NMB teams up with four insurance companies to offer property insurance

21Feb 2020
The Guardian Reporter
The Guardian
NMB teams up with four insurance companies to offer property insurance

CONSUMERS can now get insurance services for their property and lives from any of the 224 NMB Bank Plc physical branches countrywide thanks to a partnership forged with four insurance companies.

This NMB Igunga branch in Tabora region is one of the 224 branches countrywide that will offer bancassurance services. File photo.

The bank which unveiled its bancassurance products in Dar es Salaam this week said it has signed agreements with National Insurance Corporation, Zanzibar Insurance Corporation, Reliance Insurance Tanzania Limited, Sanlam Life, Jubilee Insurance and UAP Insurance to provide such services.

Speaking during the launch, NMB’s Chief of Retail Banking, Filbert Mponzi said the new product will help consumers in the market countrywide to easily insure their property such as houses, motor vehicles and lives against any risks.

“Although insurance penetration has improved very much in recent years, we still see a lot of opportunity to tap this market because of growing public demand for the services and products. We are simply exploiting the opportunity to take the services closer to their door steps,” said Mponzi.

He invited the public to visit NMB branches countrywide and seek the bancassurance products and services that will guarantee them recovery of property when destroyed or lost while providing life cover for assured people when they become incapacitated to work or die.

“Our clients now have the luxury of getting banking and insurance services and products under one roof at our branches countrywide,” the NMB CRB noted while paying tribute to Bank of Tanzania and Tanzania Insurance Regulatory Authority for approving the bank’s application to offer bancassurance services.

Mponzi’s observation was backed by the bank’s Senior Manager for Insurance, Martin Massawe who promised customers and the general public to get quality bancassurance services.

“We promise Tanzanians that they will get quality bancassurance services at all our branches where we have highly qualified and experienced personnel,” Massawe said.

Speaking at the launch, Commissioner of Insurance, Dr Mussa Juma said bancassurance is an important vehicle through which the government wants to increase insurance penetration in the market.

“We hope that partnerships like this between banks and insurance companies will help speed up rolling out of insurance coverage in the country,” Dr Juma noted stating that Tanzania remains one of the countries with the lowest insurance penetration in East Africa with less than one percent of the population covered. He commended NMB and the four insurance companies for forging the partnership which is an important vehicle to deliver bancassurance services countrywide.