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KCB joins Bancassurance bandwagon

KCB joins Bancassurance bandwagon

KCB Bank has joined other banks on Bancassurance bandwagon after introducing the platform to increase insurance services penetration.

A representative of KCB Managing Director, Juma Abdul who is the Head of Small and Medium Enterprises (SMEs) said businesses are exposed to various risks which can only be rescued through insurance cover.

Mr Abdul said during the launch ceremony which was held in Dar es Salaam and involved KCB bank staff and Insurance stakeholders, the move was to increase the utilization of insurance service to remote areas countrywide.

He added that the government through Tanzania Insurance Regulatory Authority (TIRA) has continued to put in place effective strategies to increase the contribution of the insurance industry in the national economy.

“Insurance industry contributes about 0.57 percent of the country's GDP, our task is to ensure that our innovative solution services will meet our customers’ demand,” he said.

KCB Bancassurance Manager Ms Pamela Uriyo said the service helps people to buy insurance cover and process claims at the bank.

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

She added that the service launched will help citizens to access various insurance services through all branches in the country; also they will provide training as a part of promoting the importance of insurance to citizens.

Ms Uriyo said the bank is committed to providing insurance loans to all stakeholders including businesses to assist them in their various activities.

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Author: CHRISTINA MSEJA

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