The Insurance Regulatory Authority (IRA) has granted Bancassurance certificate to Housing Finance Bank to start selling insurance policies to its customers and the general public.
The IRA Acting Chief Executive Officer, Bernard Obel said during the event at the authority’s headquarters in Kampala on Monday, that Housing Finance has become the tenth out 25 banks to acquire the insurance trading plans.
“Housing Finance Bank is now the tenth bank to get Bancassurance. Applications from other institutions are being reviewed,” Mr. Obel said.
According to Obel, entering the direct insurance trading is going to make the bank increase its client base, network and automatically innovation to meet new needs.
“Bancassurance is going to make Housing Finance Bank increase its client base and network and also trigger innovation to meet customer’s preferences,” he noted.
The bank, just like the rest trading insurance policies, is going to be required to submit quarterly performance and returns to IRA.
The Managing Director Housing Finance Bank, Mathias Katamba after receiving the certificate said the doors have been opened for them to provide insurance products through their distribution channels across branch networks.
“Our objective is to offer customer service excellence as we embark on our journey to digitalization. This solution and other improvements are therefore intended to upgrade our customer value proposition and improve our products and services,” he said.
He stressed that Housing Finance Bank is going to consolidate its insurance operations to benefit the customer more.
“Under Bancassurance, our insurance operations will be centralized hence going a long way in streamlining the Bank’s current insurance transactions to the benefit of our customers.”