Stanchart-Sanlam pool synergies to flag off BancAssurance
Nearly two years since it was given the greenlight by regulators, BancAssurance took the first baby steps towards traction today with Standard Chartered Bank Uganda and Sanlam Insurance launching the first market products under the initiative.
During a press launch today, StanChart announced a range of insurance products that will be available to account holders with the cover being provided by underwriter Sanlam.
The duo announced automotive cover, home/property insurance, and travel insurance as the pioneer products that will be initially available through BancAssurance.
Policy holders will be entitled to UGX8 million in personal accident cover for the insured or a member of the insured family under the home/property insurance. The policy also comes with medical cover to the tune of UGX2 million in case of accidental injury. The policy also comes with a Golfer’s extension that covers golfing equipment, golfer’s legal liability and a hole in one benefit for the golfing client.
Travel insurance will be available to a limit of USD 0.5 million in medical care, personal accident benefit up to USD15,000 and third party legal liability to USD200,000. Travel companions and accompanying minors can be covered under a single policy taken out by the head of the household.
Officials said some of the features of the motor insurance are, car hire benefits of up to 24 days while vehicles are being repaired, free valuation services of vehicles, where necessary and alternatives accommodation if clients get accidents far from home.
Speaking during the launch at StanChart’s headquarters on Speke Road, both Sanlam chief executive Gary Corbit and his Stanchart counterpart Albert Saltson said the Ugandan market was ripe for BancAssurance.
“As disposable income increases in the economy, there is accumulation of wealth and demand for access to financial services and risk management solutions rises,” Corbit explained saying Uganda was at a point where the middle class want both growth and stability in their lives.
“Insurance is classified as one of the top five spend items for the affluent and emerging affluent individuals in most parts of the world. BancAssurance is a new distribution channel that will boost Uganda’s insurance penetration rates,” Saltson said promising that the packages would be flexible and reasonably priced.