Standard Chartered Bank Botswana through its subsidiary, Standard Chartered Bank Insurance Agency, has added seven more products to its Bancassurance proposition.
According to Standard Chartered Bank’s Head of Wealth Management & Priority & International Banking Southern Africa Ali Zayed, the bank has taken immense interest in retail insurance and will invest generously in it across its 37 markets on the African continent.
Bancassuarance utilises a business distribution model where a bank partners with an insurance company to design and develop insurance products; and then distribute these products to its clients. In Standard Chartered Bank’s case, Bancassurance is underwritten by Botswana Life Insurance.
The distribution is done through the bank’s channels such as branches and new business officers to the bank’s clients. It provides bank clients the convenience of doing business both banking and insurance transaction from the comfort of the banking hall, their offices or homes.
Launching the distribution of these products on Wednesday, Standard Chartered Bank Botswana CEO Moatlhodi Lekaukau said the Bancassurance has evolved to distribute more retail and high value insurance products that provide clients an array of choices that touch on protection and income. “We believe that these products will be successful and will prove immensely beneficial to our esteemed clients. They will help our clients plan and make provision for the inevitable, in dignity and with minimum financial stress,” said Lekaukau.
He said that the bank spent adversely in assessing the feasibility and the need for the new products, adding that the bank also put resources in training certified agents for the products. “We have put in a lot of investment in training,” he said.
The seven products which were launched are Pinagare life cover, Motlhokomedi Life cover, Lore Funeral Master Plan, Motlamedi Funeral plan, Bosa Hospital cash plan, Group life Assurance and the Group Funeral scheme.
Under Bancassurance, the bank’s maiden retail product offerings were Tshidiso Funeral Plan and Mooki Hospital Cash Back Plan launched in July 2009. The former provides immediate lump sum cash payable to the policyholder to cover for funeral of loved ones whilst Mooki cash plan is a hospital cash plan which provides the policy holder with a daily benefit amount for each day spent in hospital and a double daily benefit amount for each day spent in ICU.
The seven new additions will basically add a new scope to the already existing offerings, according to the Bank’s executives. Among others some of the new products like the Pinagare Life Plan and the Motlhokomedi Life cover can be used as collateral for all lending products.
Some of the products also provide for the policy holder to cover a larger number of their extended families. The group schemes also put a new twist to the Bancassurance proposition as they are designed for companies and their employees.