NMB, insurance firms pact to cover property

21Feb 2020
The Guardian Reporter
The Guardian
NMB, insurance firms pact to cover property

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

NMB’s Chief of Retail Banking Filbert Mponzi.

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

Speaking during the launch, NMB’s Chief of Retail Banking Filbert Mponzi said the new product will help consumers to easily insure   property such as houses, motor vehicles and obtain life insurance against unforeseen situations.

“Although insurance penetration has improved in recent years, we still see a lot of opportunities to tap into 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.

They also provide life cover for assured people when they become incapacitated to work and to beneficiaries if an insured person dies.

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