Allianz Life Insurance, Societe Generale Bank announce bancassurance partnership

Allianz Life Insurance and Societe Generale Bank have launched a bancassurance partnership to allow the general public purchase insurance policies via the bank’s outlets.

Two insurance products, Sound Eduflex Plan and Sound Funeral Plan, were also unveiled at the event held at the head office of Societe Generale Bank in Accra.

Speaking at the launch, the Managing Director of Societe Generale Ghana, Hakim Ouzzani, stated that the partnership with Allianz Life Insurance will enable a lot more people to have access to a wide range of insurance policies.

Commenting on the essence of insurance especially in the aftermath of the pandemic, Mr. Ouzzani said buying the right insurance product is one of the essential ways people can mitigate the difficult environment left in the pandemic’s wake.

According to the CEO of Allianz Life Insurance Ghana, Gideon Ataraire, over the years the company has mastered the art of creating insurance policies that are sensitive to the needs of people.

He added that in partnering with Societe Generale, the two companies are able to leverage their expertise to service the needs of the insurance needs of the general public.

Explaining how the two products work, Dzifa Fiati, Group Head, Corporate Business at Allianz Life, said the Sound Eduflex Plan is a plan that helps parents to save towards their child’s education while insuring their own life as well as the child’s.

“This product, among others, ensures a child’s education continues no matter what happens to the parent. In the unfortunate case of the parent passing on through natural means or illness the child receives 100% of the sum assured,” she stated.

The Sound Funeral Plan, Ms. Fiati stated, is an insurance plan that one can take out on their loved ones. It has a minimum sum assured of GHS5,000 and a maximum of GHS80,000 and gives the policyholder a lumpsum to give their loved ones a befitting send-off without having to dig into their savings or take out a loan.

Timely intervention

Ismail Adam, Assistant Director of the Banking Supervision Department of the Bank of Ghana who also spoke at the event said the introduction of the two products were timely as the pandemic has eroded some from financial inclusion,

He added that partnerships such as the one established between Allianz Life Insurance and Societe Generale Bank will help to drive financial intermediation and also complement government’s efforts of promoting financial inclusion.