Qn 1. For the benefit of our readers, briefly share with us what Bancassurance is?
Bancassurance is where a commercial bank/s provides insurance services to customers through the use of its branch network.
To offer Bancassurance services, a bank needs to have authorization from regulators like; Bank of Uganda which oversees the banking sector, and the Insurance Regulatory Authority (IRA) which regulates insurance service providers in Uganda.
Qn 2. What insurance service/s does KCB Bank Uganda offer?
We have KCB Individual Life Assurance, Medical Insurance, Travel Insurance, Motor Insurance, Fire Insurance, Workers Compensation and many more.
The Bank also offers Insurance Premium Financing solutions for individuals, corporates, and businesses that are unable to pay for their non-life insurance premium upfront.
Qn 3. These are amazing offers. What requirements do I need to access these services?
Requirements are unique to the type of insurance product.
For example; KCB Individual Life Assurance will require a national ID copy, a filled proposal form, and a first installment insurance premium.
Medical Insurance will need ages of members to be covered.
Travel Insurance requires details on the place of travel, and for how long.
Motor Insurance needs the current market value of the vehicle, vehicle photos, and a copy of the vehicle logbook.
Fire Insurance requires insurance of the value of the property (building or items), and use of the property (e.g., restaurant, offices, gym, etc.).
Workers Compensation requires a list of employees and their monthly Gross Salaries.
Qn 4. Do you have any latest developments you would wish to share with us?
Yes, I do.
We recently launched new products on the market, this was aimed at offering convenient and real-time services to our customers across the country, and beyond.
Our customers and potential customers can now open accounts by visiting our website. All they need is an internet-powered mobile phone, tab, laptop, or computer to open the account.
In addition, our customers now have 24hr access to customer support through Kaycee, which is our friendly Artificial Intelligence (AI) chatbot, through which a customer can make real-time inquiries and have interactive conversations. Not forgetting our ATM recycler machines that accept cash deposits and withdraws conveniently.
All the investments and innovations constantly made are aimed at giving our customers convenience and the best experience for their bank transactions.
Qn 5. Any concluding remarks as we come to the end of the interview?
I wish to appreciate our customers across the country and beyond who continue to consume the services that we continuously introduce to the market.
For our potential customers, I urge them to open accounts by visiting our website which they can do anywhere and at any time as long as they have access to internet-powered gadgets as earlier mentioned.
Lastly, I encourage our customers to access our different Bancassurance services so that they safeguard their businesses against any uncertainty, as well as encouraging them to uptake other services from our wide product and service range for all their banking solutions.