BANKS countrywide have been urged to embrace insurance business through the newly launched bancassurance regulations to ensure more people are covered.
The remarks were made by the Reliance Insurance Chief Executive Officer (CEO), Ravi Shankar when he hosted an Iftar for the firm’s customers and stakeholders in Dar es Salaam.
His remarks came in the wake of the launch of Bancassurance regulations recently by Tanzania Insurance Regulatory Authority (TIRA), as he stressed that this will now ensure that insurance services spread throughout the country and at affordable costs.
“We are well prepared to roll out and we want to appeal to all banks to embrace these new regulations to ensure that the uncovered population is reached.
We might not be able as Reliance Insurance to have branches all over the country but we will now have our presence through the
banks,” he said. He said Reliance Insurance has come up with products designed for everyone in order to reach out to many people so they can buy policies.
He said Tanzanians must shun the notion that insurance is only for a certain group of people stressing that there are different packages to meet different needs.
On her part, the Deputy Chief Executive Officer, Rukia Goronga added that Reliance Insurance is well prepared to cooperate with banks on the new regulations to ensure that the objective is reached and that a wider population is covered.
“We have been in the market for more than 20 years now hence we understand the needs and understand that many people do not still have insurance covers but we are confident that with bancassurance it will now be easy to reach more people,” she said.
He said they will continue sensitizing people and banks on the new regulations so they are well understood by many.
The Iftar event was attended by various dignitaries from the insurance and banking sectors, Reliance customers and other guests.