MTN and Allianz introduce life insurance
Mobile Money Limited, a subsidiary of telecommunication giant, MTN Ghana, has partnered Allianz Life Insurance company to support Ghanaian families with affordable life insurance cover.
The partnership will allow the insurance company to leverage financial technology to provide services to over 10 million Ghanaians on the MTN mobile money platform.
Speaking at the launch of the “Allianz4life” product, Mr Eli Hini, Chief Executive Officer (CEO) of Mobile Money Limited, said limiting the face-to-face interaction in insurance would help to save time and resources while providing convenience to customers.
The Company, he said was nursing an ambition to establish a footprint across the continent by being beneficial to communities and helping partners grow.
“As businesses, we got through transformation and one of the key areas of our business today is an ambition to create platforms that will be available to our partners,” he said.
The (CEO) of Allainz Life Insurance Ghana, Mr Gideon Ataraire, said the partnership would help secure the future of Ghanaians and solve a long-standing problem of accessibility for insurance companies in the country.
“The insurance companies do not have the kind of wealth that banks have to place branches everywhere, but thankfully you have an infrastructure in MTN that is everywhere you go,” he said.
He assured that the new minimum capital requirement for insurance companies in the country would in no way affect their operations and said, “in terms of payment of claims we will not even blink.”
The Company, which started operation in 2009 with non-life insurance portfolios, has managed to stay relevant within the insurance space with the aid of digitalisation and ingenuity.
“Because of our technology and our brand, we quickly moved from 24 among all insurance companies in 2018 and in three years we are now ranked ninth,” he said.
Mrs Esther Armah, Head of Reinsurance and Anti Money Laundering at the National Insurance Commission (NIC), said improving insurance inclusion and penetration had been part of the vision of the NIC and for that matter, commended Allianz Insurance Ghana for taking a step to diversify its client base.
“We also believe that all subscribers will be treated fairly as a happy customers testimony is invaluable,” she said.
Source: GNA