UMB, Phoenix launch Bancassurance


Universal Merchant Bank (UMB) and Phoenix Insurance on Wednesday February 24 collaborated to launch an insurance product known as Bancassurance at the bank’s headquarters in Accra.

Speaking to Class News’ Desmond Decker, Chief Executive Officer of UMB, John Awuah said Ghanaians were not running to insurance companies to insure themselves because trust in the industry was nascent.

“And if you have a credible partner and a credible bank collaborating to provide that product, you can be certain that we are going to continue to create a national awareness that insurance is very key,” he said.

According to him, what UMB and Phoenix had done was not the usual bank insurance, but one that was unique to customers and potential customers alike.

Mr Awuah noted that Phoenix Insurance was known in the market to be one of the best payers of claims while UMB was also a credible partner in terms of financial provisions, hence a collaboration between the two would be a unique insurance collaboration.

He disclosed that the bank had migrated onto a new banking platform so that it can be in a better position to serve customers promptly.

“At UMB, when you bank with us, you are the one that we put first and we migrate you from childhood to old age, right from your start-up to when you have your multinational companies. At every point of the way, UMB will be there to support you,” he added.

The bank has introduced three new insurance products – the UMB Family/Accident Insurance, the UMB Motor Insurance and the UMB Householders/Homeowners Insurance.


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