NIB, SIC Life launch Bancassurance product to deepen insurance penetration

The National Investment Bank (NIB) PLC and SIC Life Insurance Limited have joined forces to introduce a Bancassurance product called "One Partnership. Total Protection." This initiative aims to expand insurance offerings and promote financial inclusion across Ghana. The new product covers four plans: the Guaranteed Endowment Plan, Ultimate Family Security Plan, Education Fund Plus, and Final Journey Plus.

The collaboration will make insurance services more accessible and convenient for customers by combining NIB's banking expertise with SIC Life's insurance knowledge. Dr. Doli-Wura Awushi Abdul-Malik Seidu, NIB's Managing Director, emphasized that bancassurance is more than just additional products; it unites banking and insurance to cater to customers' evolving needs throughout life stages.

Meanwhile, Mr. Solomon Twum Barima, SIC Life's Managing Director, highlighted that the partnership would enhance the speed, ease, and responsiveness of insurance services for customers. Dr. Julius Debrah, Chief of Staff and Economic Adviser to the President, expressed the partnership's potential to create more value for customers and contribute to national development.

Dr. Michael Kpessa-White, Director-General of SIGA, noted the initiative as an example of inter-trading among state-owned enterprises, showcasing how public institutions can leverage their strengths, infrastructure, expertise, and customer networks to generate value.