PostBank, a financial institution that is committed to transforming lives and livelihoods, has achieved yet another milestone in Bancassurance, after securing a spot among the top five banks in Gross written premiums for both life and general insurance. This followed a 2022 report by the Insurance Regulatory Authority of Uganda(IRA).
The bank recorded a progressive increase of UGX. 919 million to UGX. 8.3bn compared to 2021, when the bank’s gross premium stood at UGX. 7.4bn. This represents an 11% growth in the bank’s premiums. Of the UGX. 8.3bn earned, UGX. 6.7bn was from life premiums, while UGX 1.6bn was generated from non-life premiums.
According to Frank Kalinzi, Principal Officer – Bancassurance, swift turnaround time on claims and numerous insurance options available to customers, were primary drivers of the bank’s cumulative growth. These were accompanied by reasonable pricing of the policies, top-notch customer service and increased confidence in bancassurance by customers.
PostBank sold nearly 5,500 policies in 2022, accounting for 5.8% of the market share. The bank was also able to pay 894 claims for both life and non-life premiums.
Kalinzi added that, “PostBank offers a variety of insurance covers tailored for saving, investment and protection(life insurance), as well as general insurance products tailored for indemnity e.g., motor comprehensive, fire, homeowners’ insurance and marine among others.”
For easy access to the above mentioned bancassurance services, customers can visit any of PostBank’s 56 branches across the country.
Bancassurance, supervised by the Insurance Regulatory Authority of Uganda, is a partnership between banks and insurance companies that allows banks to offer insurance products to their customers. For the year 2022, the overall gross written premium (GWP) through bancassurance grew to UGX. 142bn which is indicative of the significant role banks play in boosting the growth of insurance.
PostBank is in collaboration with several insurance companies including Prudential, UAP Old Mutual life and general, CIC Africa, Sanlam General and life among others, to sale useful insurance products for customers.
The bank also holds training sessions for staff and awareness drives for customers. This is done to equip them with a general knowledge, skill set and understanding of insurance, hence deepening financial inclusion.