Africa-Press – Tanzania. CRDB Bank has embarked on an insurance awareness and education campaign in its bid to accelerate the subsector contribution to economic growth.
The campaign came at a time when the Tanzania Insurance Regulatory Authority (TIRA) target to increase the proportion of insurance contribution to GDP from 1.0 to 3.0 per cent in ten years.
TIRA Director for Planning, Research and Marketing Development, Mr Zakaria Muyengi, said the CRDB campaign augurs well with their goals to increase coverage and contribution.
“The number of insurance users at merely 15 per cent in the country is very low compared to countries like South Africa. “The goal is to increase insurance coverage rate to 50 per cent coming 2034,” Mr Muyengi said during the launch of the campaign in Dar es Salaam on Tuesday.
TIRA, also, continues to ensure that the law on the implementation of the insurance service delivery system through the bank “BancAssurance” is fully implemented.
The bancassurance system managed to address several challenges that contributed to many citizens being left out of the insurance bracket.
CRDB, one of the largest lenders in the land, has a bancassurance scheme, which is the selling of insurance products through banks. Banks can partner with insurance firms and sells cover products to their clients.
“CRDB has vast experience in the insurance business compared to others since you started at the grass root as a brokerage firm way back,” Mr Muyengi said.
The Director advised the bank to use their experience to further improve and coming up with innovative insurance products and ways to deliver services.
“CRDB should also consider partnering with other insurance companies in delivering innovative products,” Mr Muyengi said.
The Director praised CRDB for coming up with innovative products such as KAVA Assurance and digitalised motor vehicle insurance run through the bank’s SimBanking which is jointly provided with other insurance firms.
CRDB Group Chief Executive Officer Abdulmajid Nsekela said the purpose of the campaign is to raise awareness of insurance-related services, understand their benefits and entice citizens to take covers in advance.
“As a patriotic bank, we believe we have a responsibility to work with the government to ensure that we achieve 50 per cent insurance coverage as outlined in the Financial Sector Development Plan,” said Mr Nsekela.
The CEO stressed that lack of education is one of the main reasons for low insurance coverage in the country.
The bank said they will conduct awareness and education workshops countrywide and also use media to reach the masses under the “Furahia Maisha, Bima Unachokithamini” loss translating to “Enjoy Life, Insurance What You Appreciate”.
The lender will soon launch ‘Tupo Mtaani Kwako’ campaign for this year which will also involve insurance education.
