Standard Chartered Bank Botswana through its subsidiary, Standard Chartered Bank Insurance Agency entered into a Bancassurance deal with Botswana Insurance Company (BIC) Limited to distribute general insurance solutions to its client base.
The Bancassurance partnership gives the bank’s clients a selection of general insurance offerings that will provide convenience and easy accessibility to financial solutions. Some of the insurance solutions to be distributed include motor protect, homeowners protect, card protect and goods in transit protect. Standard Chartered Botswana CEO, Moatlhodi Lekaukau, believes the partnership will help their clients plan and make provision for the unexpected with minimum financial strain.
“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.
Commenting on the partnership, BIC Managing Director, Johann Claassen said such partnerships not only allow the insurance company to see the impact on both business and clients but to witness an evolution of how business is done in the financial sector.
BIC through its RiskFin Solutions department that is responsible for driving financial institutions and strategic affiliations, according to the MD, aims to provide sector specific services and insurance solutions to the financial sector. Claasen says the unit takes into account that the sector is dynamic and is subject to changes, thus making it vulnerable to more risks.
“Developing departments that can cater to the ever changing market dynamics is critical not only to the success of BIC, but to its stakeholders and end consumers,” noted Claasen.
Claasen said for a while insurance in Botswana continues to be difficult to obtain for the vast majority of people and hopes through the Bancassurance deal with Standard Chartered, they will be able to provide useful and relevant general insurance products to the bank’s clients.
Going forward, Claasen says the focus is to provide complete insurance services under the ‘one roof concept’ to Standard Chartered Botswana bank clients, a move he believes will not only be of convenience to the client, but will transform both the banking and insurance.
How Bancassurance works
Bancassurance 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. The distribution is done through the bank’s clients channel touch points. It provides bank clients the convenience of doing both banking and insurance transactions from comfort of the banking hall, offices or even homes.