Barclays Launches New Bancassurance Products

Barclays Bank Ghana, in partnership with Hollard of South Africa, represented locally by Metropolitan Insurance, has introduced three new Bancassurance products.

The new products, Motor Insurance, Hospital Cash Back and Travel Insurance, all general insurance products, are an extension of the Barclays Bancassurance product bouquet. Barclays currently distributes Life Insurance products – Credit Life on Loans and standalone Funeral Insurance and Education Plan.

The diversification into the General Insurance space is meant to enhance the customer value proposition as well as meet customers’ non-life insurance needs.

The Barclays Motor policy comprises Third Party Motor Insurance, Third Party Fire & Theft Motor Insurance and most importantly Comprehensive Motor Insurance.

The Comprehensive Motor Insurance, which gives a 12-month flexible payment plan, is an industry first as well as Hospital Cash Back, which pays policy holders for each day they spend on admission at the hospital.

The Travel Insurance, which is an embedded product, will provide holders of the Barclays International Debit Card an automatic insurance cover every time they travel outside Ghana.

The Managing Director of Barclays Bank Ghana Limited, Benjamin Dabrah, said the bank’s vision is to make life much easier for its cherished customers constantly and consistently.

Mr. Dabrah indicated that “our commitment to this promise has translated into the various products and services that we have introduced in recent times.”

The launch of the Bancassurance General products “is an indication of our continuous desire to make life much easier for our customers,” he added.

The three new products will be underwritten by Metropolitan Insurance Company and distributed throughout Barclays outlets nationwide.