The Bayport Savings and Loans Ltd in collaboration with the Star Assurance has launched a motor insurance policy that will enable its customers to pay their premiums on monthly basis.
Dubbed: "Bayport Motor Insurance", the policy offers customers of the company options such as Third Party, Third Party Fire, Theft and Comprehensive insurance policies to choose from.
The Insurance Manager at Bayport, Ms Maame Sarpong, at the launch on Friday, February 1, this year, in Accra, said the decision to introduce the monthly payment of premium was to reduce the pressure customers go through in paying insurance premiums upfront even when they cannot afford it.
Insurance Manager at Bayport, Ms Maame Sarpong
According to her, the flexibility of policy will afford clients the opportunity to regularly pay their premiums, hence ensuring the safety of motors and that of the passengers all the time.
"Bayport and Star Assurance have officially completed all requirements and have received approval from Bank of Ghana and the National Insurance Commission (NIC) to trade the Bayport Motor Insurance," Ms Sarpong.
She explained that unlike other insurance companies, Bayport and Star Assurance have instituted well thought out measures to ensure that claims are paid on time.
"Bayport is excited about its new motor insurance because it is convenient and most importantly very affordable," she said.
For her part, the Head of Bancassurance at the Star Assurance, Rev. Bridgette Opoku-Sarkodie, said the policy will enable the two companies to expand their base.
According to her, the two companies will combine their expertise to deliver an excellent and customer-focused insurance service to their clients.
Rev. Opoku-Sarkodie said the company partnered Bayport because of their good track record in the financial sector, saying "the company has advanced over a billion Ghana Cedis to more than 400,000 Ghanaian workers and businesses helping them to meet their financial goals and life aspirations."
She said although their partnership is in the area of motor insurance, with time, more Insurance policies will be introduced by the two companies.
"This collaboration is going to be a good marriage," she said.
The Chief Commercial Officer at Bayport, Mr Sam Donkor, said with the collaboration between the company and Star Assurance, “comprehensive insurance has been demystified in Ghana”, noting that “with the Bayport Motor Insurance, comprehensive insurance will no longer be the preserve of the rich.”
He therefore entreated the general public, particularly the customers of the two companies to patronise the policy since it offers better deal than the existing ones in the country.
A representative from the NIC, Mr Kofi Andoh, said the NIC is taking steps to make it easy and convenient for the insuring public to buy insurance, pay their premiums, receive their claims, and seek redress to their grievances.
That, he said, the NIC, has collaborated with relevant stakeholders to create appropriate digital platforms to enable insurance companies take advantage of the digital revolution which is currently happening in the financial services industry.
Mr Andoh noted that “currently, the NIC is working on an electronic motor insurance database to stem the tide of fake motor insurance.”
He explained that the NIC is planning to implement an electronic claims and complaint management system to quicken and monitor clams management and payment as well as make it easy and continent for insurance policy holders to seek redress to their grievances.