The Insurance Regulatory Authority Uganda (IRA), yesterday 25th September 2018 awarded KCB Bank Uganda the license to start offering Bancassurance services to the general public at IRA head offices situated at Legacy towers, Nakasero.
KCB Bank license issuance comes at time where Uganda’s insurance penetration lies at 0.76%. The bank will now work as a professional intermedial bancassurance agent to increase momentum of insurance uptake in the country.
Additionally, it will also lead in sensitising the existing and prospect customer base about the benefits of taking up insurance products and services.
Commenting about the license award, KCB Bank CEO, Mr Joram Kiarie appreciated Insurance Regulatory Authority Uganda for the quick response and speed towards processing the license where the Bank will now be able to avail insurance services under bancassurance to customers all in one roof.
Currently, the Bank is in partnership with two Life Assurance companies and four general insurance companies.
KCB Bank customers will now be assured of good negotiated insurance coverage with appropriate premiums charged and seamless claims processes as already agreed on service level agreements signed together with the Insurance Bureau and partners.
Some of the insurance services will include; Credit life Assurance, Mortgage protection, Children Education policies, Investment policies, Motor Insurance, Fire Insurance, Home Insurance, workers compensation and group personal accidents plus Business owners’ insurances cover.
