By Bernice Bessey .
Bayport Savings and Loans has launched a new product, Bayport Motor Insurance, to provide all-inclusive financial solutions designed to suit customer preference through the use of technology, product leadership and motivation.
The motor insurance covers items such as third party, third party fire and theft, as well as comprehensive.
To provide a security guarantee to customers, Bayport and Star Assurance have met all requirements and received approval from the Bank of Ghana and National Insurance Commission (NIC) to trade the Bayport Motor Insurance.
Nii Amankra Tetteh, Bayport Managing Director, in his speech at Star Assurance-Bayport bancassurance media launch in Accra last Friday, indicated that the company had credibility with its 15 years of dedicated service in the country. It also has presence in six African countries, and two more in Latin America.
Despite Bayport being new on the insurance space, he said: “Bayport is excited about its new motor insurance, because it is convenient, and, most importantly, very affordable.”
Kofi Andoh, Deputy Commissioner of Insurance, also disclosed that, as part of many other things, the NIC would be introducing an electronic motor insurance database to check fake motor insurance in the system.
Furthermore, he said, the NIC had put in place a mechanism to make it easy and convenient for the insuring public to buy insurance, pay their premiums, receive their claims, and seek redress to their grievances.
Mr Andoh continued that the NIC is working on ways to increase the variety of options available to the insuring public, since the contribution of insurance to the country’s GDP is very low, and hopes these measures would contribute significantly to the growth of the industry, and the nation at large.
On the bancassurance, he added: “I have no doubt that it will go a long way to facilitate the sale of the non-life insurance products to individuals and households. I would like to admonish both companies to take note NIC’s bancassurance regulations and comply with same to ensure transparency and trust.”
He said with the objective of making insurance delivery easy and convenient, the NIC, in 2007, approved the very first babcassurance collaboration.
As at the time, he noted that there were as many as 25 bancassurance collaborations involving 13 life insurance companies, eight non-life insurance companies, and 22 banks.
Percentage wise, gross life premium distribution through bancassurance grew by 5% in 2014 and 13% in 2017.