Old Mutual, a major player in the financial and insurance industry in Ghana, has entered into a strategic partnership with Ecobank Ghana to provide life insurance products and services to customers of the bank.
The move which aims at making Old Mutual’s products and services accessible at all Ecobank branches in the country is also geared towards engendering high insurance inclusiveness in a country where insurance penetration rate has been protractedly low.
Speaking at a ceremony in Accra to officialy announce the partnership, Mrs Nicolette Hendricks, Chief Executive Officer, Old Mutual Ghana said the arrangement would allow Ecobank distribute four of Old Mutual’s life insurance products.
The company’s products are funeral plan, educator plan, international travel plan and credit life policy, whereby Old Mutual will underwrite loans given by Ecobank.
Mrs Hendricks said the partnership would provide shared value for stakeholders of the two financial giants.
“Our new partnership is a symbiotic relationship, whereby each of our two institutions will provide leverage for the other to build on, in terms of growing our respective customer bases. This is certainly going to be a win-win situation since all the requisite ingredients are in place,” she noted.
The Ecobank Executive Director of Domestic Bank, Mr George Mensah-Asante, said the bank would stop at nothing in its quest to provide tailor-made convenient, accessible and reliable banking experience to its customers.
He expressed the optimism that their partnership with Old Mutual would go a long way to deepen their commitment in providing top-notch financial services.
“Ecobank Bancassurance will provide cutting edge solution at affordable prices, while ensuring that claims are dealt with promptly,” he assured.
He observed that efforts at reversing the lack of trust and confidence in the insurance industry would be bolstered if an institution of repute collaborates to provide life-changing insurance products and services.
By David Adadevoh