The National Investment Bank (NIB) PLC and SIC Life Insurance Limited have collaborated to launch a Bancassurance product aimed at deepening insurance penetration and coverage in Ghana. The product, themed “One Partnership. Total Protection,” covers four products: Guaranteed Endowment Plan, Ultimate Family Security Plan, Education Fund Plus, and Final Journey Plus. This initiative is designed to make comprehensive financial and insurance services more accessible to customers of the two institutions.
Speaking at the launch in Accra, the Managing Director of NIB PLC, Dr Doli-Wura Awushi Abdul-Malik Seidu, said the partnership formed part of the bank’s transformation agenda and its commitment to providing innovative solutions to customers. He explained that Bancassurance brings banking and insurance together to provide solutions that respond to the changing needs of customers at different stages of life.
Dr Seidu highlighted that while NIB PLC brought its banking expertise and customer network to the partnership, SIC Life contributed specialised knowledge in life insurance, risk protection, and financial security. The initiative will give NIB customers convenient access to insurance products covering family protection, savings, education planning, and long-term financial security.
The Managing Director of SIC Life Insurance Limited, Mr Solomon Twum Barima, said the partnership was part of the company’s transformation drive to make insurance faster, easier, and more responsive to customers. He noted that the partnership would allow SIC Life to establish satellite operations at selected NIB branches, making insurance services more accessible to customers.
The Chief of Staff, Dr Julius Debrah, whose keynote address was read on his behalf, said the partnership had the potential to create greater value for customers and contribute to national development. He urged the institutions to focus on making insurance more understandable, accessible, and relevant to Ghanaian households and businesses.
The Commissioner of the National Insurance Commission (NIC), Dr Abiba Zakaria, who chaired the programme, said the partnership was a step in the right direction, particularly at a time when Ghanaians faced increasing risks from events such as floods and other disasters. She noted that Bancassurance currently contributed about GH¢560 million to the insurance industry and had seen its market penetration rise from about 13 per cent to between 13 and 16 per cent.
Dr Zakaria expressed confidence that the partnership would increase insurance penetration further, potentially moving the needle to 20 or even 25 per cent in the next few years. She emphasised that stronger collaboration between banks and insurers was necessary to close Ghana’s financial protection gap and ensure that more citizens were adequately protected against unforeseen risks.
Key points
- The Bancassurance product offers four insurance plans: Guaranteed Endowment Plan, Ultimate Family Security Plan, Education Fund Plus, and Final Journey Plus.
- The partnership aims to deepen insurance penetration and coverage in Ghana, contributing to financial inclusion and national development.
- The National Insurance Commission reports that Bancassurance currently contributes about GH¢560 million to the insurance industry.
