Management of SG Ghana and Allianz Insurance at the launch
Societe Generale Ghana, your preferred banking institution, in partnership with Allianz Insurance Limited, has launched Bancassurance services for non life insurance.
On Thursday 12th February 2015, the Bank held a special press event to officially launch this service. This special launch event was attended by Management of Societe Generale Ghana, Management of Allianz Insurance Company Limited, Representatives of the National Insurance Commission, Representatives of the Bank of Ghana, selected press houses and customers of the Bank.
The event sought to introduce the new bancassurance activity in the Bank and the partnership between two international famous brand names, well known for their expertise and trustworthiness. This has resulted in the launch of a range of new insurance products which will be offered under the Societe Generale Ghana Bancassurance service; Each product will be called SOUND
as the word evokes thoughts of relaxation, peace of mind and a smart choice.
Speaking at the event, Mr. Gilbert Hie, Managing Director of Societe Generale Ghana, stated that although the insurance industry in Ghana is growing, there remains a need for even more efficient, effective and wide ranging types of insurance products. He stated that less than 5% of people in Ghana are insured and this must be improved to increase the quality of life by giving more protection and trust for customers.
Mr. Hie emphasized on the fact that Allianz Insurance Company Limited is one of the best insurance providers in the world and stated that the Bank has worked extensively with Allianz on an extensive number of platforms including insurance, investments and securities across numerous countries. This collaboration will give customers a higher sense of confidence knowing that these 2 trusted institutions have a history of handling high stake industries including Insurance, Finance and Securities.
Further, Deputy Managing Director of Societe Generale Ghana, Mr. Francois Marchal explained why each product name will feature the word ‘SOUND’
. The name, he said, it reiterates the fact that each product has been designed to provide customers with a feeling of safety, relaxation and ease.
Introducing the first of 2 products launched form a series of products to be launched later this year, Mr. Marchal explained that SOUND CASH
is the only card protection insurance service offered in Ghana. The first of its kind in Ghana, the product is designed to protect customers against fraudulent use in the event where their bank cards or chequebooks are lost or stolen. This gives customers peace of mind and the assurance that their money is always safe.
With SOUND CASH
, customers of the bank who sign on to the service are covered for financial losses of up to GH¢1,000 that may occur if their bank cards and/or cheque books are lost or stolen and used fraudulently before they notice and inform the bank. This innovative insurance product is source of pride for the bank as it hold innovation as one of its main objectives. Last year the bank re-introduced it's VISA Gold card which, unlike any other in Ghana, provides free medical insurance worth up to €30,000 to customers during trips taken inside and outside Ghana. This unique insurance product is indeed a ground breaking innovation.
He went on to introduce SOUND DRIVE,
which is a Motor Insurance product that offers customers a world class, competitive avenue through which they may protect themselves and their vehicles. With Sound Drive, customers may choose from two options; that is SOUND DRIVE
Comprehensive, which offers an extensive level of cover and full reimbursement whatever the damage to your vehicle may be, and Sound Drive Third Party, which serves as the minimum compulsory and basic cover for all vehicles. All customers have the option of adding the ECOWAS brown card, which insures customers as they travel across the West African region. He underlined the wish of Societe Generale Ghana, to always look for the most highly reliable products for customers, at competitive conditions.
Introducing Allianz Insurance Ghana Limited, Mr Patrick Prado, Managing Director of the institution, said the Allianz Group operates as an international insurer on almost every continent and have been operating in Ghana since 2009. He added that Allianz is a global financial services provider with over 83 million retail and corporate clients in more than 70 countries relying on their knowledge, global presence, financial strength and solidity. In fiscal year 2013 around 148,000 employees worldwide achieved a total revenue of 110.8 billion Euros and an operating profit of 10.1 billion Euros.
He said "our strategy and targets are to build the strongest financial community evidenced by our financial strength as a trusted partner, with Best people and Operational excellence."
Our strength lies in the fact that we are the leading property and casualty insurer globally, the Top 5 in Life insurance business globally, the Worldwide leader in credit insurance and One of the leading Asset Managers globally. We have a strong ratings of ‘AA’ by Standard & Poor’s, ‘A+’ by A.M. Best, and Aa3 by Moody’s. Our solvency ratio is 182% with a combined ratio of 94.3% in 2013
Talking about their brand image,
he said ,"the Allianz brand plays a key role in driving the growth of its business. More than 80% of the Group's revenues of 110 billion Euros are generated under the Allianz brand and we continue to streamline the Allianz brand through re-branding activities on our long-term brand strategy and architecture."
It was made clear that Allianz, like Societe Generale Ghana, has a long history of trustworthiness and business expertise.
In Ghana, Allianz and Societe Generale Ghana share the same common philosophy of team spirit commitment, responsibility, and innovation which will translate into a sense of security and calmness for our customers, encourage loss mitigation and increase prosperity for them.
Speaking about the distribution and benefits of the Bancassurance products to customers, the Head of Retail Distribution of the Bank, Mr. Obed Hoyah announced that the products will be available to customers across the country as they will be offered at all 38 branches of Societe Generale Ghana.
He added that each customer who chooses Sound Insurance products at Societe Generale Ghana will have access to a dedicated hotline hosted by Allianz Insurance Limited who can be trusted to help settle claims in 48hours and in an efficient manner.
He pointed out that the bank strives to provide easy and effective banking and other financial solutions for their customers and the launch of Bancassurance services means each customer now has the opportunity to make the bank their one-stop-financial-retail shop and enjoy the convenience of being able to build their dreams as well as insuring them all under one trusted roof.
He stated that customers can now finance their dream lifestyles with loans at great rates from Societe Generale Ghana and protect those assets with insurance cover from the Bank. He gave the example that customers can choose an auto loan from the bank to buy their dream car and insure it with Sound Drive.
With the launch of this Bancassurance partnership, the two products will play a crucial role in alleviating people's fear of sudden misfortune by mitigating their loss through financial compensation. By extension, it will contribute to the social protection of the customers and enhance their financial security and peace of mind.
This is a progression the bank is highly proud of and aim to keep building upon it. The bank aims to continue launching numerous fantastic products which will truly serve its customers needs and provide them with world class financial solutions in 2015.
To find out more about the Bancassurance products offered by Societe Generale Ghana, Allianz Insurance company limited much more, visit \ www.societegenerale.com.gh
, call 0302 214 314 or visit any branch today.