The youngest of the Hollard Ghana insurance group, Hollard Life Assurance’s market share grew aggressively at 110% GWP and 138% NWP in 2020. They achieved this remarkable feat while making significant strides in innovations, operations, partnerships, products, and alternative distribution methods.
Since its inception three years ago, Hollard Life has become synonymous with customer-centric insurance products. Its Adepa Three is a blueprint for family financial planning. The Adepa Three products which include Adepa Wo fie, Adepa Savings Plan, Adepa Family Plan and Adepa Goal Save are for individuals and families. They are accompanied by the Purple Employee Plan targeted at businesses looking to secure the welfare of their employees. More recently, Hollard Life has introduced their popular MeBanbɔ, a micro-insurance funeral and disability product. This product, focused on the mass market, has received acclaim for its simple USSD mobile money-based effort to insure hitherto underserved customer bases that are often not considered during product development.
Insurance has always played a key role in Ghana’s financial sector, yet its abysmal growth and attendant penetration rate of about 1% belies the support the industry offers. Striving for financial inclusion should be an industry focus during product development to increase insurance penetration. Microinsurance products can help demystify typical misconceptions about insurance and help low-income households maintain a sense of financial confidence even in the face of significant vulnerability. The surest way to protect these categories of people is through microinsurance products with simple sign-up, claims and payment processes.
How Hollard Life is enhancing the market with MeBanbɔ
Loosely translated to ‘My Protection,’ MeBanbɔ offers tailored packages of GHS 1,000, GHS 5,000, GHS 15,000 and GHS 30,000 funeral and disability cover for premiums as low as GHS 1, GHS 5, GHS 15, and GHS 30, respectively. The goal of the microinsurance product is to make insurance accessible by creating a better future for all regardless of your income level. It is the first micro-insurance product of its kind offering packages that suit different personal needs.
Now Hollard Life’s flagship product, MeBanbɔ, was developed out of insights received from engaging with potential customers. From the research, respondents expressed interest in securing their financial well-being against unexpected incidences such as funerals and disability. This resulted in the launch of MeBanbɔ, which was customized to meet the unique risks our customers face.
How to register for MeBanbɔ
Signing up for MeBanbɔ is as simple as recharging a phone with airtime. Users can self-register by using mobile USSD code *269# on any mobile phone including a feature phone. It’s easy and convenient for people to sign up and claim at their comfort. MeBanbɔ is currently available to persons older than 18 years who use the Vodafone mobile network.
The future of microinsurance is MeBanbɔ
MeBanbɔ is gradually becoming a household name in Ghana because it is bridging the gap in financial inclusion in Ghana. Hollard Life believes that treating every Ghanaian with care and dignity by way of product delivery and services is the surest way to aid the growth of the insurance industry in Ghana.
About Hollard Life Assurance
Hollard Life is a subsidiary of the insurance group, Hollard Ghana, which combines its deep local knowledge of the market with the world-class expertise of an international insurance brand. With feet firmly planted on Ghanaian soil but Headquartered in South Africa, Hollard delivers innovative insurance solutions customised to the unique risks Ghanaians face. Hollard was previously Metropolitan Insurance which operated in Ghana for over 25 years.
Hollard Life Assurance offers various life insurance products including funeral, personal accident, savings and investment, group Life insurance and employee plans, and more. Beyond various nationwide office branches and Hollard 2U franchise shops, Ghanaians can find Hollard at Shell Fuel Station Welcome Shops, Melcom stores and online at www.hollard.com.gh and www.jumia.com.gh for all their insurance needs.
