In a bid to boost insurance penetration in the country, Bayport Savings and Loans Company has partnered Star Assurance to introduce the new Bayport motor insurance.
The new motor insurance unlike any other insurance on the market offers flexible monthly payments. Thus customers can pay premiums monthly instead of the usual annual premium payments required by other insurance companies.
The unique feature hence reduces the pressure of customers having to pay premiums upfront.
In a speech at the launch of the new motor insurance, Managing Director for Bayport Savings and Loans Nii Armah Tetteh expressed excitement for the introduction of the new product.
Speaking to joy business at the launch ceremony of the Bayport motor insurance, the head of Commercial at Bayport Sam Donkor said they are hoping to boost insurance penetration with the new product.
"In response to the National Insurance Commissioner's call for all financial sector players to come on board to help boost insurance penetration, we at Bayport believe that coming on board with our over 1300 customers will take the insurance penetration a notch higher, " he said
Mr Donkor said providing the insurance policy, customers get an all-inclusive financial solution by transacting with them.
The head of bancassurance for Star Assurance, Bridgette Opoku Sarkodie promised prompt payment for customers who subscribe to the new motor insurance policy.
She said the collaborations were very important to the sector as it facilitates reach into very remote areas.
“For us, as insurance companies, we may not have branches in some of the villages but Bayport has branches in those areas so we get to leverage on it to get more customers,” Madam Sarkodie noted
The new motor insurance is available to Bayport Savings and Loans customers and therefore one must become a customer of Bayport to access the policy.