Standard, Bic Partner in Clients Insurance

| May 15, 2015

Standard Chartered Bank Botswana and Botswana Insurance Company (BIC) have formed a partnership aimed at providing the bank’s clients with general insurance products.

Speaking at the ceremony recently, the bank’s chief executive officer, Mr Moatlhodi Lekaukau, said the partnership would offer their clients with general insurance offerings that touched on the protection of their assets.

Mr Lekaukau said his bank was the first to launch bancassurance in the country and through the BIC partnership they were expanding their services to now offer short term insurance products.

He said there were opportunities in general insurance as a large number of their clients’ assets remain unprotected.

“Bancassurance in Standard Chartered has evolved to ensure that the distribution partnership with Botswana Insurance Company provides our esteemed clients a selection of general insurance offerings that touch on the protection of their assets when they may not necessarily be in a position to do so,” he said.

He said a vibrant and growing insurance was important for economic growth.

Bancassurance is a business model where a bank partners with an insurance company to design and develop insurance products, and then distribute these products to its clients. Through such services, clients are provided with both banking and insurance transactions from the comfort of the banking hall, their offices or their homes.

For his part, BIC Managing Director, Mr Johann Claasen said the partnership not only offered flexibility and convenience to clients but it transformed both banking and insurance.

He said through bancassurance, they would be able to provide useful and relevant general insurance products to Standard Bank clients. “We gly believe this partnership will help us deliver our commitment to our society, shareholders and regulators,” he said. Insurance solutions offered include motor protection, home owners protection, card protection, fire and builders protection and goods in transit. Motor Protect is an insurance cover on the client motor vehicle which would pay out claims in the event of loss or damage of the vehicle. Homeowners Protect covers the consumer’s property or home and payments would be made in the event of damaged or destruction of that home or home contents.

Card protection provides cover to the client in the event of unauthorised transactions on lost or stolen debit or credit cards.

Fire and buildings combined covers buildings against fire and damage for the business and commercial client.

Goods in transit is designed to assist clients with the physical loss or damage of goods in transit to the business and commercial client.

Source : BOPA

Source : Botswana Daily News

Category: Business & Finance

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