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Metropolitan Life Insurance has launched its new life insurance product called the Family Financial Wellness Plan which is designed to provide income for the immediate family of the deceased, or in the event of critical illness, permanent or temporary disability of the policy holder.
Acting CEO and Country Head for Metropolitan Life Insurance, Emmanuel Tuffuor, speaking about the product, stated that the Family Financial Wellness Plan, which can be taken on a term basis, provides the policy owner the benefit of a lump sum, which is paid on monthly instalments over their chosen period in the undesirable event of death, temporary disability, permanent total disability, and listed critical Illness.
Mr. Tuffuor further explained that the policy owner also enjoys a cash back benefit of 30 percent of their 3rd year risk premiums if no claim was made on the policy over the period. Similarly, 25 percent of the lump sum – less cash back – is payable as survival benefit if no claims were made at the end of the chosen policy term.
Talking about the company’s plan for the years ahead, Mr. Tuffuor stated that his outfit has set out a Four-year Reload Strategy, which has the overarching ambition of doubling the size of the business within a strong control environment, with happy customers and employees.
He said the product, Family Financial Wellness Plan, which is an income protection policy for individuals and families, is aligned with the Four-Year Reload Strategic aspiration.
Mr. Tuffuor, talking about the future of life insurance, said the landscape is fast changing, with the last five years growth averaging 20 percent, coupled with the increasing threat of new entrants, high product similarity, and relatively high power of customers and suppliers and increasing regulation.
He added that the industry’s competition has become rife, hence, the need for players within the sector to embrace digital technologies to spur product and platform innovation.
The Managing Director for KEK group, Shaibu Ali, stated that the product has come within the time when it would serve its purpose.
“I have copiously gone through the features and benefits of the product we are about to launch, and I dare say, this is an exciting product that is coming through at the right time. I say at the right time because as mentioned by an earlier speaker, the spate of carnages on our roads as well as increasing reports of critical diseases arising from our changing habits and lifestyle as a people, are unfortunately depleting the already insufficient incomes of families, especially when a breadwinner is involved,” he noted.
Stressing on what players within the insurance sector must do to keep them growing Mr. Ali said, “With the ever-increasing competition in the Life Insurance industry in Ghana, players now have very little to no options than to invest in product innovation and platforms which are integrated with an enduring client experience culture”.
The ‘Yaa Chat Box’
The ‘Yaa Chat Box’ is an online platform that assists customers in multiple functionalities including buying a new policy, making a claim, making enquiries, and lodging a complaint at the customers’ own convenience.
