TIRA to insurers: Be innovative

DAR ES SALAAM: Tanzania Insurance Regulatory Authority (TIRA) has encouraged insurance companies to put more weight on innovation and bring new products that will benefit, particularly, those in the low-income bracket.

TIRA’s Commissioner of Insurance, Dr Baghayo Saqware, said the regulator would continue to create an enabling environment for the insurance market that welcomes new products which benefit all walks of life.

“The insurance companies should continue to be innovative and bring new insurance products that I firmly believe in one way or another will be able to help the people as well as promote and develop the insurance industry,” the Commissioner said during the launching of Wakandi Tanzania life insurance product on Monday.

The product launched by Wakandi in partnership with Sanlam Life Insurance Tanzania will focus on Saving and Credit Cooperative Organisations (SACCOS) and Microfinance Institutions.

Also, he called the insurance companies to increase creativity in designing various insurance products that centred to benefit low-income citizens.

Dr Saqware is optimistic that the product will improve the financial security and well-being of SACCOs’ members and increase contribution to the growth of the insurance sector.

Additionally, he called on insurance companies to raise awareness and encourage all Tanzanians to have various cover including life assurance to protect themselves from various disasters.

Wakandi’s Country Manager Mr Daudi Boaz said they are Fintech company that is aimed at creating equal opportunities for finance through technology and accelerating the digital transformation of the informal economy.

“We are moving on a road to a technology-enabled financial world….Wakandi provides the opportunity for informal financial groups to manage their finances as easily as sending a text message”, he said.

The newly launched product aimed at improving the financial security and well-being of savings and credit of SACCOs and MFI by allowing them to protect themselves from financial risks through insurance.

Wakandi Tanzania has been licensed for online insurance activities by TIRA.