Bancassurance is defined as the selling of Banking and Insurance products through the same channel - most commonly through the Bank's branch network. Bank staff, rather than an Insurance salesperson, become the point of sale/point of contact for the customer but an insurance Company does the administration of policies. Bank Customers have the opportunity to take out Insurance products at the same time they are accessing banking products.
What does it offer me?
- Wider cover - you benefit from comprehensive cover with fewer restrictions / exclusions.
- Competitive rates - you pay an equitable premium.
- Customised insurance - insurance can be tailored specifically to your needs.
- Superior Claims Handling Service - we have service level agreements in place with the Broker handling claims and the Underwriters backing terms.
- You have access to transaction, loan and insurance products under one roof.
- You avoid many of the hassles encountered when dealing directly with an Insurance company.
- Insurance premium finance is available, whereby the Bank pays the premium on your behalf and grants you a loan that's repayable in 11 months.