Societe Generale Ghana in partnership with Allianz Life Insurance Company, has launched two new products; the Sound EduFlex and Sound Farewell Insurance Plans.
The Head of Reinsurance and Anti-Money Laundering at the National Insurance Commission (NIC), Ms Esther Armah, who represented the Commissioner, expressed the Commission’s support for the partnership, adding that this will make a significant contribution to the industry.
Ms Armah stated that more than 30 insurance companies, both life and non-life, are collaborating with several banks with premium of GHS39 billion in 2020 of which Bancassurance contributed 17%. (15% for life and 2% for non-life)
Mr Ismail Adams, Assistant Director of Banking Supervision at the Bank of Ghana (BoG), congratulated SG Ghana and Allianz Life on the partnership.
He mentioned that the introduction of the products was timely, as the COVID-19 pandemic eroded some of the gains from financial inclusion.
According to Mr Adams, “the introduction of an insurance product through a bank can attract the unbanked to the banking sector.”
Mr Adams spoke highly of SG Ghana’s performance over the years and commended the bank for exceptional performance in 2020.
The Managing Director of SG Ghana, Mr Hakim Ouzzani, stated that the Societe Generale Group has partnered with the Allianz Group in the various subsidiaries and this latest partnership will ensure benefits for consumers and the Ghanaian market as a whole.
Mr Ouzzani added that “this partnership between Allianz, a global leader in the insurance industry with over 130 years of experience; and Societe Generale, the standard of excellence in finance, with over 150 years of expertise, as a result of the Group’s resilience, soundness and solution orientation, will ensure customers receive the best of both worlds.”
Mr Gideon Ataraire, the Chief Executive Officer of Allianz Life Insurance, noted that “both companies shared a similar history and commitment to excellence across the globe”.
“The core of Allianz’s operations is founded on partnerships, digitisation, innovation and a keen understanding of the customers’ needs to create real value.”
Mr Ataraire encouraged customers to continue challenging the company by communicating their needs.
The addresses were followed by the unveiling of the official partnership logo which read, ‘We Secure the Future, The Future is You’.
It was done by Mr Ataraire and Mr Ouzzani.
Ms Dzifa Fiati, Group Head of Corporate Business at Allianz Life and Mr Obed Hoyah, General Manager for Retail Banking at SG Ghana, presented product features and benefits of the two new products, and how customers can access them, respectively.
Mr Francois Pousse, Deputy Managing Director of SG Ghana thanked the NIA and BoG for their support in making this partnership a reality.
He entreated all customers and the general public to subscribe to the Sound EduFlex and Sound Farewell Insurance Plans, which are underwritten by Allianz Life Insurance.
Societe Generale Ghana Plc
Societe Generale Ghana is one of the leading banks in Ghana with 40 networked branches and outlets across the country. The bank provides Retail and Corporate clients with dedicated innovative products and services aimed at satisfying and anticipating customers’ needs.
The bank is recognised for supporting individuals and businesses of various sizes and backgrounds to achieve their full potential.
The bank is the foremost innovator in the banking industry spearheading key reforms such as factoring, cash management, foreign exchange and commodity hedging, consumer credit loan and bill payments to meet its customers’ needs.
Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of society and the economy.
Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 147,000 members of staff in 67 countries and supports on a daily basis 31 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions.
The Group is built on three complementary core businesses:
· French Retail Banking, which encompasses the Societe Generale, Crédit du Nord and
· Boursorama brands. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;
· International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central and Eastern Europe and specialised businesses that are leaders in their markets;
· More particularly in Africa, Societe Generale counts 17 subsidiaries and it is still the multinational bank with the most important presence on the continent.
· Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions.
Societe Generale is included in the principal socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index.
Allianz Life Insurance
On May 24, 2018, Allianz officially launched its life insurance operations in Ghana. The company offers savings plans, education plans, funeral and term life policies and hospitalisation benefit plans for both the retail and micro-insurance markets as well as group life products for companies, SMEs, groups and associations.
Since its inception, Allianz Life has grown from one distribution channel, i.e. Agency, to include two more channels, Corporate Sales as well as Alternate Distribution channels. Allianz Life Ghana boasts of a young, energetic team of highly trained professionals working together to secure the future of Ghanaians through the delivery of essential insurance solutions and via the creation of positive customer experiences for all segments of the Ghanaian society. Allianz Life Ghana is a part of the Allianz Group.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance.
Allianz is one of the world’s largest investors, managing around 582 billion euros on behalf of its insurance customers. Thanks to its systematic integration of ecological and social criteria in its business processes and investment decisions, it holds the leading position for insurers in the Dow Jones Sustainability Index.
In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros.
About Allianz Africa
In Africa, Allianz is currently present in 12 countries and accompanies clients in 49 markets. Its 1.167 employees achieved regional revenues of 371 million euros in 2020. Allianz also provides micro-insurance for 1.7mn low-income families and individuals in Africa.