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Standard Chartered Bank targets middle class as it launches Bancassurance products

By George Mangula

Standard Chartered Bank Uganda has commenced offering new insurance services to its middle class clientele in partnership with insurance firm, Sanlam that will underwrite the covers offered to clients who hold accounts in the bank.

The Bancassurance products launched include; home insurance, motor comprehensive and travel insurance, with more expected to be launched in due course.

Officials said some of the features of the motor insurance are, car hire benefits of up to 24 days while vehicles are being repaired, free valuation services of vehicles, where necessary and alternatives accommodation if clients get accidents far from home.

For the home/property insurance the partners are offering a personal accident cover of up to Shs8 million for the insured or a member of the insured family with a medical benefit of Shs2 million in case of accidental injury, in addition to Golfer’s extension that caters for golfing equipment, golfer’s legal liability and a hole in one benefit for the golfing client.

On the other hand, travel insurance will offer high limits of up to US$0.5 million in medical care, a personal accident benefit of up to US$15,000 as well as third party legal liability of up to US$200,000 in addition to medical expenses, the product will take care of a travel companion if required and the repatriation of children in case the insured person travelled with young children.

Speaking during the launch of the insurance business at the bank’s headquarters in Kampala on Tuesday, Standard Chartered CEO Albert Saltson said: Insurance is classified as one of the top five spend items for affluent and emerging affluent individuals in most parts of the world.” He said Bancassurance is a new distribution channel that must be embraced to boost the penetration of insurance which is still less than 1 percent in Uganda.

He said the insurance benefits are designed to suit the lifestyles of the bank’s clients, giving them, peace of mind through insurance packages that are, “reasonably priced, flexible and robust to meet their varied needs.”

Sanlam General Insurance CEO Gary Corbit, on his part said the partnership will further enhance uptake of insurance products in the country. “As a country’s disposable income increases, there is accumulation of wealth and inevitable need for access to financial services and risk management solutions, necessary for a balanced growth and financial stability, he said, adding that all the financial services will be available under one roof,” said Corbit.

Both Saltson and Corbit commended the Bank of Uganda and Insurance Regulatory Authority of Uganda for allowing local banks to provide insurance services, saying the move would increase competition and innovation in the sector.

Officials said that clients who don’t have enough funds on their accounts can borrow from the bank to pay for the insurance package of their choice.

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