A bank and an insurance company will enter into a contract known as bancassurance so that the insurance company can market its products to the bank’s clients.
Through the Centenary Bank branch network and other channels, the bancassurance service sells insurance products. In essence, it’s a deal between Centenary Bank and insurance providers to offer insurance services to their clients.
The Financial Institution Act of 2004 was amended in 2006, and the Insurance Act of 2017 was passed. As a result, one of the services that can be provided by financial institutions that are under supervision is known as bancassurance.
This concept was developed in the Ugandan market at this time.
Here is more helpful information on Centenary bank bancassurance and how it works.
Understanding of a Bancassurance Agent
A bank with the proper authorization from the Insurance Regulatory Authority of Uganda to do bancassurance business is referred to as a bancassurance agent.
You can as well say Centenary Bank has the proper authorization to act as an insurance provider for other insurance firms.
The bancassurance value proposition for Centenary Bank Customers
- Access to affordable, individualized insurance products
- Due to various insurance products that might provide social protection, there is a decreased risk to families and businesses.
- Convenient access to a location that combines insurance and banking services under one roof
- Given the rigorous procedure, we use to assess insurance partners, obtaining insurance from reputable insurance companies
- Simpler premium payment procedures
- In the claims procedure, technical and moral support is provided
Features of insurance products from Bancassurance
- Basic goods such as mass merchandise and auto rated
- Simple to comprehend for bank customers, with an emphasis on basic requirements
- A straightforward pricing structure that is affordable will help the selling process.
Insurance products under Bancassurance
- Hospital Cash
- Motor Polices (MTC and MTP)
- Domestic packages (House and Homeowners’ policies)
- Travel Insurance
- Personal Accident/Group Personal Accident
- Wallet Guard
- ATM Assault
- Business combined policy for business persons, that combines fire, burglary, money, goods in transit, marine, and liability insurance in one package – SME
- Medical Insurance
- Life insurance Individual/ Group
- Education
- Savings Products
- Funeral
Centenary Bank’s Current Insurance Partners
General insurance Partners
They include MUA, Sanlam, NIC, Excel, Britam, ICEA, SWICO, PAX Insurance, Gold Star, CIC Africa GI, UAP OM GI, and Jubilee GI.
Life Insurance Providers
These include Liberty, Prudential Assurance, Jubilee Life, UAP OM Life, and CIC Africa Life.
Microinsurance providers
Grand Microinsurance and Edge Microinsurance.
Conclusion
In bancassurance, banks act as product developers while continuing to serve as the distribution channel for insurance firms. It enables two industries to take advantage of the banks’ current network.
By letting insurance companies use its platform, Centenary Bank can make extra money. The bank may also have the chance to offer consumers more goods.
Via the bank distribution network, insurance companies can increase sales. Customers of partner banks are also accessible to insurance firms. This aids in the creation of their items.
Bancassurance can help customers with their financial demands. Because customers have simultaneous access to two financial services, they can save time and energy.
For more information, please visit your nearest branch or call Toll-free: 0800 200 555. You may also send an email to info@centenarybank.co.ug.
