Allianz Life Insurance last week unveiled its two innovative microinsurance products in the Ashanti regional capital, Kumasi.

The two microinsurance products tailored for the informal sector, utilizes a mobile application built on the growing mobile money services platform.

The products, Allianz Anidasoô Plan and Allianz Apômuden Plan, launched in Kumasi, at a brief but colorful ceremony at the Golden Tulip Hotel, are aimed at revolutionizing the current life insurance market while offering affordable life insurance solutions to the informal sector.

Speaking at the event, Chief Executive Officer (CEO) of Allianz Life Insurance, Gideon Ataraire said a lot of people need insurance but cannot afford it while existing insurance policies fail to cater for the needs of the common man, especially those in the informal sector

Against this backdrop, he said the outlook of Allianz Life Insurance, which launched its operations in the country a year ago, is to create effective and affordable solutions tailored to the average Ghanaian.

He said what makes Allianz outstanding is that they are customer-centered and design products from the perspective of customers adding that at Allianz, they find every reason to pay claims.

He explained that, the ‘Allianz Anidasoô Plan’ has a daily, weekly or monthly savings element (popularly called susu) and also takes care of the funeral costs and other living expenses during the trying period of the death of a person whose life has been insured.

It comes with a monthly insurance premium starting from GHS4.00 and pays up to GHS4,000.00 in case of natural death and up to GHS8,000 in case of death through a car accident.

The Allianz Apômuden Plan, on the other hand also provides a means to save either daily, weekly or monthly while getting an insurance cover for the time spent at the hospital on admission due to ill health. The monthly insurance premium starts from GHS6.00

Contributors get to enjoy a hospitalization cash payment of up to GHS100 each night for 30 nights.

In a speech read on behalf of Mr. Osei Assibey Antwi,Kumasi Metropolitan Assembly (KMA), who was represented by Nana Atta Poku Agyemang, Metro Director of Urban Roads, he stated that the lack of proper education often causes entrepreneurs to shy away from insurance. He expressed hope that the policies offered by Allianz would contribute to deepening insurance education.

He also urged Allianz to also take advantage of this opportunity to expose their microinsurance products to the traders who will be accommodated in the newly constructed Kejetia Market.

The Head, Alternate Distribution Channels, of Allianz Life Insurance, Jane Kitome, explained that the mode of sign-on of clients, payment of premiums and claims are all via the use of technology because Allianz is digital by default and we aim at ensuring convenience and ease of process for clients as well as security for their premiums and claims.

The Anantahene, Baffuor Agyei FosuTwetweakwa II who represented the Asantehene, Otumfuo Osei Tutu II, lauded Allianz Life for the introduction of its microinsurance products.

He encouraged traders, small business operators, among others in the informal sector to take advantage of the offer provided by Allianz Life to secure themselves against unexpected occurrences.

Also present at this august occasion were officials from the National Insurance Commission and the leadership of the Adum Central Market.

Allianz officially launched its life insurance operations in Ghanaon May 24th 2018. Through the support and expertise of the Allianz Group, the company offers savings plans, funeral and term life policies for both the retail and microinsurance markets as well as group life products for companies, SMEs, groups and associations.