Stanchart partners with BIHL to increase Bancassurance products
Keikantse Lesemela | Friday September 19, 2014 15:09
The additional products include Pinagare life cover, Motlhokomedi life cover, Lore Funeral Master plan, Motlamedi funeral plan and Bosa Hospital Cash Plan, amongst others.
Speaking at the product launch event held in Gaborone yesterday, Standard Chartered Bank Botswana CEO, Moatlhodi Lekaukau, said the bank is committed to introducing retail insurance products to its clients, as part of Bancassurance’s evolution.
“We believe these products will be successful and will prove immensely beneficial to our esteemed clients. They will help them plan and make provision for the inevitable, in dignity and with minimum financial stress,” he said.
The Bancassurance division currently offers products such as Tshidiso funeral plan and Mooki Hospital Cash back, which were launched in 2009. Lekaukau said the partnership with Botswana Life Insurance would utilise a business distribution model to design and develop insurance products.
“Our partnership with BotswanaLife would provide customers with solutions that meet their needs. We will also have easy network with our clients, as BotswanaLife will bring their technical expertise. This partnership skillfully combines the best insurance and financial expertise to give greater flexibility, protection and income options,” he said. Product distribution would be done through the bank’s internal channels such as the different branches and the new business offices. Lekaukau said this would also provide clients convenience of doing both banking and insurance transactions from the comfort of the banking hall, their offices or homes.
Botswana Insurance Holdings Limited (BIHL) group CEO, Gaffar Hassam, said the partnership would provide insurance that mitigates the risks.
“Through our strong Bancassurance partnership with Standard Chartered, we are able to provide useful and relevant insurance products available to banking clients. We believe this development will help us deliver our commitment to our society, shareholders and regulators,” he said. BIHL is the holding company for BLIL.