(Times of Zambia) – The Zambia National Commercial Bank Plc (ZANACO) has officially launched the General Insurance Value Proposition Platform in collaboration with Minet Zambia Insurance Brokers. This strategic partnership aims to enhance the accessibility of general insurance products throughout the country.
Mukwandi Chibesakunda, CEO of ZANACO, emphasized the bank’s recognition of the profitability of the insurance industry and its integral role in the bank’s overall strategy. During the launch event held in Lusaka, Ms. Chibesakunda highlighted that the platform would enable insurance companies to offer a wide range of products, including motor vehicle and household insurance, all available through ZANACO’s extensive network of outlets.
Namakau Ntini, the acting registrar of the Pensions and Insurance Authority (PIA), commended the platform for aligning with the authority’s vision of ensuring that a majority of citizens and businesses have insurance coverage. Ms. Ntini, speaking through PIA prudential supervision manager Stanslous Bowa, noted that the number of insured businesses, individuals, and organizations in Zambia remained below the PIA’s target.
“ZANACO has a presence in all ten provinces of Zambia, providing an opportunity to bring insurance services directly to people’s doorsteps across the country, ultimately increasing the number of insured individuals,” Ms. Ntini stated.
She praised ZANACO and Minet Brokers for their innovative partnership, expanding the bank’s reach into a sector previously dominated by insurance companies and brokers. Ms. Ntini emphasized the role of insurance in economic development, including wealth creation and job opportunities, and highlighted that strategies and initiatives were underway to strengthen the national economy through capital investments and risk management.
Humphrey Kabwe, Managing Director of Minet Insurance Brokers, announced plans to offer training workshops to all ZANACO staff to enhance their understanding of insurance industry regulations and policies.
This collaboration between ZANACO and Minet represents a significant step towards addressing the uninsured market and establishing a one-stop shop for a comprehensive range of financial products.