Societe Generale Ghana plc and Allianz Life Bancassurance launch 2 new bancassurance products



Societe Generale Ghana in partnership with Allianz Life Insurance Company have launched two new products: the Sound EduFlex and Sound Farewell Insurance Plans. 

The collaborating of two global brands, who possess a wealth of experience in Finance and Insurance, marks the beginning of a unique service offering to customers. This is expressed strongly in their brand statements; ‘We Secure the Future’ for Allianz and ‘The Future is You’ for Societe Generale Ghana.

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 Societe Generale 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 an exceptional performance in 2020. 

Managing Director of SG Ghana, Mr. Hakim Ouzzani stated that Societe Generale Group has partnered the Allianz Group similarly 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, 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, digitization, 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.

Ms. Dzifa Fiati, Group Head of Corporate Business at Allianz Life and Mr. Obed Hoyah, General Manager for Retail Banking at Societe Generale Ghana, presented product features and benefits of the two new products, and how customers can access them, respectively.

Mr. Francois Pousse, Deputy Managing Director for SG Ghana thanked 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 for a truly unique experience at all  Societe Genrale Ghana branches.