The National Insurance Commission (NIC) has commended Allianz Insurance for partnering UBA Ghana on bancassurance to help improve the distribution of insurance products in the country.
Speaking at the media launch in Accra, Deputy Commissioner of the Commission Mr. Michael Andoh said Allianz Insurance and UBA are globally respected brands in their respective industries, and the Commission is confident that both brands will deploy expertise and experience to the Ghanaian market’s benefit.
While urging both brands to ensure compliance with the Commission’s bancassurance guidelines, he stated that the Commission has been working hard to find sustainable ways of growing the industry.
“Growing the industry requires that attention be paid to a number of things: we require needs-based products designed to help the average Ghanaian mitigate the risks they face in their occupations and day-to-day lives. We also need to improve the value of insurance to the insuring public,” he remarked.
He explained that there is a need for players to delight their customers from the point sale to the point of claim, adding that: “We must be seen to be concerned about their grievances and frustrations, and refrain from using flimsy excuses to repudiate their claims”.
While recognising that blockchain technology, digitisation and artificial intelligence are fast disrupting the insurance status quo, he however called on insurance companies to develop innovative, suitable and cost-effective distribution channels which enable their products to be easily and conveniently delivered to the consumer.
“Though brokers and agents have been and still remain the major channels of insurance distribution, the trend is rapidly changing. Bancassurance and mobile phones are the current emerging forces,” he said.