SG Ghana launches Bancassurance products

Ghanaians are being offered yet another innovative and convenient banking service through Societe Generale Ghana’s new insurance partnership with Allianz Insurance Company Limited, to provide two Bancassurance products.

The “Sound Cash”, which is designed to protect customers’ bank cards and cheque books against fraud, and the “Sound Drive”, a motor insurance product package with options, including a Comprehensive, Third Party and an ECOWAS brown card covers.

Mr Gilbert Hie, Managing Director of Societe Generale Ghana, at the launch of the two products on Thursday said although the insurance industry in Ghana was growing, there remained the need for even more efficient, effective and wide ranging types of products.

According to him, less than five per cent of Ghanaians were insured, in spite of the global importance of insurance, which situation, he said, must be improved, to increase the quality of life by giving more protection and trust to customers.

He explained the fact that Allianz Insurance Company Limited was one of the best insurance providers in the world and had previous engagements with the bank on a number of platforms across numerous countries, should give customers a higher sense of confidence, knowing that both institutions have a history of handling high stake industries including finance, insurance and securities.

The overall benefit, he said, was to provide a one-stop-shop for all the needs of customers as they have the convenience of being offered banking and insurance services under one roof.

Mr Patrick Prado, Managing Director of Allianz Insurance Ghana Limited, said the two institutions shared a common philosophy of commitment, responsibility, team spirit and innovation, which would translate into a sense of security, and peace of mind for their customers, encourage loss mitigation and increase prosperity for them.

He said with the launch of the Bancassurance partnership, the two products would play a critical role in alleviating people’s fear of sudden misfortune by mitigating their loss through financial compensation.

Mr Francois Marchal, Deputy Managing Director of the Bank, said the launch demonstrates SG-Ghana’s key strategic move not only to help customers build financial assets, but also to create products that complement one another.

For instance, he said, the Sound Cash provides for financial losses of up to GH¢ 1,000 that may occur if a customer’s bank card or cheque book was stolen and used fraudulently before they could inform the bank.

Mr Martin Amoah, Deputy Managing Director of Allianz Insurance Ghana Ltd., mentioned one unique feature of the Sound Drive insurance policy, apart from the usual risk covers, as the payment of legal costs of defending a claim, should any customer be taken to the law court for prosecution against road traffic accidents.

Mr Obed Hoyah, Head of Retail Distribution of the Bank, said it intends to introduce other innovative products, such as the Sound Home and Sound Travel in the course of the year, in pursuant of its objective, to give both home and travel insurance protection to its customers.

He said all eligible customers could contact any of the 38 branches of the Bank across the Northern and Southern Zones of the country, to access the facilities or make contacts on 0302-214 314 or its website to learn more about these products.