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UBA introduces premium finance
2006-09-06 09:25:32
By Sandau Laizer, SAUT
The United Bank of Africa (UBA) has introduced premium financing, a product that will enable customers pay insurance premiums in 10 months installments.
”The product will help solve cash flow problems a lot of people and corporations experience when making lump sum insurance payments,” the bank’s Managing Director, Nehemiah Mchechu, said yesterday in Dar es Salaam.
Launching the product, Mchechu said people will not have to shy away from taking insurance cover due to lack of immediate cash for the purpose now.
He said the product will also be a big help to the insurance industry as they will concentrate entirely on providing the insurance services and not giving out credit and following up customers who are not paying their dues.
He said there are major benefits that a customer can get from the product besides managing their cash flows easily and that the customer is assured of immediate insurance cover and does not have to wait till they afford paying for the premiums or scouting for money to pay for them.
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