Stanbic Bank Ghana has launched three products under its Bancassurance unit. The three products are Motor Insurance, Travel Insurance and Home Owners Insurance. These three products, under the Stanbic Personal Insurances, are affordable, convenient and reliable and will be sold through all Stanbic branches.
The products [Motor Insurance, Travel Insurance and Home Owners Insurance ] would be underwritten by Metropolitan Insurance Company Limited.
The Stanbic householder’s comprehensive insurance is an all – inclusive package covering both buildings and their content. It provides compensation for losses arising from fire and burglary as well as other natural perils including fire, lighting, explosion, earthquake, malicious damage, impact, storm, wind, and flooding.
The Stanbic Motor comprehensive insurance is an extensive auto policy designed to protect customers in the event of damaging a vehicle belonging to another party, damage to property, or injury to a person and covers the customer for damage to their own vehicle.
The Stanbic Travel Insurance is designed to cover medical and other expenses/ losses that may be incurred while the customer is travelling. The insurance covers emergency medical assistance- medical expenses and hospitalisation, emergency dental care, medical evacuation, emergency return home, repatriation of mortal remains, personal assistance services- legal defence, delivery of medicines, advance of bail bonds and 24 hour assistance. It also covers losses and delays-delayed flight or baggage, loss of identity cards, location and forwarding of personal belonging and baggage.
Head Personal and Business Banking of Stanbic Bank, Nana Dwemoh Benneh, said at the launch that “the collaboration with Metropolitan Insurance is to deliver service that is beneficial to the consumer in an industry that remains a critical sector for every economy. Stanbic Bancassurance will provide cutting edge solutions at affordable cost while ensuring that claims are dealt with promptly.’’
Customers and participants have the ability to pay premiums as and when they have the funds and to transact business where ever you are. There is also an option of monthly premiums for monthly cover under the auto and home insurances.
‘’The insurance can be arranged through e-mail or a phone call, the customer will only come in to sign, pay the premium and collect documents. Trained consults are always available to provide any information needed and to assist in completion of the proposal forms,’’ he noted.
Mr Dwemoh Benneh furthered stated that the spread in insurance coverage generally correlates with positive economic growth around the globe, but awareness of insurance lags behind those of banking and capital markets in Ghana.
The insurance market in Ghana is just about 1% of GDP while the size of the industry is between 10% and 8.5% in the more advanced markets.
By: Evans Effah/citifmonline.com