TIRA urges insurers to develop products solving citizens’ challenges

DAR: THE Tanzania Insurance Regulatory Authority (TIRA) has called on insurance companies to develop products that provide practical solutions to citizens’ daily challenges, saying the quality of insurance products should not be measured solely by the number of people enrolled.

The Commissioner of Insurance, Dr Baghayo Saqware, said companies seeking to expand financial inclusion must first understand the environment in which Tanzanians live and the challenges they face before designing appropriate products.

Dr Saqware made the remarks yesterday in a speech read on his behalf by TIRA Director of Compliance & Acturial Services.Mr. Alex Rocky during the launch of three new life insurance products by Jubilee Life Insurance Tanzania in Dar es Salaam.

“My call to Jubilee Life Insurance and other insurance companies is to continue creating products that offer answers to citizens’ challenges and improve their lives,” Dr Saqware said.

“The quality of products is not measured by the number of people who have joined alone. Understanding builds trust, and trust increases the sustainable use of insurance.”

He said Tanzania was entering an important phase of building financially resilient families and a financially resilient nation, with life insurance playing a crucial role in protecting citizens and supporting long-term planning.

Dr Saqware later launched Jubilee Life Insurance’s three products—Fanaka Plus, Smart Education Insurance Plan and Akiba Flex Plan—which are designed to support savings, education planning, life protection and other future financial needs.

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He commended Jubilee Life Insurance for presenting the products in Kiswahili, saying the use of language that citizens easily understand is essential in expanding insurance awareness and inclusion.

“The use of understandable language in providing information and education about insurance enables citizens to correctly understand the benefits, conditions and their responsibilities before and after joining insurance,” he said.

Dr Saqware noted that life insurance was an important tool for building financial security and resilience for individuals, families and the nation.

He said it protects income and life plans against the effects of death, disability, illness, accidents and other unexpected events, while also helping citizens save for important future needs, including children’s education and family welfare.

“Without insurance protection, an unexpected event can interrupt children’s education, affect family life and even extinguish the dreams of beneficiaries,” he said.

“Through life insurance, these dreams and plans can be protected and continue becoming a reality.”

Dr Saqware said the launch was aligned with Tanzania’s Vision 2050 of building a strong, inclusive and resilient economy.

He noted that it also supports the Financial Sector Development Master Plan 2020–2030, which seeks to increase the contribution of life insurance to national income to 3 per cent by 2030.

Dr Saqware also stressed the importance of providing product contracts and documents in both Kiswahili and English to enable customers to understand benefits, conditions, costs, insurance periods, exclusions and claims procedures before making decisions.

He said TIRA would continue monitoring the performance of the new products and collaborating with Jubilee Life Insurance to ensure they delivered the intended value to the public.

The Chief Executive Officer of Jubilee Life Insurance Tanzania, Ms Helena Mzena, said the company had continued improving its products to provide greater value and assurance to customers.

She said Fanaka Life Plan had been improved and rebranded as Fanaka Plus, offering customers opportunities to grow their money while receiving life protection and greater peace of mind.

Ms Mzena said Akiba Flex provides customers with greater flexibility in making contributions and withdrawals according to their needs.

She said the Smart Education Insurance Plan was specifically designed to help parents and guardians prepare for their children’s education.

“Here, our clients can save to ensure that the educational dreams of their children come true while also having life protection,” she said.

“These insurance products are proof that we care about and value the dreams of our customers and want to ensure that those dreams are fulfilled without unnecessary stress.”

Meanwhile, the Jubilee Insurance Board Chairman Amyn Lalji said the launch marked another important milestone in Jubilee Life Insurance Tanzania’s journey and reflected the company’s commitment to providing innovative and practical solutions that respond to the changing needs of Tanzanians.