-Despite Low Insurance Penetration in Ghana
SanlamAllianz has launched its latest product dubbed “DreamBuilder,” a two-in-one life assurance policy designed to provide financial protection for loved ones while also serving as an investment tool for the future.
The product was officially unveiled at Allied Heights, as part of the company’s ongoing commitment to delivering innovative financial solutions to the Ghanaian market.
However, the insurance penetration rate in Ghana remains low, at 1.0% in 2024, despite several emerging innovative start-up insurance across the country. https://thehighstreetjournal.com/ghana-struggles-with-low-insurance-penetration/
Ghana’s insurance industry, due to various economic challenges, including high inflation, currency volatility, and elevated interest rates makes it competitive for individuals to insure their assets and life.
To address the aforementioned challenges, the government and insurance industry must work together to create a more stable economic environment, improve financial inclusion, and promote insurance awareness.
Nonetheless, the “DreamBuilder” product does not only offer life coverage in the event of the policyholder’s death and ensures the financial security of their family but also functions as a savings vehicle, allowing individuals to build wealth for their future.
The Chief Executive Officer of SanlamAllianz Life Insurance Ghana, Tawiah Ben-Ahmed, speaking at the product launch emphasized that it aligns with the company’s goal of addressing the diverse needs of Ghanaians by combining protection and investment in one flexible product.
“This launch marks another step in the company’s mission to offer comprehensive, accessible financial services to the local community. We are unveiling not just a product, but a bold step in helping Ghanaians realize their aspirations and achieve their dreams. We are offering peace of mind,” he stated.
The product has also been digitalized to cater to the needs of younger customers.
According to the Acting Commissioner of Insurance, Mr. Kofi Andoh, “DreamBuilder” will play a significant role in shaping the financial future of the youth. “That is where Gen Z comes in. Young people with big dreams should not abandon them due to fear. When you falter, this is exactly what has been designed to help you move forward,” he said.
SanlamAllianz, a joint venture between Sanlam and Allianz, was launched in September 2023 with the aim of promoting financial inclusion across Africa.
The company offers a range of non-banking financial services designed to meet the diverse needs of individuals and businesses across the continent.
Furthermore, SanlamAllianz also provides the “Care Portal”, a digital platform that allows customers to easily manage their policies, file claims, check the status of their coverage, and access support services.
