Stanchart unveils five bancassurance products

Standard Chartered Bank Ghana Limited has unveiled five new Bancassurance product suites to meet banking and insurance need of customers.

The five products include: Drive Safe, Live Safe, Travel Safe, Cargo Safe and Home Safe insurance products.

This development, which makes it the bank with the most insurance products in the country, consolidates Stanchart’s leadership position in the financial sector.

Bancassurance is a partnership between a bank and an insurance company by which insurance products are sold through the bank’s sales channels, but the risk is underwritten by the insurance company.

These insurance solutions are underwritten by Enterprise Insurance Company and the Enterprise Life Insurance Company, the oldest insurance providers in the country.

This new offer complements the Family Funeral Insurance, Educare Insurance and Term Assurance products already on offer from bank.

Mr. George Otoo, Chief Executive Officer, Enterprise Insurance Company, in his remarks explained the partnership is going to greatly improve insurance penetration in the country.

“Ghana’s overall insurance penetration is just about two percent; it is clear that adding another channel of distribution as widespread as Standard Chattered Bank’s branch network can only be good news.

“The products sold under bancassurance will be monitored as closely as all the other insurance products to ensure that the interest of the insured is protected at all times,” Mr. Otoo remarked.

At the unveiling ceremony in Accra, Mr. Ben Mensah, General Manager, Wealth Management, Insurance and Transactional Banking of the Bank said: “At Standard Chartered, our brand promise of being the right partner to our client is central in all we do.

“We strive to offer our customers creative innovations that deliver international standard quality to them. Increasingly, this means a situation where our customers enjoy 360 degree solutions to all their financial problems at any of our touch-points.

“Insurance has become a critical need in the country and this has been highlighted by the various fire calamities that have struck us in recent times. Our Bancassurance solutions have thus been deepened to offer customers a full range of solutions to ensure they are equipped to fulfil all their needs and deal with any risk they might encounter - including fire, theft and many more.”

Francis Mills-Robertson, Executive Director, Consumer Banking, of Stanchart said:
“Our 114-year commitment to the country has once more been translated into relevant, innovative solutions that will deliver real, tangible value to the customer.

“Customers no longer have to rush around town to renew their motor insurance, but can do this through our branches across the country. In doing this, we have created these products with the most reputable and oldest insurance company in the country - Enterprise Insurance Company.”