By Aloysious Kasoma
Finance Trust Bank (FTB) has become 8th bank to receive the Bancassurance License from the Insurance Regulatory Authority (IRA).
This innovation of banks selling insurance products is expected to increase insurance penetration in Uganda from the current less than 1%.
Finance Trust Bank received the certificate on December 11, 2017.
Speaking at the official launch of Bancassurance at Sheraton Hotel on Tuesday, Annet Mulindwa Nakawunde, the Managing Director at Finance Trust Bank (FTB) said they have already partnered with seven insurance companies that FTB will be selling insurance policies on their behalf.
These include Sanlam, Statewide Insurance Company (SWICO), UAP Life/General, International, Medical Link (IML), CIC Life/General, Liberty and Jubilee.
“Bancassurance presents an opportunity for us and the partners. As a bank, we have a brand to protect and promote,” she said.
FTB which is the woman based bank is expected to woo more women into insurance.
“We have hired resourceful persons that are highly technical on insurance. We are going to be a one stop centre to serve two purposes (insurance and banking). We want to see more women acquiring insurance services,” Nakawunde added.
George Steve Okotha, Director Operations at IRA said: “We have brokers and agents, but we needed another arm. As the authority, we shall always provide the necessary regulatory support,” he said
Other banks that have received Bancassurance license from IRA include dfcu, Barclays, Diamond Trust Bank, Stanbic, Bank of Africa and NC bank.