Access Bank partners Wapic, Ghana Life, to launch insurance products


In line with its strategy to build capacity in retail banking, Access Bank Ghana has partnered Wapic and Ghana Life insurance companies to launch innovative insurance products for consumers in Ghana.

The launch, which follows the signing of a strategic partnership agreement between Access Bank and the two insurance companies last year, would see Access Bank promote the sale of both general and life insurance products and services in all its 45 locations across the country.


The products unveiled 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.


Mr Dolapo Ogundimu, the Managing Director of Access Bank, during an interaction at the refurbished Access Bank Head Office in Accra, said a buoyant insurance industry was critical to the growth of the Ghanaian economy and Access Bank was demonstrating its readiness to partner with insurers to espouse its relevance for national development.


He said: “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.”

 
Mr Stephen Abban, the Group Head for Personal Banking, who unveiled the products, said the introduction of the Bancassurance was in fulfilment of the bank's strategy to introduce non-generic banking products as part of its total product bouquet that addressed the banking needs of customers.

 
He cited the Shop Owners’ Policy for small and medium enterprises as a renewable policy that protected the shop and its content in the event of fire, floods, theft and allied perils. It also covered third parties for damage to their properties, injury or death sustained at the shop.


The Managing Director of Wapic Insurance, Mr Adedayo Arowojolu, said; “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, said: “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 the 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 would 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 nine 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.


GNA