ELAC, Barclays relaunch bancassurance product

Enterprise Life Assurance Company Limited (ELAC), in partnership with one of its partners, Barclays Bank of Ghana, has relaunched the Family Funeral Plan (FFP) Policy with upgraded and improved benefits.
The upgraded policy aims at providing prompt cash payout to clients to cover funeral expenses in the event of death.
The General Manager in charge of operations at ELAC, Ms Jacqueline Benyi, explained that the relaunching of FFP was to ensure that their products met the changing needs of their clients.
“As a business, you need to take feedback from customers and provide tailor-made products to meet this increasing need,” she said.
She said the revised plan could cover the life assured, the life assured’s spouse, children and the extended family, depending on the choice of the policy holder.
As part of the relaunch, staff of Barclays Bank, the bancassurance partner, and some selected staff of ELAC will wear branded T-shirts every Thursday to reemphasise the collaboration between ELAC and the bank.
The Managing Director of Barclays Bank of Ghana, Mr Benjamin Dabrah, said the relaunch of the policy was necessitated by the feedback they got from their clients on the need to improve benefits.
“We launched our bancassurance funeral policy three years ago and it sold very well on the market; the claims payment record has been excellent. But from time to time, we bring the voice of the customer into our organisation and we realised they wanted certain things to be added to the product,” he said.
He said although society did not like to talk about death, “unfortunately the reality is that it is inevitable, and whether we talk or think about it or not, it will happen so the earlier we start preparing for it the better.”
Mr Dabrah also noted that the collaboration between the bank and insurance companies was critical as they were both in the business of providing financial solutions to clients. He added, “insurance is a critical part of financial planning.”
The Director of Consumer Banking at Barclays Bank, Mr Nana Benneh, said policy holders could now enjoy cash back of 10 per cent of their total premium every five years.
He explained that under the upgraded policy, “clients get to enjoy double the sum assured to be paid to the beneficiary when a policy holder dies through accidental death.”
In line with this initiative, the company is giving an optional opportunity to its existing clients to upgrade their existing FFP policy and for prospective clients to sign up to enjoy these new benefits.