Africa-Press – Tanzania. FINANCIAL Sector Deepening Trust (FSDT) has said strong emphasis should be put on microinsurance in a bid to reach 50 per cent insurance penetration goal in next 10 years.
FSDT Executive Director Mr Sosthenes Kewe said on Tuesday that strategies should be employed to serve low-income markets with appropriate insurance products.
Mr Kewe said the overall aim of FSDT is to contribute to the achievement of real-life impact on the majority of Tanzanians through inclusive finance, which delivers real value to the economy and people on low income.
The Director said during a graduation ceremony of nine trainers who have completed their Training of Trainers (ToT) programme on the micro-insurance fundamentals course that the aim is to build a sustainable supply of micro-insurance training services and skilled micro-insurance practitioners in the country.
“The course was designed to help practitioners to understand the market needs and mechanisms for driving client value, including strategies employed to serve low-income markets with appropriate insurance products and understand market segmentation and customer centricity strategies for micro-insurance,” he said.
The target audience for the training consisted of senior and technical staff from insurance companies, brokerage firms and distributors that engage or are interested in the micro-insurance business.
Mr Kewe said that the ToT programme is a novel and innovate initiative which attributes its success to public private partnerships through a Memorandum of Understanding (MoU), as well as the willingness and commitment of the insurance industry to take an active role to participate and derive value from the tools provided through the course.
The graduation ceremony was hosted by FSDT in collaboration with the Tanzania Insurance Regulatory Authority (TIRA), Insurance Institute of Tanzania (IIT), Institute of Finance Management (IFM), and the Technical Working Group (TWG).
“FSDT is proud to be a part of this initiative as a development partner because we view the completion of the ToT programme as a true milestone that all partners and the industry have embraced,” he said.
FSDT’s Head of Insurance and Consumer Protection, Ms Kemibaro Omuteku said the trainers are industry practitioners and academicians in the insurance sector who have passed through several milestones to qualify as trainers.
She said that FSDT seeks to facilitate a robust connection between the financial sector and lower income and marginaliased communities, with a key focus on women, youths, SMEs, and farmers
