Old Mutual, a major player in the financial and insurance industry in Ghana, is to insure customers of Ecobank Ghana, following an agreement between the two firms.
Under the strategic partnership, Old Mutual is expected to provide life insurance products and services to customers of the bank.
The move, according to the parties, is aimed at making Old Mutual’s products and services accessible at all Ecobank branches in the country.
It also geared towards engendering high insurance inclusiveness in a country, where insurance penetration rate has been protractedly low, senior officials Old Mutual and Ecobank told journalists in Accra.
They said this arrangement would allow Ecobank distribute four of Old Mutual’s life insurance products, namely, Funeral/Transition Plan, that offers an affordable and flexible means of providing funds to meet funeral expenses in the event of the death of designated family members.
The second product is the Education Plan, which enables policy holders to meet the educational needs of their children and other wards.
The others are International Travel Plan, which is designed to save customers from having to worry about the unexpected happening when they travel abroad, and Credit Life Policy, whereby Old Mutual will underwrite loans given by Ecobank, providing peace of mind to both Ecobank and their clients.
At a colourful event that brought together captains of industry, management and staff of companies, and a cross section of the public, the Acting CEO of Old Mutual Ghana, Mrs. Nicolette Hendricks, indicated that the partnership would provide shared value for stakeholders of the two financial giants.
“Our new partnership is a symbolic relationship, whereby each of our two institutions will provide leverage for the other to build on, in terms of growing our respective customer’s bases. This is certainly going to be a win-win situation, since all the requisite ingredients are in place,” she noted.
Mrs. Hendricks emphasised that the partnership is occasioned by the fact that not only is Ecobank internationally recognised as Old Mutual is, more so, both institutions share similar corporate values – one that places the customers at the center of its operations.
The Ecobank Ghana Executive Director of Domestic Bank, George Mensah-Asante, on behalf of the Managing Director of Ecobank Ghana, Samuel Ashitey Adjei, stressed that the bank would stop at nothing in its quest to provide tailor-made convenient, accessible and reliable banking experiences to its customers, expressing optimism that their partnership with Old Mutual will go a long way to deepen their commitment in providing top-notch financial services.
“Ecobank Bancassurance will provide cutting edge solutions at affordable prices, while ensuring that claims are dealt with promptly,” he assured.
Mr. Mensah-Asante observed that efforts at reversing the lack of trust and confidence in the insurance industry would be bolstered, if institutions of repute collaborate to provide life-changing insurance products and services.
“As a bank, we continue to seek new and innovative ways of pleasing our customers, and so gradually becoming the ‘one stop shop’ where our customers can conveniently access solutions for their lifetime financial needs.”
African Eye News.com
