NBC, Sanlam Allianz push for wider insurance access

The National Bank of Commerce (NBC) and Sanlam Allianz Tanzania have renewed efforts to expand access to insurance services through bancassurance, as stakeholders call for greater transparency, public awareness and efficiency in claims settlement to strengthen confidence in the sector.

The partnership seeks to make insurance products more accessible, simplify service delivery and improve understanding of insurance as a financial protection mechanism against risks affecting individuals, families and businesses.

The commitment was highlighted during the second webinar jointly organised by NBC and Sanlam Allianz under the theme, “Building Trust Through Transparency in Insurance.” Representatives from the Tanzania Insurance Regulatory Authority (TIRA) and DigiCash also participated, discussing consumer protection and the role of collaboration in improving insurance services.

Speaking during the webinar, NBC Head of Insurance, Benjamin Nkaka, said banks could play a significant role in expanding insurance coverage by using their branch networks, customer relationships and digital platforms to reach more people.

“Our partnership with Sanlam Allianz has been instrumental in expanding access to insurance services in the country. Through our network, we facilitate access to insurance products, premium payments, insurance education and financing options to help customers meet insurance costs,” he said.

Nkaka said insurance should not be regarded as a luxury but as an essential financial protection tool that enables individuals and households to manage unexpected losses and safeguard their financial well-being.

Sanlam Allianz General Insurance General Manager for Insurance Distribution, Geofray Masige, said the arrangement integrated banking and insurance services, allowing customers to access insurance products, loans and claims assistance through a coordinated service delivery system.

“The partnership brings banking and insurance services together, making it easier for customers to access a range of financial solutions under one roof,” he said.

Masige explained that Insurance Premium Financing also enables customers to obtain bank loans to pay premiums for Sanlam Allianz products and repay them in instalments instead of meeting the entire cost upfront.

He said the arrangement could make insurance more affordable, particularly for customers unable to pay full premiums at once.

On regulation, TIRA Director of Compliance and Actuarial Services, Alex Rocky, said cooperation among regulators, banks and insurance companies was necessary to improve public awareness, service delivery and protection of policyholders’ rights.

“The growth of the insurance market must go hand in hand with transparency and efficiency in claims processing. Eligible claims must be settled promptly to strengthen public confidence in insurance services,” he said.

Rocky cited the 2025 insurance market performance report, which showed that gross insurance premiums increased from 1.52tr/- 2.25tr/-. Insurance companies settled 80.8 per cent of claims received during the year, valued at approximately 1.6tr/-, with payments totaling 1.29tr/-.

Meanwhile, DigiCash’s Dr Alfred Msemo said clear communication was essential to building customer confidence, urging insurers to explain policy terms, products and claims procedures in simple language.

“Insurance companies should use simple and clear language when explaining their products, policy terms and claims procedures to ensure that customers fully understand their rights and obligations,” he said.

Msemo also highlighted the role of technology in improving access to insurance, noting that digital solutions could simplify transactions and extend services to a wider population.

NBC Director of Compliance and Regulatory Affairs, Sarah Sumaye, said limited public understanding remained a challenge, with some Tanzanians viewing insurance mainly as a legal requirement rather than a means of protecting their health, property and finances against unforeseen risks.

“We recognise that education is essential in changing public perceptions of insurance. Through partnerships with various stakeholders, NBC continues to promote financial literacy to help people understand the different types of insurance, their benefits and their importance in everyday life,” she said.

Equally, she noted that sustained public education and cooperation among industry players were necessary to improve understanding, strengthen consumer confidence and encourage wider insurance uptake across the country.