Ecobank partners Old Mutual Ghana to offer life assurance products

Ecobank Ghana Limited has partnered with Old Mutual - one of the world's biggest investment, insurance and banking group - to provide life insurance products and services to customers of the bank.

The partnership, dubbed “the union of two African giants“, was launched on Thursday, May 14, 2015 at the Labadi Beach Hotel in Accra.

Speaking at the launch, Nicolette Hendricks, acting Chief Executive Officer (CEO) of Old Mutual Ghana said the partnership with Ecobank involves an agreement by which Ecobank will distribute four of Old Mutual life insurance products namely; Funeral/ Transition plan, Educator Plan, International Travel Plan and Credit Life Policy through its nationwide branch networks.

She indicated that the partnership will provide shared value for stakeholders of the two financial giants.

“Our partnership is a symbiotic relationship, whereby each of our two institutions will provide leverage for the other to build on, in terms of growing our respective customer bases.This is certainly going to be a win-win situation since all the requisite ingredients are in place,” she noted.

In his keynote address, Mr George Mensah-Asante on behalf of the managing Director of Ecobank, Mr Samuel Ashitey Adjei, indicated that the bank will stop at nothing in its quest to provide tailor-made convenient, accessible and reliable banking experience to its customers, expressing optimism that their partnership with Old Mutual will go a long way to deepen their commitment in providing top-notch financial services.

“Ecobank Bank assurance will provide cutting edge solutions at affordable prices, while ensuring that claims are dealt with promptly. We aim to provide our domestic and corporate clients with convenient, accessible and reliable financial products and services. On a daily basis we seek to pursue new and innovative ways of pleasing our customers and gradually becoming a one stop shop where our customers can conveniently access solutions for their life time financial needs and goals," he assured.

Speaking on behalf of the The National Commissioner of Insurance, Mrs Emma Okrah, said the National Insurance Commission will continue to encourage such partnership to ensure the development and growth of the insurance sector. She highlighted that Ghana’s insurance penetration is still very low barely 3% of GDP.

She advised that to achieve the needed penetration, Insurance companies must design products that are relevant to the people and an attractive service.