Metropolitan Life Insurance Ghana Limited has launched a new chatbot named ‘Yaa’ together with a new life insurance product also known as the Family Financial Wellness Plan (FFWP).

Mr. Emmanuel Tuffuor, the Acting Chief Executive Officer of Metropolitan Life Insurance, noted that the new chatbot is aligned with the Company’s strategic objective of revamping its retail products to ensure its present and future market fit in the company’s direction to increase competitiveness.

Mr. Tuffuor explained that the chatbot ‘Yaa’ is a 24/7 interactive platform, which makes it convenient for clients and prospects to engage with the Company.

“Clients and proposers can do just about anything and everything on this platform, which is accessible via a QR Code, dedicated WhatsApp number, and or our website.

“For example, you can seamlessly buy a new policy; update your existing policy; submit a claim; request an inquiry; and lodge a complaint, while on the go. With our WhatsApp Chat Bot, you are assured of Real Time Experience!”
Mr. Emmanuel Tuffuor

The Acting CEO, moreover, noted that the new life insurance policy is also designed to provide income protection for the immediate family of a deceased policy holder or in the event of critical illness or permanent or temporary disability.

“The life insurance landscape is fast changing. With the last five years growth averaging 20 per cent, coupled with the increasing threat of new entrants, high product similarity, and relatively high power of customers and suppliers, and increasing regulation, the industry competition has become rife and getting more intense by the day, hence the need for players to embrace digital technologies to spur Product and Platform innovation.

“As a business, we have set out our Four-year Reload Strategy, which has the overarching ambition of doubling the size of our business within a strong control environment, with happy customers and employees.”
Mr. Emmanuel Tuffuor

Strategic Objective of the Metropolitan Life Insurance

Mr. Tuffuor noted that the strategic objective of the company is to revamp retail products, saying that the product FFWP- an income protection policy for individuals and families is, therefore, “aligned with our strategic aspiration.”

Mr. Tuffuor explained that the Plan, which could be taken on a term basis, provides the policy owner the benefit of a lump sum, which would be paid in monthly installments over their chosen period in the undesirable event of Death, Temporary Disability, Permanent Total Disability, and listed Critical Illnesses (e.g., cancer, stroke, blindness, paralysis, coma, kidney failure, etc.) relating to the lives insured.

“Additionally, policy owners would also enjoy a cashback benefit of 30 percent of their third-year risk premiums if no claim is made on the policy over the period.”
Mr. Emmanuel Tuffuor

Similarly, the Acting Chief Executive Officer intimated that 25 percent of the lump sum cash is payable as a survival benefit if no claims are made at the end of the chosen policy term. Also, he added that there is a 10 percent standard annual inflation management component that is subject to change.

Ms. Rita Apau, Head of Core Supervision at the National Insurance Commission, speaking on behalf of Dr. Justice Ofori, the Commissioner of Insurance, noted that the Plan has been duly registered and approved by the Commission.

The Commission congratulated Metropolitan Life Insurance for the innovation and believed that the new product would help deepen insurance penetration in the country.