The Deputy Managing Director of Fidelity Bank, Mr Jim Baiden, has urged banks and insurance companies to step up their marketing initiatives and invest more to educate the public on the benefits of taking a life insurance policy.
He said most Ghanaians did not understand insurance and even in the corporate entities, only a few number of executives had insurance policies due to lack of education.
Mr Baiden said this at the launch of bancassurance by Fidelity Bank and Prudential Life Insurance in Accra.
He said Fidelity, together with Prudential Life, would, therefore, apportion a good budget to undertake various marketing initiatives in order to inform their target market and drive insurance penetration in the country.
“The insurance penetration in Ghana is just about two per cent and Fidelity is joining the market. We have thought through our strategy and we think we will make an impact in there,” he said.
“We will roll out the product across our 75 branches and straight away we are creating 75 locations. We have over one million customers and immediately they are our target. We can contribute at least 50 per cent of our customer base to the portfolio,” he added.
Launch of bancassurance
Fidelity Bank Ghana Limited and Prudential Life Insurance have launched insurance solutions to protect Ghanaians from life’s misfortunes.
The launch followed the signing of an agreement between the two entities in August last year and the partnership allowed Fidelity Bank customers to buy Prudential’s products in its over 75 branches throughout Ghana.
The two entities, as part of the partnership, have launched two products onto the market, namely Hospital Cash Plan and the Farewell Plan.
The Hospital Cash Plan is expected to provide financial support to customers who suffer some form of income loss due to hospitalisation.
Customers can also receive 25 per cent refund when a claim is not made for two years.
The farewell plan is also expected to provide protection against the financial pressures that come with funeral expenses following an unexpected death.
The plan comes with two options which are the classic and premium.
Mr Jim Baiden said it selected Prudential Life after a very detailed and deliberate search process which lasted several months and was convinced Prudential was the perfect partner to enable it offer world-class insurance products.
He said the partnership would allow its customers to have hassle-free access to insurance products to protect them from the hazards of life as well as enable Fidelity to become a one-stop financial services provider to its customers while Prudential would also benefit from its products being distributed across Fidelity’s 75 branches.
The Chief Executive Officer of Prudential Ghana, Mr Emmanuel Aryee, also added that it was committed to helping people throughout Ghana to protect themselves and their families from life’s misfortunes.
He said it was leading the way with its products, particularly the Hospital Cash Plan, which was the first of its kind in Ghana.
“We are proud to partner Fidelity Bank and we look forward to helping its customers plan for the future with our innovative products,” he stated. — GB