By; Olivia Nabaggala
11th July 2019
The Uganda Insurance regulatory authority has issued a licence to centenary bank to conduct business as a “Bancassurance” agent.
While handing over the certificate the chief executive officer of insurance regulatory authority Alhajji Ibrahim kaddunabbi Lubega revealed that the wide network ,client base ,technological platforms running in centenary bank will provide a focused market for the insurance products .
He believes that the bancassurance distribution channel will change the public mind set, perception and attitude towards accessing insurance services.
The managing director of centenary bank Fabian Kassi believes that the partnership will yield more results to centenary bank customers.
Under this insurance, centenary bank has partnered with UAP old mutual life insurance company, Jubilee life insurance, prudential assurance, Liberty Life assurance, Grand micro insurance, CIC general insurance and Britam insurance companies to extend her services.
Insurance regulatory authority collected 26 billion shillings from 13 commercial banks in 2018.