More insurance companies are partnering banks to sell their products to clients through the concept called “Bancassurance”.
The latest is the partnership between Prudential Life Insurance Ghana, a subsidiary of Prudential plc and Fidelity Bank Ghana.
The agreement which was signed on 4th August, 2015 will give customers of Fidelity Bank easy access to Prudential Life’s insurance products whilst fulfilling their financial needs.
The partnership which is subject to regulatory approval, will initially see Fidelity Bank offer three innovative Prudential protection products: the Hospital Cash Plan, a unique product that protects against loss of income and incidental costs due to hospitalisation; the Farewell Plan, which offers the highest coverage on the market for the final expenses of life, and the Loan Protection plan.
Under the terms of the agreement, Prudential’s life insurance products will be distributed through Fidelity’s over 75 branches in Ghana, and Fidelity’s bank staff will benefit from Prudential’s world-class training programme.
Emmanuel Aryee, CEO of Prudential Life Insurance Ghana, said: “Today’s announcement adds to the strong momentum we have built over the past year and brings us closer to our goal of becoming the life insurer of choice for Ghanaians. We are proud to partner with Fidelity Bank, one of Ghana’s leading banks, and we look forward to working with the team there to help more customers plan for the future with our innovative protection products.”
Matt Lilley, CEO of Prudential Africa, said: “Elsewhere in the world, Prudential has built successful life insurance businesses by combining its highly effective agency force- with long-term bank partnerships. We are taking the same approach in Africa, with Prudential Ghana leading the way. Already Ghana is our biggest and fastest-growing African market and today’s agreement with Fidelity Bank is another important milestone for our business here, laying strong foundations for lasting success.”
Edward Effah, CEO of Fidelity, said: “We are delighted to sign this agreement with Prudential, one of the world’s leading life insurance companies, with a fast-growing business in Ghana. We are committed to giving our customers the best possible range of products and services to meet their financial needs, and we are confident that partnering with Prudential will enable us offer many more benefits to our customers.”
Prudential Life regards the partnership as a further step in its strategy to develop its business in Ghana, one of Africa’s most dynamic life insurance markets.