AfricaPress-Tanzania: CRDB Insurance Broker has posted a net profit of 3.6bn/-, representing a 140 per cent year on year growth contributed largely by the implementation of a strategy to reach out and listen to customers.
The brokerage firm, which is a subsidiary of the bank, the insurance business generated a gross income of 10.3bn/- last year pushed also by embracing a digital system.
CRDB Insurance Broker Acting General Manager Wilson Mzava said the total income from insurance business last year reached 8.2bn/-, while profit before tax was 5.2bn/-.
“We improved our motor insurance services whereby customers can now apply for insurance using a vehicle registration number only and no need of bringing other documents,” Mr Mzava told ‘Daily News’ at the weekend.
He also said a few insurers had developed digital capabilities to enable digital channel preference, but CRDB, one of the largest banks in the country, had.
“Digital channel consumers increasingly prefer to manage their insurance policies online,” Mr Mzava told ‘Daily News’ at the weekend.
An analysis performed by Deloitte indicates that the following key themes emerged as the main issues challenging insurers’ ability to embrace an omni-channel experience for their customers: market deficit, financial hurdles, advice compression and the digital gap.
Last year also, the lender introduced a life insurance cover, dubbed Kava Assurance for all of its depositors with active accounts.
“Last year, we launched a campaign which focused on educating customers on the importance of insurance, so increased awareness pushed for more sales,” Mr Mzava said.
Some of the insurance products, apart from Kava and educare, were educational insurance cover that combined savings for child’s education with a life cover to ensure that they realised their dreams.
Kava Assurance will also help the government’s agenda of increasing access and penetration of insurance service by 50 per cent to adult population by 2028.
“Through designed benefits which are real and tangible, this product provides a live message to members of the public and makes society attracted to insurance,” the acting director-general said.
Under Kava, customers will know different products of insurance and how does the products function.
Kava assurance pays benefits to normal accountholders of 2.0m/- in case of death. The cover is extended to the accountholder’s spouse death and pays also 2.0m/-. In addition, Kava pays 2.0m/- for the accidental permanent disability of the normal accountholder.
For premier account holders, it pays 5.0m/- should the accountholder die and also extends to the accountholder spouse’s death and pays a similar amount.
For diaspora accountholders, it pays 5.0m/- should the accountholder pass away and also a similar amount is paid when the accountholder’s spouse dies.
On top of that for a diaspora account, Kava assurance pays for body repatriation benefits of up to15m/-.
Kava Assurance benefits all 3.0 million active CRDB accountholders.
