It gives me great pleasure to be part of this momentous occasion when Zimnat and BancABC officially launch our Bancassurance partnership …. a partnership that was crafted with our customers in mind. The partnership we celebrate today demonstrates our commitment to continuously explore how we can stay in the endurance race whose aim is to provide excellent service for our clients.
The primary objective of this partnership is to bring convenience to our customers by providing a one stop shop that enables access to various insurance products through any of the BancABC branches countrywide. It is our contention that our offering will cater not only for our existing clients, but also evoke interest from other segments of our economy, particularly those who may not have had access to a wider spectrum of financial services in the past.
The journey that brought together our two institutions started in January 2017 when the ABC Holdings Group entered into a partnership with Sanlam Group, of which Zimnat is a member, in our quest to provide a comprehensive offering of BancAssurance products.
The first phase of our journey brought to the market the following products:
- Motor Vehicle Insurance –complemented by ZINARA and ZBC Licensing;
- Mortgage Fire Insurance;
- Mortgage Protection Insurance; and
- Credit Life Insurance.
I know I am talking to an informed audience here but just in case one or two may not have insights into what the field of Bancassurance entails, I will share the dictionary definition with you. Simply put, this is an arrangement between Zimnat and BancABC whereby BancABC is able to offer and sell insurance products underwritten by Zimnat at its counters. Ours being an integrated partnership, business flows either way in the partnership for the benefit of our customers. It is a convenience play.
I am delighted to announce the introduction of more products today, namely:
- Whole Life Plan;
- Funeral Cash Plan;
- Hospital Cash Plan; and
- Over the counter Bid Bonds and Guarantees.
The technical characteristics or specifications of these new products will be shared with you in a few minutes during the program. I will let the experts do the unveiling.
On behalf of BancABC I would like to express our gratitude towards Zimnat for making us your business partner and working with us, sometimes under immense pressure and tight deadlines, to make the initiative the reality that we witness today.