Ecobank, Allianz launch juicy bancassurance product

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Ecobank Ghana, the country’s biggest bank, has struck yet another deal with Allianz Insurance Company to deepen its footprints in the bancassurance market with juicy offers for customers.

Ecobank first entered the bancassurance market two years ago through a life assurance deal with global insurance giant, Old Mutual.

But this deal with yet another global industry giant, Allianz, promises a cocktail of general insurance offers, beginning with a unique and a juicy motor insurance cover dubbed “Ecobank Motor Policy”, which has just been launched.

Per the new deal, Ecobank will distribute general insurance products and services of Allianz Insurance through its wide branch network in Ghana and digital platforms.

The partnership will, among other things, see both existing and prospective customers of Ecobank access motor insurance cover with more convenience and benefit from all other services of Allianz insurance.

The new product covers third-party related liabilities and also allows customers to upgrade to comprehensive motor cover.

Speaking at the launch, Managing Director of Ecobank, Daniel Sackey said he was impressed with the speedy growth in the bank’s bancassurance business in the last two years and was confident that Ecobank could explore “other areas of insurance such as the non-life or general insurance.”

He explained that the deal with Allianz would afford the bank the opportunity to expand its product lines in the bancassurance market as a way of increasing the product options available to its customers.

“This strategic alliance favourably aligns with our mission of providing tailor-made convenient, accessible and reliable financial experiences to our customers,” Dan Sackey said.

He pledged the readiness of the bank to continue to explore other avenues to deepen relationships with its partners and leverage technology for the provision of “top-notch financial services to the Ghanaian consumer.”

The MD announced that products from Allianz insurance would also be available for distribution through the bank’s recently developed digital channels such as the Ecobank Mobile App.

Managing Director of Allianz, Patrick Prado disclosed that his outfit had successfully partnered Ecobank branches in other West African countries and had accomplished the common goal of “widening our reach and serving our mutual customers better.”

According to him, “in Ghana, Allianz and Ecobank share the same philosophy of commitment, responsibility, team spirit and innovation which will translate into a sense of security and peace of mind for our customers, encourage loss mitigation and increase prosperity for them.”

Patrick Prado was confident that with the launch of the partnership, the insurance products will play a crucial role in alleviating people’s fear of sudden misfortune by mitigating their loss through financial compensation; by extension, it will contribute to the social protection of the citizens and enhance their financial security and peace of mind.

Deputy Managing Director for Allianz Ghana, Martin Amoah, who explained the details of the product, assured clients of competitive premiums for a much better cover than the market offers on the average.

He said for a third party cover, there is no limit on what Allianz will pay for the recovery of another person’s property or car accidentally damaged by a policy holder.

“We also offer the policy holder and driver money for medical bills in case they were hurt in such accident,” he said.

With regard to the comprehensive package, he said the policy covers not just damage, but even when the covered vehicle is stolen, once it is proven the car was stolen from the policy holder.

Martin Amoah however cautioned that, to prevent abuse, Allianz has put together a crack investigation team who puts every claim to strict proof before a vehicle will be replaced.

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