Ghana: NIC Commends Societe Generale Ghana, Allianz Life Insurance Partnership

Societe Generale Ghana and in partnership with Allianz Life Insurance Company have launched two new products; the Sound EduFlex and Sound Farewell Insurance plans.

The collaboration of the two global brands, which possess a wealth of experience in finance and insurance, marks the beginning of a unique service offering to customers.

The Head of Reinsurance and Anti-Money Laundering at the National Insurance Commission (NIC), Ms. Esther Armah, who represented the Commissioner, in an address expressed the Commission's support for the partnership, adding that this would make a significant contribution to the industry.

Ms. Armah stated that more than 30 insurance companies both life and non-life were collaborating with several banks with premium of GHS39 billion in 2020 of which Bancassurance contributed17 per cent.

Mr Ismail Adams, Assistant Director of Banking Supervision at the Bank of Ghana (BoG), congratulated SG Ghana and Allianz Life on the partnership.

He mentioned that the introduction of the products was timely as the COVID-19 pandemic eroded some of the gains from financial inclusion.

According to Mr Adams, "The introduction of an insurance product through a bank can attract the unbanked to the banking sector."

Mr Adams spoke highly of SG Ghana's performance over the years and commended the bank for an exceptional performance in 2020.

Managing Director of SG Ghana, Mr Hakim Ouzzani stated that the Societe Generale Group had partnered the Allianz Group similarly in the various subsidiaries and this latest partnership would ensure benefits for consumers and the Ghanaian market as a whole.

Mr Ouzzani said "This partnership between Allianz, a global leader in the insurance industry with over 130 years of experience and Societe Generale, the standard of excellence in finance, with over 150 years of expertise as a result of the Group's resilience, soundness and solution orientation, will ensure customers receive the best of both worlds."

Mr Gideon Ataraire, Chief Executive Officer of Allianz Life Insurance, noted that, "Both companies shared a similar history and commitment to excellence across the globe. The core of Allianz's operations is founded on partnerships, digitisation, innovation and a keen understanding of the customers' needs to create real value."

Mr Ataraire encouraged customers to continue challenging the company by communicating their needs.

The addresses were followed by a colourful unveiling of the official partnership logo which read, 'We Secure the Future, The Future is You' done by Mr Ataraire and Mr Ouzzani.

Ms Dzifa Fiati, Group Head of Corporate Business at Allianz Life and Mr Obed Hoyah, General Manager for Retail Banking at SG Ghana, presented product features and benefits of the two new products, and how customers can access them, respectively.

Mr Francois Pousse, Deputy Managing Director for SG Ghana, thanked NIA and BoG for their support in making this partnership a reality.

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