The National Investment Bank (NIB) and SIC Life Insurance have launched a bank assurance partnership to provide customers with easier access to insurance and strengthen financial protection. The partnership, themed "One Partnership, Total Protection", combines NIB's banking services and customer network with SIC Life's expertise in insurance and risk protection. This collaboration aims to offer customers a range of insurance products, including the Guaranteed Endowment Plan, Ultimate Family Security Plan, Educational Fund Plus, and Final Journey Plus.
Dr Abiba Zakariah, Commissioner of Insurance, emphasised the need for stronger collaboration between the banking and insurance sectors to improve financial security for Ghanaians. Recent incidents, such as flooding and a stadium stampede, have raised concerns about the extent to which affected persons are financially protected when unexpected events occur. Climate change has further increased the vulnerability of poorer households, with Africa bearing a significant share of its consequences despite contributing less than five per cent of global climate change.
Dr Zakariah highlighted that financial inclusion should go beyond access to bank accounts and savings facilities to include mechanisms that enable people to obtain financial support when unforeseen events occur. The Commissioner noted that the NIB-SIC Life partnership is a step towards identifying risks facing individuals and providing appropriate financial solutions to help them manage those risks. Bank assurance currently contributes about GHS560 million to Ghana's insurance business, with its contribution to insurance premiums increasing from 13 per cent to 16 per cent.
Dr Zakariah expressed hope that the partnership would further increase the contribution of bank assurance to the insurance industry and deepen insurance penetration, which has remained around one per cent for some time. Chief Dr Doli-Wura Amush Abdul-Malik Seidu Zakaria, Managing Director of NIB, said the partnership forms part of the Bank's transformation agenda aimed at becoming more innovative, responsive, and customer-focused. NIB has contributed to Ghana's financial and economic development since 1963 and is investing in its people, technology, and partnerships to provide customers with more accessible and relevant financial services.
Mr Solomon Twum Barimah, Managing Director of SIC Life Insurance, said the partnership forms part of the company's transformation agenda, focusing on digitalisation, operational efficiency, customer service, innovation, and strategic collaboration. About 90 per cent of SIC Life's operations have been digitised, covering customer onboarding, claims processing, and payments. Integration with national institutions has also improved customer verification and service delivery.
Mr Twum Barimah stated that the company aims to significantly reduce claims turnaround time and ultimately facilitate claims payments within minutes where verification and other requirements have been satisfied. SIC Life has developed products for the partnership, including the Guaranteed Endowment Plan, Ultimate Family Security Plan, Educational Fund Plus, and Final Journey Plus, to provide customers with broader insurance options. The partnership is not merely about selling more insurance policies but bringing banking and insurance services closer to customers through convenience, accessibility, and technology.
The partnership between NIB and SIC Life Insurance is expected to create value for both institutions and their customers. The collaboration will enable NIB customers to access insurance solutions covering financial protection, savings, education planning, family security, and long-term financial planning. Key points include:
Key points
- The partnership combines NIB's banking services with SIC Life's insurance expertise to provide customers with easier access to insurance and strengthen financial protection.
- The collaboration aims to deepen insurance penetration in Ghana, which has remained around one per cent for some time.
- The partnership will enable NIB customers to access a range of insurance products, including savings, education planning, and family security solutions.
