Today 13th February 2018, Finance Trust Bank has officially launched the Bancassurance services making it among the first six banks to offer insurance services to its customers since the Financial institutions Act of 2004 was amended allowing Commercial Banks to offer insurance services in Uganda.
On 11th December, 2017, the bank received its license to conduct business as Bancassurance Agents. The Bancassurance business is an arrangement between the bank and an Insurance Company under which the bank distributes to its customers and the prospects insurance services. In such an arrangement, the bank acts as an agent for the Insurer.
Speaking during the launch, Mrs. Annet Mulindwa Nakawunde, the Managing Director Finance Trust Bank, ‘Thanked partners whom the bank had signed MOUs with and these included; Sanlam General/ Life, Statewide Insurance, UAP Life/General, Liberty Life/General, Jubilee Life/General, International Medical Link (IML), CIC Life/General’ she added, “Our customers are seeking a range of different insurance products and services to help them build their wealth, save for the future, and protect their families. ‘She said, we will use our joint expertise to help these customers and those coming in to find the best financial solutions for every stage of their lives. Through these partnerships, we shall be able to offer a broader range of insurance and savings products and services to meet our customers’ needs.”
In her closing remarks, she thanked the Insurance Regulatory Authority for working together with Finance Trust Bank to ensure approval of specified persons, and to ensure that all MOUs protect both the Bank and the insurance companies.
The CEO Sanlam, Mr. Gary Corbit representing all partner Insurance Companies applauded Finance Trust Bank for taking a big step in developing a platform of delivering Insurance Services.
As Guest of Honour, Mr. George Steven Okotha, the Director of Operations at Insurance Regulatory Authority informed members that so far, six banks had received a license to start selling insurance products and provide insurance services to their customers. He added “Bancassurance is intended to provide more distribution channels of insurance services to customers under one roof.”
Finance Trust Bank’s management believes that these partnerships shall allow it to meaningfully increase the levels of financial awareness and insurance penetration across its customer base and support significant and sustainable growth for all parties involved.
For more information please contact:
- Percy Paul Lubega – Head of Business Development Telephone : 0752-641813
- Christine Birungi – Manager Marketing, Communications & PR Telephone : 0794-333102