Some life insurance companies are making a case for a remunerative benefit to be offered to the policyholder after every three months under their life insurance policy.
Also known as No-Claim Bonus (NCB), Acting Head of Metropolitan Life Insurance (MetLife), Emmanuel Oteng Tuffour says active policyholders deserve some motivation.
Speaking at the launch of a Family Financial Wellness Plus product and Whatsapp Chat Bot named ‘Yaa’ for current and potential policyholders of MetLife, he said MetLife Insurance is making a case for a remunerative benefit offered to the policyholder after every three months under their life insurance policy.
According to him, active policyholders deserved some motivation, hence the innovation.
“We believe that you don’t necessarily have to make a claim. So you benefit if you also sign up for the product for that period that you have actually not made a claim. This is also an opportunity for you to make some cash back benefit.”
Also known as No-Claim Bonus (NCB), it is a modest way through which the insurance company rewards the policyholder for having a claim-free year. Under this benefit, a monetary benefit is provided to the insured if no claims are raised in the previous policy tenure.
The FFW product has assorted benefits including Death Benefit, Permanent Total Disability Benefit, Temporary Disability Benefit, Critical Illness Benefit, Cashback Benefit as well as Survival Benefit.
Mr. Tuffour believes product development is the surest bet to improving insurance penetration
For his part, the Board Chair of the company and Managing Partner of CFY Partners, Charles Akun Egan, said life insurance should no longer be ‘business as usual.’
“They must think out of the box and be innovative around the tripod of Products, People, and Platforms to enhance their competitiveness”.
Meanwhile, the CEO of KEK Group, Shaibu Ali has allayed fears product innovation in the insurance sector will serve as a disincentive to brokers.
“A lot of us brokers are getting on board the technology platform so that we will be able to also interact with the customers on these same products. We are complementing each other.”