Africa-Press – Tanzania. NMB Bank has partnered with Reliance Insurance to provide mobile phone insurance that will cover mobile phone damages for NMB Mkononi users.
NMB, the largest lender in the land, throws its weight on insurance in its quest to expand insurance services to reach more ‘wananchi.’
The new insurance arrangement has come at the right time and is supporting the government’s 10 years Financial Sector Development Master Plan that among others seek to have 50 per cent of adult people using financial services.
The NMB Bank Chief of Retail Banking, Filbert Mponzi said in Dar es Salaam that the new insurance product dubbed NMB Mkononi Insurance cover provides protection against accidental damage in the event of an accident to a mobile phone.
“With an increasing number of phone users in the country, there is an increasing need to drive greater efficiency and improve the overall consumer experience in the use of smartphones now used in a multiplicity of communication activities,” he said.
With this insurance policy that will be provided by Reliance Insurance, customers will receive up to 500,000/- per claim and a maximum of two claims per 12 month period.
The claims process is supported by NMB bank. He added, a customer will not pay for the insurance rather using NMB Mkononi makes the customer’s phone automatically eligible and have the insurance cover.
The cover is valid on a monthly basis and all an NMB Mkononi user needs is to make at least one transaction a month ranging from all airtime purchases, QR code payments, payments insurance premiums and household bills like electricity and water.
The Reliance Insurance Chief Executive Officer Ravi Shankar said the partnership is important at this point of time for which there is an increased number of smartphones use in the country but above all would also play a role in enhancing insurance services.
“This is definitely supporting the government plan to push awareness and use of insurance services in the country targeting to reach 50 per cent in 2030,” he noted.
He added, through NMB’s mobile phone insurance, “we have created a tailor-made, product and service, based on our deep expertise and underwriting experience in the banking sector. We believe this will allow customers better ease of mind and hence leading to greater customer engagement.”
The Acting Director of Legal Enforcement from the Tanzania Insurance Regulatory Authority (TIRA) Emily Kiria commended NMB and Reliance Insurance for the initiative geared at making more people particularly those in the rural areas making use of insurance services in the country.
