STANBIC BECOMES FIRST ZAMBIAN BANK TO RECEIVE INSURANCE BROKERAGE LICENCE
Aims to use it to promote financial inclusion and support private sector growth
LUSAKA, ZAMBIA – Stanbic has become the first bank in the country to receive an insurance brokers license from the Pensions and Insurance Authority (PIA). The licence gives Stanbic Insurance Brokers Zambia Limited the ability to distribute a competitive range of industry leading, segment specific insurance products from multiple underwriters. The licence also allows for full implementation of the Bank’s Bancassurance Strategy as part of its goal to meet clients’ broader financial service needs, enhancing loyalty and creation of non-funded income which aligns well with the bank’s objective of setting new frontiers for growth, explained Stanbic Insurance Brokers Zambia, Chief Executive Officer, Chilufya N. Nyirenda. “We are set to finalise brokerage agreements with preferred insurance companies to expand the product variety on offer. This will in turn allow for distribution of a competitive range of industry-leading, segment-specific insurance products from multiple underwriters. The establishment of a brokerage company will improve customer engagements and turnaround time mostly on placement of cover and claims settlement for clients,” she said.
The services offered are tailor made to meet the needs of both existing and prospective customers in addition to providing convenience and necessity. “Stanbic seeks to support private sector growth by promoting financial inclusion not only through affordable lending but by also ensuring there is adequate protection cover against the risk of defaulting on payments for Personal Loan Plans due to any unforeseen events such as disability, death or critical illness”, she added. Personal Loan Protection Plans will cover borrowers’ personal loan debt up to the outstanding loan amount in the event of death or total and permanent disability. This act provides for peace of mind as it allows the borrower to focus on growing the investments made with the loan rather than working to manage the risks of repayment.
The goal is to encourage more entrepreneurs to come forward and access financing for their business ideas and help reduce unemployment and grow the economy. The Enterprise Life Insurance covers will help mitigate for loss of income arising from death, critical illness or disability. In addition, Stanbic offers embedded insurance covers for account holders in Silver, Gold and Platinum segments; providing customers with value add services. Business owners can also be protected against loss of money or property sustained as a result of acts of fraud, theft or dishonesty by an employee in the course of employment,” she concluded. Other insurance products offered by Stanbic include comprehensive motor insurance and homeowner’s protection plans, which protect against accidental loss or damage to the physical structure of a home caused by such issues as lightning, fire, flood, falling trees, burglary among other risks.
“Stanbic is unwavering in its quest to form fruitful partnerships with its clients in their personal development and success. Therefore, we will continue to develop methods by which we can anticipate our client’s needs and provide suitable solutions in line with our goal to make a positive impact in people’s lives,” added Mrs Nyirenda.