NBC, Britam enter into partnership to promote insurance penetration

 

By The Citizen Reporter

Media/news company

Mwananchi Communication Limited

Summary

·         The training which involved the agents from around the Lake Zone and the North Zone regions aimed at equipping them with tools and knowledge of the insurance services in order to promote sales

Mwanza. National Bank of Commerce (NBC) in collaboration with Britam Insurance Tanzania have teamed up to train the bank’s agents in attempt to increase insurance penetration in the country.

The training which involved the agents from around the Lake Zone and the North Zone regions aimed at equipping them with tools and knowledge of the insurance services in order to promote sales.

The one-week training held in Mwanza and Arusha regions, was conducted through the Africa College of Insurance and Social Protection (ACISP).

NBC director of retail banking Elibariki Masuke said the move will increase the insurance penetration across the country.

“With a network of over 10,000 agents, we are optimistic to reach the masses,” said Mr Masuke.

He said the initiative is also part of supporting the government’s financial inclusion agenda.

Britam Insurance Tanzania chief executive officer Raymond Komanga said the training sponsored by his company came following the the shortage of agents and insurance brokers in some parts of the country.

“Despite the shortage of agents, last year the insurance market was able to collect fees (premiums) amounting to Sh1.1 trillion through the current number of insurance agents and brokers. We felt it was the right time to expand the scope of reaching our customers across the country through the NBC Wakala network spread all over the country,” he said.

Speaking about the training, ACISP executive chairman Sosthenes Kewe said it aims to enable the agents to obtain the minimum qualification that will further enable them to provide insurance services according to the criteria set by the Tanzania Insurance Authority (TIRA).

“After this training, all the participants will have the opportunity to do a qualifying test and certificates will be given only to those who pass the exams,” he explained.