CRDB Bank marks four years of outstanding Bancassurance services in the country

Dar es Salaam. This year, CRDB Bank celebrates four years of pro­viding Bancassurance services since receiving a license from the Tanzania Insurance Regulatory Authority (TIRA) in 2021.

CRDB is among the first few banks to obtain approval to provide Bancassurance services. However, the bank has a history of offering these services as an insurance bro­ker for over 10 years.

Following legal changes in 2019, the bank transitioned from pro­viding brokerage services to estab­lishing a dedicated Bancassurance desk. This change aimed to expand access to insurance services for all Tanzanians with convenience and reliability.

CRDB Bank prides itself as the financial entity that partners with eleven insurers, ten insurers from Tanzania Mainland and one part­ner from Zanzibar which is ZIC Takaful, a Sharia-compliant under­witer.

This aligns with the value CRDB Bank aims to leave in every prod­uct it brings to the market—offer­ing premium value to customers across different life circumstances and beliefs.

Speaking to this publication, the Head of Bancassurance Services at the bank, Ms. Linda Kamuzo­ra, stated that the bank is proud to work with partner companies to deliver innovative Bancassurance services that meet current insur­ance needs, including health insur­ance and group policies.

“We offer life insurance benefits, from individual, family to social group packages, disaster coverage for both large and small businesses, cargo insurance, property insur­ance, vehicle insurance, private property insurance, commercial building insurance, and corporate and institutional policies.”

She added, “Additionally, in con­juction with the CRDB Insurance Company, we provide agricultural insurance such as the ‘Kijani Bima’ policy, which compensates for crop losses due to disasters like exces­sive rain, diseases, or pests. We are also enhancing livestock insurance through nose-print recognition technology, a revolutionary step announced during the Nanenane agricultural celebrations.”

Growth in Bancassurance Services by CRDB Bank

Ms. Kamuzora highlighted that the bank has experienced a 15% growth in the bancassurance sec­tor, contributing significantly to the bank’s overall income.

According to Tanzania Insur­ance Regulatory Authority (TIRA) Insurance Performance Report 2023, CRDB Bank, through its Bancassurance services, leads the general insurance market with TZS 45.03 billion, accounting for 31.52% of total Gross Premium Written (GPW). It also ranks second in the life insurance market with contri­butions of TZS 60.75 billion, repre­senting 31.79% of total GPW.

Ms. Kamuzora further explained that being in the insurance mar­ket for an extended period has strengthened their leadership position. Customers benefit from access to insurance services across 250 branches and other channels, such as the Sim Banking platform.

She emphasized that for three consecutive years, the bank has maintained its competitive posi­tion in both life and general ban­cassurance services.

Benefits of Bancassurance Services by CRDB Bank

Ms. Kamuzora outlined several benefits of CRDB’s bancassurance services, including easy access through CRDB agents nationwide, the award-winning Sim Banking platform, and its 250 branches. Customers can purchase insurance anywhere and at any time.

Another benefit is the Insurance Premium Financing Loan, where customers can borrow to pay their full annual insurance premiums and repay in instalments between 4-10 months.

She noted that this approach helps alleviate the burden of high upfront insurance costs, unlike many providers requiring full or partial payment within six months.

Digital Insurance and Inno­vation

CRDB is committed to digitiz­ing its services, including selling insurance products through its SimBanking platform.

“We have integrated our systems with TIRA and TRA, allowing cus­tomers to purchase insurance, such as car insurance, direct­ly through SimBanking. Transactions are instant­ly reflected in the nation­al insurance verification system.”

CRDB is also work­ing to develop new insurance solutions tailored to specific cus­tomer needs, focusing on affordable micro-insur­ance products for low-income groups.