CalBank and Saham Insurance have launched a partnership that aims at providing customers of CalBank innovative general insurance products and services underwritten by Saham Insurance.

The partnership, which was unveiled at the bank’s head office in Accra and witnessed in the presence of Dr. Justice Yaw Ofori, Commissioner of the National Insurance Commission (NIC) and some management and board members of CalBank and Saham Insurance, will help deepen insurance penetration in the country.

Managing Director of the bank, Philip Owiredu, in his address noted that insurance plays a critical role in ensuring that businesses and households can mitigate unexpected financial shocks, preserve their assets and take productive risk.

“As a player in the financial industry, we recognize the broader role insurance plays in generating economic opportunities. When insurers build the resilience and productivity of businesses, other sectors in the economy grow; and when insurers use premiums that have been pulled together as investment capital over long-term horizons in productive opportunities such as infrastructure development, they create jobs, fuel growth and encourage innovation,” he said.

Touching on COVID-19 and insurance, Mr. Owiredu noted that the pandemic amplified the importance of the insurance sector’s role in development and the economic resilience of businesses and individuals.

On the partnership, he noted that it presents a significant opportunity to promote each other’s strengths “and examine new ways to improve the livelihood of our customer base”.

“The partnership makes Saham Insurance underwriters for our general insurance products, namely the CalBank motor, home owners and SMEs or shop owners. These general life insurance products have been created to support clients of the banks to protect things that they value most: their homes, vehicles and businesses.”

He added that the bank has simplified its processes to make the issue of claims processing as easy as possible. “As a bank, our driving force is to digitise our operations and processes to ensure maximum convenience for our clients. That is why we are working on integrating our bank insurance products into our digital channels to make them easily accessible to clients.”

Mabel Nana Nyarkoa Porbley, Managing Director of Saham Insurance, expressed excitement about the launch – because it is not just about the launch of another bancassurance partnership, but fulfillment of an agenda that supports people in living their best possible lives through financial resilience and prosperity.

“We believe today is the beginning of that journey together with CalBank which seeks to increase access to insurance; thereby improving the financial wellbeing of first CalBank’s customers, and eventually the Ghanaian population.

The spread and branch network of both Saham and now CalBank allows us to greet Ghanaians around the country with simpler – i.e. superior – insurance solutions,” she said.

She stressed that this partnership is bringing a one-stop service that has innovation, convenience, flexibility and a state-of-the-art payment system. “In the times of COVID-19, insurance cannot be overemphasised. It is a way to protect yourself.

The risk that COVID-19 comes with – whether individual, organisational or community level – is high. We are open to solutions and we look forward to having you in the banking halls,” she added.

Dr. Justice Yaw Ofori, Commissioner of the National Insurance Commission (NIC), in his keynote address lauded the two institutions for their foresight in forging this partnership. He stressed the value of insurance to the development of the economy, and urged other financial institutions to enter into such partnerships.

“Insurance is the delivery of a promise in the future, the growth of an insurance company is therefore based on the trust and confidence of clients. To sustain this growth, the insurer must endeavour to meet the risk of their clients through innovative ways.

One of these ways is through bancassurance. Since the first NIC-approved bancassurance partnership in 2007, a wide range of innovative insurance products with a competitive cover has been offered to the public.

“Today, the bancassurance distribution channel accounts for approximately 10 percent of annual gross insurance premium. Bancassurance remains an attractive business arrangement that enables the insurer and bank to leverage existing business systems for additional income. I wish the two institutions all the best.”