Standard Chartered Bank Botswana through its subsidiary, Standard Chartered Bank Insurance Agency has partnered with Botswana Insurance Company Limited to distribute general insurance solutions to its rapidly growing client base.
As part of the evolution of Bancassurance, Standard Chartered said it was committed to providing convenience and easy accessibility to financial solutions to its clients and as a result will be expanding its Bancassurance offering by adding General Insurance solutions.
“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. They will help our clients plan and make provision for the unexpected with minimum financial strain,” Moatlhodi Lekaukau, CEO, Standard Chartered Bank of Botswana said.
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 touch points. It provides bank clients the convenience of doing both banking and insurance transactions from the comfort of the banking hall, their offices or homes. This partnership skillfully combines the best of insurance and financial expertise to give greater flexibility and protection to our clients.
“For a while now, insurance in Botswana continues to be difficult to get to the vast majority of people,” said Johann Claasen, MD of Botswana Insurance Company Limited.
“Through Bancassurance partnership with Standard Chartered, we will be able to provide useful and relevant general insurance products to Standard Chartered Bank clients. We strongly believe this partnership will help us deliver our commitment to our society, shareholders and regulators.”
Under Bancassurance, here below is a short summary of the expected distributed General Insurance solutions: Motor Protect is an insurance cover on the client motor vehicle which will pay out claims in the event of loss or damage of that motor vehicle; Homeowners Protect is an insurance cover on the customer’s property or home contents which will pay out claims in the event of damaged or destruction of that property or home contents. Others are: Card Protect will provide cover to the client in the event of unauthorised transactions on a lost or stolen debit or credit card; Fire & Buildings Combined Protect covers buildings against fire and damage for the business and commercial client and Goods In Transit Protect is designed to assist clients with the physical loss or damage of goods in transit to the business and commercial client.