StanChart partners with BIC to retail insurance products
Pauline Dikuelo | Wednesday May 13, 2015 15:55
Through a partnership with Botswana Insurance Company (BIC), Standard Chartered Bank’s subsidiary Standard Chartered Bank Insurance Agency will now distribute insurance solutions to its rapidly growing client base.
When launching the distribution partnership with BIC yesterday in Gaborone, SCB Chief Executive Officer Moatlhodi Lekaukau said the evolution of Bancassurance would ensure that they provide their clients with a selection of general insurance offerings.
Bancassurance utilises a business distribution model where a bank partners an insurance company to design and develop insurance products and then distributes these products to its clients. The distribution is thus done through the bank’s clients channel points. For his part, BIC Managing director Johann Claasen said through this partnership they would be able to provide useful and relevant general insurance products to clients. “We strongly believe this partnership will deliver our commitment to our society, shareholders and regulators. BIC is proud to follow a customer segmentation model that recognises client needs and wants. This makes us unique and adds to our leadership status in the market,” he said.
Claasen noted that the partnership would allow BIC not only to see the impact on both business and clients, but also to witness an evolution of how business is done in the financial sector.
The two institutions plan to provide complete insurance services to SCB clients under one roof, with a promise of flexibility and convenience to the client, while also transforming the banking and insurance sectors. Insurance industry leaders, AON Botswana, will ensure that the partnership between the two abides to the agreed terms, while offering solid solutions to their clients.