Access Bank Partners Wapic, Ghana Life For Bancassurance

Access Bank Ghana has partnered Wapic Insurance and Ghana Life Insurance companies to launch innovative insurance products for consumers in Ghana, In line with its strategy to build capacity in retail banking.

The launch, which follows the signing of a strategic partnership agreement between Access Bank and the two insurance companies last year, will see Access Bank promote the sale of both general and life insurance products and services in all its 45 locations across the country.

The insurance products unveiled to the public are the Shop owners Policy, Child Welfare Plan, Child Starter Plan, Asset All Risks Policy, Motor Insurance, Home and Personal Assets protection, Personal Accident Policy, Transitional Plan and Retirement Assurance Plan.

Speaking on the partnership, the Managing Director of Access Bank, Mr. Dolapo Ogundimu, noted that a buoyant insurance industry was critical to the growth of the Ghanaian economy and that Access Bank was demonstrating its readiness to partner with insurers to espouse its relevance for national development.

He added: “We are optimistic that with the introduction of our bancassurance bouquet of products, our customers will find it easier and more convenient to own insurance policies, and help improve the current low rate of insurance owners in the country.”

Unveiling the bancassurance products, the Group Head for Personal Banking, Mr. Stephen Abban, added that the introduction of bancassurance was in fulfilment of the bank’s strategy to introduce non-generic banking products as part of its total product bouquet that addresses the banking needs of customers. He cited the Shop owners’ policy for SME’s as a renewable policy that protects the shop and its content of the insurer in the event of fire, floods, theft and allied perils.

It also covers third parties for damage to their properties, injury or death sustained at the shop. The Managing Director of Wapic Insurance, Mr. Adedayo Arowojolu, stressed that “with the transformative leadership positioning that Wapic is bringing to the industry, the Bancassurance is a value adding partnership for the Bank’s customers that will provide affordable insurance products through exceptional quality service to protect customers against insurable risks.”

Explaining the need for everyone to have some form of insurance policy, the Managing Director of Ghana Life, Mr. Ivan Avereyireh, also noted that “this partnership with Access Bank is to further increase the commitment of Ghana Life Insurance Company in bringing Life Insurance Products to the door steps of every Ghanaian, in this particular case, the customers of Access Bank, to ensure financial inclusion for all. This will in no doubt help increase Insurance Penetration in the country.”

JUNE 2, 2016