JOHANNESBURG - Stanbic has become the first bank in Zambia to receive an insurance brokers license from the Pensions and Insurance Authority (PIA).
The licence gives Stanbic Insurance Brokers Zambia Limited the ability to distribute a competitive range of industry-leading, segment specific insurance products from multiple underwriters, the bank said in a Wednesday press release.
The licence also allows for full implementation of the Bank’s Bancassurance Strategy as part of its goal to meet clients’ broader financial service needs, enhancing loyalty and creation of non-funded income which aligns well with the bank’s objective of setting new frontiers for growth, explained Stanbic Insurance Brokers Zambia, Chief Executive Officer, Chilufya Nyirenda.
Personal Loan Protection Plans will cover borrowers’ personal loan debt up to the outstanding loan amount in the event of death or total and permanent disability.
The Enterprise Life Insurance covers will help mitigate for loss of income arising from death, critical illness or disability.
In addition, Stanbic offers embedded insurance covers for account holders in Silver, Gold and Platinum segments; providing customers with value-add services.
Business owners can also be protected against loss of money or property sustained as a result of acts of fraud, theft or dishonesty by an employee in the course of employment.
Other insurance products offered by Stanbic include comprehensive motor insurance and homeowner’s protection plans, which protect against accidental loss or damage to the physical structure of a home caused by such issues as lightning, fire, flood, falling trees, burglary among other risks.