Insurers seek to leverage on emerging distribution channels 

PLAYERS in the insurance industry are gearing up to optimise emerging insurance distribution channels, so as to complement the traditional channels in a bid to widen insurance coverage in the country.

While insurers have traditionally sold insurance products through brokers and agents—other emerging distribution channels such as call centres, bancassurance, and internet have been rapidly gaining momentum.

Based on this, the stakeholders are set to meet for a major forum in Dodoma next month to brainstorm, among others, how to adapt fast technological changes to reform the sector.

According to President of the Tanzania Insurance Brokers Association (TIBA), Mr Okoth Oloo, the theme for the i-conference will be ‘Inclusive Insurance Market’.

“We need to see how these channels complement each other,” he said, when briefing journalists in Dar es Salaam, on Tuesday.

Mr Oloo noted that the participants will be taken through different topics, including how to leverage on new technologies, regulatory landscape, and customer experience in terms of products they offer, traditional and emerging distribution channels.

Association’s Vice-President, Elinipa Elias assured that the conference will be different from previous ones in terms of organisation and content.

The chairperson of the organising committee, Ms Anna Lema, said that so far the response was that many people were registering for participation.

Commenting, NIC Insurance Director of Marketing, Mr Karimu Meshack, said they were pleased to be main sponsor of the forthcoming i-conference.

“We have become main sponsor because we put customer first, and for us the TIBA is our key partner, they connect us with customers,” Mr Meshack said.

He said through the partnership the NIC Insurance managed to emerge be competitive in the insurance industry.

“We have put more effort into the application of new technologies in distribution of services, we want a customer to access services from any place,” he said.

Among successes in the previous year, the NIC Insurance made a profit of 63bn/-.

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