SIC Life Insurance LTD has launched a strategic bancassurance partnership with the National Investment Bank (NIB) as part of a broader transformation drive to turn the state-owned insurer into a profit-making, customer-focused company.
Speaking at the launch, SIC Life Insurance Managing Director Ing. Solomon Twum Barima,Esq. who said he was appointed last year by President John Mahama to lead the insurer outlined a multi-pronged strategy centered on collaboration, digitization and consumer education. “We chose a path of transformation,” he said, noting a dedicated transformation department has been established to oversee the change.
Under the new arrangement, SIC Life Insurance products will be made available to NIB clients through the bank’s branches and digital channels, enabling customers who interact with NIB to purchase life insurance and access related services on the spot. The move builds on an existing investment relationship between SIC and NIB, with SIC providing funds for NIB-managed investments.
“Anybody who goes business with NIB can also get insurance protection,” Ing. Solomon Twum Barima,Esq said, stressing insurance’s role as an economic safety net—from protecting businesses against fire to providing income protection for families after death, disability or job loss.
A core pillar of SIC Life Insurance is digital transformation. The company has migrated away from paper-based claim forms and introduced online self-service portals and mobile access through both SIC Life and NIB platforms. Twum Barima, set an ambitious operational target: to process and pay claims within minutes. “I want to pay claims in 10 minutes,” he affirmed, adding that the company is already settling claims in real time through its digital systems.
To comply with national regulations and boost security, identity verification processes aligned with the National Identification Authority (NIA) are integrated into the digital workflows. Customers who cannot complete verification via phone can still be assisted at SIC offices.
SIC Life is also changing how policy information is presented to customers. The company now provides full terms and conditions upfront—displayed in clear, readable text—before customers accept a policy. “We are the first insurance company that puts the terms and conditions to you before you accept, Twum Barima said, noting the change is intended to reduce disputes at the claims stage and to build customer trust.
Twum Barima, emphasized the need for a cultural shift in how Ghanaians view insurance, encouraging a generational mindset of protecting the future rather than prioritizing immediate consumption. He highlighted that even modest monthly contributions can provide significant protection to families: “With as little as 100 cedis a month, you can accumulate so much that when you die, or when you become incapacitated, … you have something to fall for.”
Outlook
SIC Life’s bancassurance partnership with NIB and its digital-first, transparency-focused initiatives aim to broaden insurance penetration, streamline claims, and restore public confidence in the sector. If successful, the strategy could serve as a model for state-owned insurers seeking to modernize operations and expand access to financial protection across Ghana.
