Universal Merchant Bank (UMB) has partnered Phoenix Insurance Company to enable UMB provide three new bancassurance products to customers.
The products are the UMB family/accident insurance, the UMB motor insurance and the UMB householders/homeowners insurance. According to the bank, the partnership is in line with its objective of providing customers with tailor-made products.
“As a customer-centric bank, UMB has over the years focused on developing products and services that make a real difference in the lives of customers, and the three new insurance products are a further demonstration of the bank’s commitment.
The partnership with Phoenix Insurance Company is also in line with our focus of becoming a financial partner to customers beyond banking,” said John Awuah, Chief Executive Officer of UMB at the launch of the bancassurance collaboration between the two companies in Accra.
According to the bank there is low insurance penetration in the country, hence there is need to encourage customers and the general public to embrace the culture of insuring themselves, families and valuables against unforeseen contingencies.
“UMB is committed to delivering on our promise of putting the customer first, and providing them with the best and comprehensive financial service solutions in Ghana and beyond,” Mr. Awuah added.
The Managing Director of Phoenix Insurance Company Sonny Heward-Mills was upbeat that with the experience of his outfit in the insurance industry, it will enable UMB to not only cut down cost but also retain clients and improve financial inclusion.
“There is a mismatch of priorities in the country, because we are creating wealth faster than mechanisms for protecting the wealth.
“Fortunately, one of the most significant changes in the financial services sector over the past few years has been the appearance and development of bancassurance, which provides a win-win situation for all parties — the bank, customer and the insurer,” Mr. Heward-Mills noted.
He added that: “We are delighted to build up our relationship with the Universal Merchant Bank to explore mutually beneficial business.
The launch today is a testimony of our continued commitment to partnering with credible institutions which will enable us to expand our distribution channels and offer products to the bank’s large pool of customers”.
Mr. Awuah assured clients that the products were well researched and targetted at providing a one-stop shop for both banking and insurance.
Source: B&FT Online