Agricultural Development Bank (ADB), as part of its strategic plan of pursuing a retail banking strategy and introducing non-generic banking products, has introduced a new product – ADB Abusua Anidaso onto the market.
ADB and Vanguard Life Assurance (VLA) jointly launched the product with the aim to providing immediate cash payout to policy holders to cover the funeral expenses of their loved ones.
The ADB Abusua Anidaso is an insurance solution from ADB, underwritten by Vanguard Life Assurance, which allows policy holders to contribute towards financing the funeral expenses of their loved ones.
Steve Kpordzih, Managing Director of ADB, speaking at the launch of the product, commented: "The collaboration will afford Vanguard Life an opportunity to use ADB's extensive network of 77 branches to market otherwise generic insurance products and also offer ADB the opportunity to ride on the success of the Vanguard Assurance brand to sell this product to its customers."
He said that the partnership between ADB and Vanguard will continue to grow as ADB seeks to align Vanguard products to its generic banking products and fully integrate insurance products in the bank's range of savings and investment products.