ABSA Bank Tanzania launches Bancassurance!

Absa Bank Tanzania Managing Director, Abdi Mohamed (centre) addresses a media conference during the official launch of Absa Bank bancassurance proposition dubbed ‘Absa Bima’ in Dar es Salaam today. Looking on from left are; Absa Bancassurance-General Insurance Manager, Jumanne Mbepo, Absa Head of Retail Banking, Oscar Mwamfwagasi and Head of Absa Bancassurance, Sandeep Chavda.

Absa Bank Tanzania has launched its Bancassurance proposition dubbed "Absa Bima". The bank has partnered with the top insurance companies in the country to provide its customers with top notch insurance solutions spanning across motor insurance, home insurance, business insurance, medical insurance, travel insurance and life assurance all under one roof.

The bank has been licensed by Tanzania Insurance Regulatory Authority (TIRA) to represent 10 insurance companies, namely; Sanlam Life, Alliance Life, Jubilee Life, Metropolitan Life, Alliance Insurance, Jubilee Insurance, Sanlam General, Britam Insurance, AAR Insurance and Phoenix as Bancassurance agents. 

Addressing the press at a press conference yesterday to announce the product launch, Head of Retail Banking, Oscar Mwamfwagasi said that “Absa is in a mission to improve the general wellbeing of its customers while providing convenience. Our customers no longer need to deal with multiple parties for their insurance and banking needs. They can get everything all under one roof.”

Mwamfwagasi also added saying "Apart from mobilizing customers to Absa’s Bancassurance employees banking services, the major aim of the product is to help bring possibilities to life and make customers realize their ambitions, which we at Absa call this Africanacity".

“We have included insurance partners for life insurance, general insurance and medical insurance but the same partners will who will cover both individual and corporate products”, said Mr. Sandeep Chavda, Absa Bank Tanzania Head of Bancassurance.

Sandeep also added that "there are more benefits of getting your insurance through Absa Bima, these include the timely renewal and follow up, avoiding fund transfer charges if one had to pay directly to insurers, price discounts, easy application process, premium financing and more, all these are made easy by leveraging on the existing banking systems."

"Furthermore, the solution is available to both existing customers with an account at Absa and new customers."