dfcu Bank launches its insurance products
May 31, 2018—Dfcu Bank has launched dfcu Insurance after getting its bancassurance license earlier this year.
The law to cater for this business was passed last year in an amendment to the financial institutions act and several banks have begun to market their products. Bancassurance involves the selling of life assurance and other insurance products and services by banking institutions.
“Bearing in mind the needs of our customers and the current socio-economic times, we have designed and embedded insurance within some of our existing products to make it easier for customers to appreciate and get the best out of insurance,” William Sekabembe, the bank’s Chief Commercial Officer and Executive Director said on Thursday morning.
He said dfcu Insurance will offer customers a better way to secure a legacy whether it is about getting cover for their assets, education for the children, life after employment and more. At the moment, dfcu Bank is Uganda’s second largest after Stanbic Bank Uganda.
“So we have created several insurances products- for our customers with individual accounts and for those with group portfolios such as our Investment Clubs,” he said during the launch in Kampala.
Martha Aheebwa, the dfcu Bank Principal Officer – Bancassurance, said they be will be specific products like investment club cover, salary protection cover, hospital cover for Dembe account holders.
Other off-the-shelf insurance products available at the 66 dfcu branches countrywide include motor insurance, fire and burglary, domestic insurance cover to medical insurance, life insurance and property insurance.
At 1% Uganda has the lowest insurance penetration of all the bigger economies of the East African Community member states. Supporters of bancassurance hope it will encourage Ugandans to think more about insurance as integral part of their lives rather than an just a option. Having life insurance is considered a financial asset.