In a move poised to accelerate life insurance penetration in the country, Republic Bank has partnered with Enterprise Insurance to launch a trio of bancassurance products – Final Rest, NextGen and EduPlan policies.
Speaking at a signing ceremony to formalise the partnership, Managing Director of Republic Bank Farid Antar said the move is consistent with the Republic Bank group’s family-oriented approach, with a particular emphasis on insurance.
“This partnership comes at a time when the Republic Financial Holdings Limited, as a group headquartered in Trinidad and Tobago, has announced its focus on insurance services. It is good that we at Republic Bank Ghana have taken the lead in providing bancassurance products for our customers,” he said.
He indicated that the products – which have been in development for four years – were carefully designed to address market needs. He added that they have undergone piloting over the course of the last two years, noting that the market’s response has been favourable.
Reiterating the bank’s strategy of meeting the financial service needs of families and persons at different stages of their careers, Mr. Antar said: “For us, life is about family; hence, we are intentional in ensuring that our product offerings are focused on the family… Our objective is to get our mortgagors to sign on to the Final Rest and Next Gen Bancassurance policies, and our RightStart account holders to subscribe to the EduPlan Bancasssurance product”.
The Final Rest offering, Mr. Antar noted, provides immediate cash pay out to cater for the cost of funeral expenses, while the Next Gen policy provides a replacement income in the event of debilitating diseases, accidents or death. The EduPlan caters for future educational expenses. “To our partner, Enterprise Life, be assured that you have found the right partnership with us,” the Managing Director remarked.
On his part, Chief Executive Officer of Enterprise Group Ltd., Keli Gadzekpo, said the move highlights Enterprise Life’s dedication to growth, particularly through strategic partnerships.
He reiterated Mr. Antar’s position that the partnership will deepen the life insurance landscape, as the products have been well-researched and tested – adding that Enterprise’s history and expertise guarantee the initiative’s success.
“At Enterprise, we are constantly in search of ways to make insurance more accessible to all Ghanaians, to give them the needed financial and emotional buffer irrespective of their pay bracket or geographical location; and this partnership is of strategic importance in achieving that,” he said.
