By Our Reporter
KCB bank has started offering insurance policies to their customers and the general public. This after the Insurance Regulatory Authority of Uganda granted them a license to conduct business as a bancassurance agent. Bancassurance is the selling of insurance products through banks’ distribution channels.
According to Joram Kiarie, the Managing Director KCB bank, the bank has partnered with two life assurance companies and four general insurance companies to provide a range of insurance products that include; Credit Life Assurance, Mortgage protection, Children Education policies, Investment policies and Motor insurance among others.
“We are well equipped with the right insurance partners, infrastructure, systems, processes and professional insurance staff to adequately give Bancassurance services to our customers,” Joram Kiarie stated. “The bank will lead the sensitisation to their existing and prospect customer base about the benefits of taking up insurance products and services.”
With the penetration of insurance still very low at below 1%, bancassurance is one of the channels through which the insurance sector and its affiliated regulatory bodies are looking to drive insurance penetration and uptake while also influencing attitudes towards insurance.
While officially granting the license to KCB bank at the IRA offices, Alhaj Ibrahim Lubega, the CEO IRA, applauded the bank for taking the decision to work with the insurance sector. He noted that this will build and deepen the financial sector while also increasing access of insurance services to Ugandans across the country.
KCB bank becomes the 14th bank licensed to conduct business a bancassurance agent joining others like dfcu Bank, Barclays, UBA, NC bank, Orient bank, Diamond Trust bank, Stanbic, Bank of Africa and Finance Trust among others.