Access Bank partners WAPIC, Ghana Life for Bancassurance
Access Bank Ghana has partnered Wapic Insurance and Ghana Life Insurance companies to launch innovative insurance products for consumers in Ghana, In line with its strategy to build capacity in retail banking.
The launch, which follows the signing of a strategic partnership agreement between Access Bank and the two insurance companies last year, will see Access Bank promote the sale of both general and life insurance products and services in all its 45 locations across the country.
The insurance products unveiled to the public are the Shop owners Policy, Child Welfare Plan, Child Starter Plan, Asset All Risks Policy, Motor Insurance, Home and Personal Assets protection, Personal Accident Policy, Transitional Plan and Retirement Assurance Plan.
Speaking during a brief interaction at the newly refurbished Access Bank Head Office in Accra, the Managing Director of Access Bank, Mr. Dolapo Ogundimu noted that a buoyant insurance industry is critical to the growth of the Ghanaian economy and Access Bank is demonstrating its readiness to partner with insurers to espouse its relevance for national development.
He added, “We are optimistic that with the introduction of our Bancassurance bouquet of products, our customers will find it easier and more convenient to own insurance policies, and help improve the current low rate of insurance owners in the country.”
Unveiling the Bancassurance products, the Group Head for Personal Banking, Mr. Stephen Abban added that the introduction of Bancassurance was in fulfilment of the Bank's strategy to introduce non-generic banking products as part of its total product bouquet that addresses the banking needs of customers.
He cited the Shop owners’ policy for SME’s as a renewable policy that protects the shop and its content of the insurer in the event of fire, floods, theft and allied perils. It also covers third parties for damage to their properties, injury or death sustained at the shop.
The Managing Director of Wapic Insurance, Mr. Adedayo Arowojolu stressed that “with the transformative leadership positioning that Wapic is bringing to the industry, the Bancassurance is a value adding partnership for the Bank’s customers that will provide affordable insurance products through exceptional quality service to protect customers against insurable risks.”
Explaining the need for everyone to have some form of insurance policy the Managing Director of Ghana Life, Mr. Ivan Avereyireh also noted that “this partnership with Access Bank is to further increase the commitment of Ghana Life Insurance Company in bringing Life Insurance Products to the door steps of every Ghanaian, in this particular case, the customers of Access Bank, to ensure financial inclusion for all. This will in no doubt help increase Insurance Penetration in the country”.
Access Bank’s commitment with the introduction of its Bancassurance products is to mobilise capital for economic development, deepen the financial services sector, broaden financial inclusion and help ease the burden individuals and businesses go through in the wake of crisis. It will further showcase the Bank’s bouquet of unique savings and current account products for children, under-graduates, pensioners and small business owners.
Currently operating from 9 out of 10 regions in Ghana, Access Bank continues to build long-term relationships with its customers and has over the years developed a deep understanding of their needs, delivering excellent service and empowering them to achieve more through education and financial inclusion.
Wapic Insurance Ghana is a subsidiary of Wapic Insurance Plc., a leading West African multi-line insurance company providing solutions covering life, general and special risks. Established in 1958 and listed on the Nigerian Stock Exchange since 1978, Wapic’s mission is to transform into a diversified financial services institution, delivering value in a sustainable manner to customers and stakeholders while playing a lead role in the transformation of the industry.
Since beginning its operations in Ghana in 2009, Wapic has given a diverse portfolio of products and a commitment to providing the best customer experience possible. Wapic, with an ‘AM’ Best Financial Strength rating of “B-” and an Issuer Credit rating of ‘bb-”, has significantly enhanced its underwriting capacity placing it among the top insurance companies in Ghana by solvency and capital.
Ghana Life Insurance Company, established in February 1980, is a specialist life insurance company. Ghana Life is now amongst the top eight Life insurance companies in Ghana and has been a member of Ghana Club 100 for four consecutive years.
Ghana Life is also a member of African Insurance Organisation conference (AIO), Ghana Insurers Association (GIA), Life Offices Association (LOA), West Africa Insurance Companies Association (WAICA), Ghana Employers Association (GEA) amongst others.
Over the years, Ghana Life has established a reputation for commitment to quality service and prompt payment of claims to policyholders.