Republic Bank Ghana, in partnership with Enterprise Life, has officially launched three enhanced insurance products designed to provide greater financial security and protection for families across the country.
The products—Enhanced Funeral Finance Plan Unlimited, Family Income Security Plan, and Enhanced Educare—were unveiled at a ceremony held at the bank’s head office in Accra on Friday, August 21, 2026.
The launch marks a significant milestone in the bancassurance partnership between the two institutions, which began on March 29, 2022. Since then, Republic Bank and Enterprise Life have worked together with a shared commitment to providing customers with protection and security for themselves and their families.
Responsive to evolving customer needs
Delivering the welcome remarks, Venus Frith, Chief Operating Officer of Republic Bank, expressed pride in the partnership’s progress and the enhancements now being offered to customers.
“These enhancements reflect our responsiveness to our customers’ evolving needs and our commitment to helping them protect what matters most and secure a better future,” Mr. Frith said.
He encouraged staff joining the event virtually to embrace the new solutions confidently, noting that every policy represents an opportunity to protect families and create lasting value.
“I commend our bank assurance teams and Enterprise Life for their partnership and hard work in bringing these enhancements to life. This is the republic we represent: innovation that responds to customers and empowers them,” he added.
Mr. Frith concluded by expressing optimism about an even stronger partnership and greater value for customers, offering blessings upon Republic Bank, Enterprise Life, all attendees, and the nation.
Mutually beneficial partnership
In an interview with journalists, Joseph Laryea Ashong, General Manager in charge of Commercial and Retail Banking at Republic Bank, reflected on the five to six years of collaboration with Enterprise Life, describing it as mutually beneficial.
“So, for the past five to six years, we’ve had this bank assurance partnership with Enterprise, and it’s been a mutually beneficial relationship in terms of premiums,” Mr Ashong stated.
He explained that customers have gained significantly from the various policies covering education, family life, and pensions, while the bank benefits from the added value these products bring to its existing portfolio.
“These are added value to the already existing products that the bank also has. So these are some of the benefits to our customers,” he noted.
Addressing concerns about whether the new insurance products would impose a financial burden on clients, Mr Ashong dismissed such fears, emphasising that the products are optional and designed with affordability in mind.
“These are products that are by choice. So you look at the benefits. Eventually, if you are taking a policy for five years or 10 years, and you have benefits accruing to the family, it is more beneficial to you,” he explained.
“These are not burdens to our customers, and it’s by choice. If you look at the premiums, they are very minimal, and you choose a plan according to your income levels,” Mr Ashong added.
Enhanced benefits driven by market research
Sidney Selby, Senior Manager of Technical and Life Administration at Enterprise Life, provided detailed insights into the enhancements, explaining that they were informed by extensive market research.
“The enhancement or the relaunch was illustrated by some findings from our research that we picked from the market or the industry. It was identified that the benefit levels have been changed over the period, and clients had the opportunity to buy higher sums assured. But we unfortunately didn’t have them on our old solutions,” Mr Selby explained.
He highlighted significant improvements to the funeral solution, which previously had a sum assured of GH¢50,000 but has now been increased to GH¢200,000. Additional embedded benefits include personal accident cover and retrenchment protection across all solutions.
“Then for our lapses, we notice that when clients run out of premiums and they are unable to pay, policies fall off, and the benefits that they sought to achieve because they are buying the solution is no longer benefited from. So we have introduced the no lapse benefit as well,” Mr Selby stated.
Under this new feature, clients who are unable to pay premiums will still be covered for up to 36 months, albeit with prorated benefits.
Three solutions, one commitment
Mr Selby elaborated on the three enhanced solutions now available to customers.
“We have enhanced our funeral solution. Now we call it the enhanced funeral unlimited funeral solution because it has no limit on that solution. We have enhanced our child education policy as well, which is our Educare solution. Then we have also enhanced our family income replacement plan as well, which is expected to support the family in the absence of revenues coming in,” he said.
Strategic expansion through bancassurance
Explaining the rationale behind the partnership with Republic Bank, Mr Selby noted that Enterprise Life, as the first insurer to pioneer bancassurance business in Ghana, had chosen to collaborate with the bank as part of its expansion strategy.
“Our collaboration with Republic Bank was largely driven by our expansion strategy and the intention to touch a lot more of their clients. We do appreciate and understand that in the banking space, there’s already a base for customers which they already serve. So we have come in to give an added benefit to these clients that they already cover,” he said.
“Our partnership seeks to extend our benefits to the customers of Republic Bank. We have done this since 2022, and this is a collaboration that we seek to run for a very long time,” Mr Selby added.
The launch reinforces the commitment of both institutions to innovation, customer-centric solutions, and the protection of Ghanaian families through accessible and affordable insurance products.
By Kingsley Asiedu
