UniBank Ghana Limited in collaboration with Star Assurance Limited has launched a motor insurance account to take away the burden of paying premium for a Third-Party Motor Insurance.
The product dubbed “The Motor Insurance Saver Account’ is to help vehicle owners open a special motor insurance account with the bank of which the account holder is required to save up to an agreed sum of GH₵1800.
Launching the product at the New Achimota Lorry Station, the Mr Clifford Duke Mettle, Director, Marketing and Alternate Channels of the uniBank, said “every motorist is by law required to be insured against third party risk”
According to him, “with the recent increases in Third party motor insurance premium, your caring Bank has decided to come in and help motorists to save towards their third party insurance premium payment.
The Motor Insurance Saver Account he said is a special account for vehicle owners and that the account holder is required to save up to an agreed sum (now it is GHS1, 800).
“Once the amount is met, uniBank will take up the responsibility of paying the insurance premium on behalf of the customer. All that is required of you. A MISA account holder is to drive to any to any of our 52 branches to request for and have your insurance issued to you.
Mr. Mettle further explained that, their partner Star Assurance will be the insurance provider and that “customers of the MISA account will have their vehicle’s third party insurance underwritten by Star Assurance.
He said, uniBank (Ghana) Limited, your wholly owned Ghanaian bank through technological and product innovation, introduce products that meet the needs and aspirations of Ghanaians and making meaningful difference in the lives of our cherished customers. You may recall our award-winning products like; ‘SIKA COLLECT, ‘Premuim financing’, ‘Efie-ne Fie’, just to mention a few.
“Our knack at uniBank is to deliver unique products and services in the most caring and effective way. This has been the key to our strong financial performance and continuous relevance in the Ghanaian financial services sector.
According to him, “innovation in Banking does not merely dwell in the creation of alternative channels, but more-so on the ability to be proactive and continuously find new and efficient way of meeting the changing needs of consumers. This is the strategic orientation of uniBank – to tailor products, services and channels that will bring convenience and improvement in the lives of our customers.
He said the The Motor Insurance Saver Account, is a bold initiative which is aimed not only at taking up payment of premiums on behalf of the account holder, but also hold the account balance in trust for the customer.
“This means, the amount saved in the MISA account is for you the account holder irrespective of the number of times you have enjoyed the free insurance premium. You (the customer) are at liberty to withdraw the balance in your MISA account anytime you decide not to renew the insurance policy when it expires”.
To qualify, drivers and vehicle owners are required to first open a Motor Insurance Saver Account with a minimum opening balance of GH₵ 20, deposit or save up to and maintain the required balance, now at GH₵1,800 and provide your vehicle details for confirmation.
On her part, the Executive Director of Star Assurance Limited, Mrs Panin Duffour Barfour-Awuah while describing the partnership with uniBank in providing tailor-made products to its customer said “Star Assurance is really proud” to be part of history since this product is the first of its kind in the country.
She assured that, the team at Star Assurance will work assiduously with their partners at uniBank to be able to satisfy the customers and make this product successful.