Metropolitan Life Insurance launches new life insurance product

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Social Insurance Policy
Social Insurance Policy

Metropolitan Life Insurance Ghana Limited has launched a new life insurance product known as the Family Financial Wellness Plan (FFWP).

The new life insurance policy is designed to provide income protection for the immediate family of the deceased breadwinners for the lives insured in the event of critical illness, permanent or temporary disability.

A statement copied to the Ghana News Agency in Accra said the Company also unveiled a new chat bot called “Yaa”.

Mr Emmanuel Tuffuor, the Acting Chief Executive Officer of Metropolitan Life Insurance, noted that the Plan was aligned with the Company’s strategic objective of revamping its retail products to ensure present and future market fit and increased competitiveness.

“The life insurance landscape is fast changing. With the last five years growth averaging 20 per cent, coupled with the increasing threat of new entrants; high product similarity; and relatively high power of customers and suppliers, and increasing regulation, the industry competition has become rife and getting more intense by the day, hence the need for players to embrace digital technologies to spur Product and Platform innovation.

“As a business, we have set out our Four-year Reload Strategy, which has the overarching ambition of doubling the size of our business within a strong control environment, with happy customers and employees.”

Mr Tuffuor said at the heart of that was the strategic objective of revamping retail products to ensure present and future market fit and increased competitiveness.

He said the product, FFWP, an income protection policy for individuals and families, was, therefore, “aligned with our strategic aspiration.”

Mr Tuffuor said the Plan, which could be taken on a term basis, provided the policy owner the benefit of a lump sum, which would be paid on monthly instalments over their chosen period, in the undesirable event of Death, Temporary Disability,
Permanent Total Disability, and listed Critical Illness (e.g., cancer, stroke, blindness, paralysis, coma, kidney failure, etc.) relating to the lives insured.

Additionally, policy owners would also enjoy cash back benefit of 30 per cent of their third year risk premiums if no claim was made on the policy over the period.

He said similarly, 25 per cent of the lump sum less cash back was payable as survival benefit if no claims were made at the end of the chosen policy term, and there was also a 10 per cent standard annual inflation management component, but proposers may choose additional rates.

On the chatbot, Mr Tuffuor noted that the “Yaa” was a 24/7 interactive platform, which made it convenient for clients and prospects to engage with the Company.

“Clients and proposers can do just about anything and everything on this platform, which is accessible via a QR Code, dedicated WhatsApp number, and or our website.

“For example, you can seamlessly buy a new policy; update your existing policy; submit a claim; request an inquiry; and lodge a complaint, while on the go. With our WhatsApp Chat Bot, you are assured of Real Time Experience!”

Ms Rita Apau, Head of Core Supervision at the National Insurance Commission, speaking on behalf of Dr Justice Ofori, the Commissioner of Insurance, noted that the Plan had been duly registered and approved by the Commission.

The Commission congratulated Metropolitan Life Insurance for the innovation and believed that the new product would help deepen insurance penetration in the country.

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