16 per cent.
Dr Zakariah expressed the hope that the partnership would further increase the contribution of bank assurance to the insurance industry and deepen insurance penetration, which, she said, had remained around one per cent for some time.
Chief Dr Doli-Wura Amush Abdul-Malik Seidu Zakaria, Managing Director of NIB, said the partnership formed part of the Bank’s transformation agenda aimed at becoming more innovative, responsive and customer-focused.
He said NIB, which had contributed to Ghana’s financial and economic development since 1963, was investing in its people, technology and partnerships to provide customers with more accessible and relevant financial services.
Dr Zakariah said the partnership would enable NIB customers to access insurance solutions covering financial protection, savings, education planning, family security and long-term financial planning.
Mr Solomon Twum Barimah, Managing Director of SIC Life Insurance, said the partnership formed part of the company’s transformation agenda, which focused on digitalisation, operational efficiency, customer service, innovation and strategic collaboration.
He said about 90 per cent of SIC Life’s operations had been digitised, covering customer onboarding, claims processing and payments.
Integration with national institutions has also improved customer verification and service delivery.
Mr Twum Barimah said the company aimed to significantly reduce claims turnaround time and ultimately facilitate claims payments within minutes where verification and other requirements had been satisfied.
SIC Life has also developed products for the partnership, including the Guaranteed Endowment Plan, Ultimate Family Security Plan, Educational Fund Plus and Final Journey Plus, to provide customers with broader insurance options.
Mr Twum Barimah said the partnership was not merely about selling more insurance policies but bringing banking and insurance services closer to customers.
These would be achieved through convenience, accessibility and technology, he stated, and expressed confidence that the collaboration would create value for both institutions and their customers.
GNA
Edited by Beatrice Asamani Savage
Reporter: Morkporkpor Anku
Email: [email protected]