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StanChart, BIC in bancassurance partnership

Publishing Date : 18 May, 2015

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The natural evolution of banking and insurance have brought fourth what is now called bancassurance. Premier bank, and a pioneer of the bancassurance business model in Botswana, has acquired a new partner in Botswana Insurance Company, for general lines business.

Bancassurance utilises a business distribution model where a bank partners with an insurance company to design and develop insurance products and then distributes these through the bank’s clients channel touch points.

BIC managing director, Johaan Claasen, said that the industry has seen competition doubling in the last five years, saturating the market with products and putting pressure on margins.

This is Standard Chartered’s second partnership with an insurance company after having a long term relationship with Botswana Insurance Holdings Limited (BIHL) for life cover.

Standard Chartered chief executive, Moatlhodi Lekaukau,  said that the bank will not be seeking any more new partnerships in the near future.

The products under the bancassurance model will include: Motor Protect for motor vehicle cover in the event of loss or damage of the vehicle; Homeowners Protect for property and its contents; Card Protect for unauthorised use debit and credit cards; Fire and Buildings Combined Protect for business and commercial clients and Goods In Transit Protect.



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