Stanbic Bank enters insurance market

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Stanbic Bank Zambia says the launch of it’s insurance brokerage firm will go a long way in ensuring that the quest for financial inclusion in the economy is achieved.

And the Pensions and Insurance Authority (PIA) has hailed the launch of Stanbic Insurance Brokers Zambia Limited, calling it a clear demonstration of the steady growth in the country’s insurance sector.

Stanbic broke new ground last month by becoming the first bank in the country to receive an insurance brokers license from the 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.

“Our services will go a long way in ensuring financial inclusion in the economy is achieved,” Stanbic Bank CEO Leina Gabarane said at a cocktail party to mark the launch of Stanbic Insurance Brokers at the Taj Pamodzi Hotel on Wednesday.

“Insurance partners need to think about how we can expand the insurance services beyond what we already have, lets think about how we can reach those people that are not yet accessing those services.

“Through the length and breadth that Stanbic bank already has in the economy I am convinced we will reach parts of the country that are currently not enjoying insurance services.”

Gabarane assures existing players in the insurance industry that Stanbic’s aim is not to complete with them but to complement the service they are already providing to the market.

“We are not bringing competition to existing insurance services providers neither will we be providing insurance services to the exclusion of them but they are our partners.

“I’d like to assure you that we are only complimenting a service that you are already providing to the market. And by working together we’ll be able to serve the public a lot better than we already are. Bringing more players will only really serve the customers better which is what we are all here to do.”

And Stanbic Insurance Brokers Zambia Limited CEO Chilufya Nyirenda, who could not hide her enthusiasm for the initiative, remarked: “Now that we have been formerly introduced to the public and welcomed to the insurance fraternity by the regulator, our focus now immediately shifts to providing the public with market leading products and services.

“Our goal as a bank that proudly calls Zambia home has always been to make a positive difference in people’s lives and drive the country’s growth.

“Part of that growth is new investments such as the introduction of a new subsidiary that will not only create employment opportunities in the country but also presents a new and innovative player in the country’s insurance sector.”

Meanwhile, the PIA believes Stanbic’s entry into the insurance market is proof that the sector is on an upward trajectory in terms of growth.

“The launch of this brokerage firm by Stanbic bank is a clear demonstration of the steady growth in the country’s insurance sector. It is the authority’s desire to see more stakeholders come on board and help propel the industry forward,” stated PIA deputy registrar in charge of insurance Titus Nkwale, who was guest of honour at the event.

He, however laments that the insurance industry remains one of the most underdeveloped sectors in the country,

“The sector has massive potential in terms of increased contribution to national GDP. despite recording an 18% growth in investment income and a 2% increase in the total number of insurance policies in place in the first quarter of 2018 as compared to last year, the insurance industry remains one of the most underdeveloped sectors in the country, in that most of the population is still uninsured.”

Nkwale urges concerted efforts among stakeholders in putting in place programmes and initiatives that will help spread awareness of the importance of insurance.



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Start: 2019-07-01 End: 2019-07-31