Barclays wins top  micro-insurance offer

Mon, 29 May 2017 11:59:52 +0000

By BUUMBA CHIMBULU

BARCLAYS Life Zambia is among the three winners of the Inclusive Insurance Upscaling Challenge Fund (IIUCF) which co-finances up to US $100,000 micro-insurance schemes for its policyholders.

The special Challenge Fund, run by Financial Sector Deepening Zambia (FSDZ), will cover not less than 200,000 policyholders.

FSDZ recently introduced a special IIUCF under the MAF that focuses on scale, value and viability of micro-insurance business models.

The institution set up a Micro-insurance Acceleration Facility (MAF) support aimed at contributing to the business models and distribution channels of development of an inclusive insurance market in Zambia.

According to Barclays head of marketing and corporate relations, Mato Shimabale, the winning of the IICUF by the bank followed the design, under its Group Life solutions umbrella, of a simple funeral cover for affinities.

Commenting on the achievement, Barclays Life Zambia Limited managing director, Mugove Nyimo, said the success was testament of the bank’s commitment as it rightly resonated with its Shared Growth philosophy.

Mr Nyimo observed that the Barclays Bank could not succeed or prosper unless societies and communities in which it operated from also succeeded.

“Barclays Life Zambia remains committed to fuelling growth in the insurance sector in both awareness and offer of retail and group life insurance products,” he said. And FSDZ chief executive officer, Betty Wilkinson, said Barclays viewed this initiative as part of their Shared Growth ambition.

“What attracted FSDZ to Barclays Life against all micro-insurance solutions assessed was its unique proposed distribution model of placing branded kiosks at selected points such as markets and bus stations.

“We commend Barclays Life Zambia for taking on this initiative which will make access to insurance for low-income households, individuals and enterprises, a reality,” she said.