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TANZANIA Insurance Regulatory Authority (TIRA) and the Central Bank of Tanzania (BOT) have commended Exim Bank Tanzania Limited for its new bancassurance product that will contribute to further penetration of insurance services.
Dubbed as “Bima Tu, Malipo Tuachie”, the product targets at encouraging the bank’s customers and the public to draw for different insurance covers offered by the bank in collaboration with its partners.
Speaking recently in Dar es Salaam during the launch of the product, TIRA Licensing and Marketing Manager Hillard Maskini said in implementing the new service, Exim Bank has partnered with 10 major insurance companies in the country to provide its customers with the best Insurance services including, Health Insurance, Travel Insurance and Life Insurance.
“This ongoing partnership is the best step forward in the history of providing insurance services in the country. That is why we as stakeholders and senior managers of the Insurance industry are highly commended by financial institutions including Exim Bank for their continued support as through such partnerships will help increase access to insurance services,” said Maskini.
He said the current intention of the government is to expand the scope of the penetration to provide insurance services to the Tanzanian community which currently has only 28.6 per cent access to the service.
Financial Institutions Manager at BOT Nassor Omary said the partnership would, among other things, increase the scope of access to customers and the general public and thus boost the insurance industry while improving banking services in the country.
“The increase in the use of Insurance services in the country through financial institutions, as well as other direct benefits to the citizens themselves is also a benefit to stakeholders such as banks, insurance agencies and the government,” said Omary.
Speaking earlier at the event, Exim Bank Chief Executive Officer Jafari Matundu said that in making the service a success, the bank has already prepared some of its specific staff for providing services in collaboration with 10 insurance companies that partner with the bank to operate.
“Not only have our staff been given special training to make this programme a success but they have also been approved by the relevant authorities to be mature in assisting our clients especially in providing education on the insurance services they need … so we are well prepared,” said Matundu.
Elaborating on the service, the bank’s Acting Head of Insurance Services, Melichizedec Muro said through the service Exim bank will provide loans that will enable payments for insurance services of various kinds via 10 insurance firms that work together with Exim bank and borrowers will continue to slowly repay the loans while benefitting by the insurance services provided.
“That is the reason we decided to come up with “Bima Tu Malipo Tuachie” Muro said while mentioning the firms that work together with Exim bank as including Jubilee Insurance, First Assurance, Heritage Insurance, GA Insurance, Alliance Life Assurance and Britam Insurance.
Others are UAP Insurance, ICEA Lion General Insurance, Strategies Insurance, and Alliance Insurance Corporation.
Muro further said that in providing the service, Exim bank has mobilised itself to make sure it provides adequate education to the people on insurance services in order to remove challenges due to lack of education on the subject by their customers.
The event was also attended by various stakeholders including representatives from Insurance firms that participate in making the service a success, including the chairman of the Association of Tanzania Insurers (ATI), Khamis Selemani, customers and other Exim bank workers.
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