Allianz Life Insurance and Societe Generale Bank have entered into a partnership that will enable the public to buy insurance policies from the bank's vast branch network nationwide.
The launch of the partnership at the bank's head office in Accra also saw the unveiling of two insurance products, Sound Eduflex Plan and Sound Funeral Plan.
According to the Managing Director of Societe Generale Ghana, Hakim Ouzzani, the partnership with Allianz Life Insurance allows a lot more people to have access to a wide range of insurance policies.
Speaking on the essence of insurance especially in the aftermath of the pandemic, Mr Ouzzani argued that buying the right insurance product was one of the essential ways people could mitigate the difficult environment left in the pandemic's wake.
On his part, the CEO of Allianz Life Insurance Ghana, Gideon Ataraire, said over the years the company had mastered the art of creating insurance policies that are sensitive to the needs of people.
Through the bancassurance partnership, Mr Ataraire said, the two companies were able to leverage their expertise to service the needs of the insurance needs of the general public.
Mr Ataraire explained that the Sound Eduflex Plan was a plan that helps parents to save towards their child's education while insuring their own life as well as the child's.
"This product, among others, ensures a child's education continues no matter what happens to the parent. In the unfortunate case of the parent passing on through natural means or illness the child receives 100 per cent of the sum assured," he stated.
The Sound Funeral Plan, the Allianz Life CEO explained, was an insurance plan that one could take out on their loved ones.
It has a minimum sum assured of GHS5,000 and a maximum of GHS80,000 and gives the policyholder a lump sum to give their loved ones a befitting send-off without having to dig into their savings or take out a loan.
Ismail Adam, Assistant Director of the Banking Supervision Department of the Bank of Ghana, who also spoke at the event said the introduction of the two products were timely as the pandemic has eroded some from financial inclusion,
He added that partnerships such as the one established between Allianz Life Insurance and Societe Generale Bank would help to drive financial intermediation and also complement the government's efforts of promoting financial inclusion.
Mr Adam, however, cautioned that banks engaging in bancassurance partnerships need to have in place appropriate governance and risk management to ensure that existing and emerging sources of risk are controlled effectively. "It is here we see the importance of regulation in general and regulation of this segment in particular. The central bank, as a regulator, is here to support and ensure that things are done right without endangering the stability of the financial.