Standard Chartered Bank deepens Bancassurance proposition
Launches two additional leading product offerings
Friday January 30, 2009 - In keeping with its Brand Promise of being the Right Partner, Standard Chartered has launched two new leading products, EduCare and TermAssure, and refreshed the earlier-introduced Family Funeral Support Plan under its Bancassurance proposition.
Bancassurance is a business distribution model where a bank partners an insurance company to design and develop insurance products; and then distributes these products to its customers. The distribution is thus done through the bank’s channels (such as branches and direct sales force) to the bank’s customers. It provides bank customers the convenience of doing both banking and insurance transactions from the comfort of the banking hall, their offices or homes. This partnership skilfully combines the best of insurance and financial expertise to give greater flexibility, security and investment options to our customers.
As part of the evolution of Bancassurance, Standard Chartered, partnering Enterprise Life Assurance Company, is committed to introducing to its customers, a wide range of Life Insurance products.
Launching the new products, Mr. Franklin Belnye, Deputy Head of Banking Supervision Department. Bank of Ghana said:
“Developing the Insurance Industry is fundamental to the nations’ quest to build long-term funds which are critical for sustained economic growth. In offering a wider platform for delivering Insurance products, these Bancassurance product offerings will help in creating a larger pool of long term funds to support the agenda for sustained private sector-led growth.”
The event brought together several dignitaries including the Deputy Commissioner of Insurance, officials from the Bank of Ghana, members of Management staff of Standard Chartered Bank and Enterprise Life Assurance Company (ELAC), key customers of the bank and a section of the media.
Commenting on the launch, Francis Mills-Robertson, Executive Director of Consumer Banking SCB Ghana, said
“As the right partner, Standard Chartered has led the way in growing Bancassurance in Ghana, having successfully rolled out the Family Funeral Support Plan. With the launch of these two additional product propositions and the facelift of Family Funeral Support, we will continue to embed an efficient operational support coupled with a robust product portfolio that will enable us delight our customers while returning appreciable value to the business. We remain focused on delivering innovative products and services to our customers as part of our commitment to being their right partner.”
Under Bancassurance, the bank’s maiden product offering was the Family Funeral Support Plan launched in November 2007. This product is an insurance plan that provides immediate lump sum cash payout to the policyholder to cover funeral expenses of loved ones. It covers the nucleus family as well as parents and parents in law. Customers have a choice among plan types - Classic, Gold and Platinum.
EduCare, one of the two products launched, ensures educational plans and support for children are met whether parents (policy holders) are alive or dead. It is an exciting investment linked insurance plan that provides a lump sum payout for the education of a policy holder’s child at maturity of the plan. Monthly premiums paid by the policy holder are invested and even if the policy holder dies or becomes permanently disabled before the maturity of the plan, the policy benefits from a waiver of premium. Here, the insurance partner (ELAC) will take over the premium payments until maturity and thereafter pay out the lump sum cover amount for the child’s education.
The Policy has automatic annual benefit which starts from the last 5 years of the policy term. In the event of the death of beneficiary (child), the full value of the policy is paid out to the policy holder.
TermAssure, the other product is an income replacement insurance plan that pays a lump sum equal to the sum assured in the event that the policyholder dies or becomes permanently disabled during the tenure of the policy. TermAssure offers an optional critical illness benefit which pays out a percentage of the sum assured in the event of the policy holder being diagnosed with a critical illness.
Standard Chartered is an award winning bank in product innovation and has a proven track record for rolling out innovative products in both Consumer and Wholesale Banking.