DIAMOND TRUST BANK LAUNCHES BANCASSURANCE

Tanzania Insurance Regulatory Authority (TIRA) Director of Licensing and Marketing Conduct Supervision, Samwel Mwiru (left), handing over a certificate to engage in Bancassurance to DTB – Tanzania CEO & Country Manager, Viju Cherian. DTB-Tanzania officially launched Bancassurance services recently at a cocktail party held at Johari Rotana Dar es salaam. Looking on is Kumar Dandapani, the Head of Retail Banking.

A cross section of invited guests and customers of DTB-Tanzania follow proceedings during the official launch of Bancassurance. Tanzania Insurance Regulatory Authority (TIRA) Director of Licensing and Marketing Conduct Supervision, Samwel Mwiru graced the cocktail event that took place at Johari Rotana Dar es salaam.

Diamond Trust Bank Tanzania Limited; (DTB-Tanzania), has partnered with insurance companies to sell insurance products across its branch network. The insurance companies in partnership with DTB – Tanzania includes Jubilee Life Insurance, Jubilee General Insurance, Alliance Insurance, Phoenix Insurance, Heritage Insurance and Reliance Insurance. The aim of the Bank is to provide a one stop solution for both banking and insurance products to its customers.

Through Bancaassurance, DTB- Tanzania customers can now meet their insurance requirements (Life and General) directly from the Bank. Combining DTB – Tanzania’s strong distribution network and the classic insurance products from trusted insurance brands in Tanzania is expected to fuel the penetration of insurance products and further drive the growth of investments in Tanzania.

In his inaugural speech, which was read by Tanzania Insurance Regulatory Authority (TIRA) Director of Licensing and Marketing Conduct Supervision, Mr. Samwel Mwiru on behalf of the Commissioner Dr. Mussa C. Juma, Mr. Mwiru reiterated that “The envisioned development of the insurance sector requires support of the private insurance players for substantial insurance penetration. Despite the good rate of the national economic growth, access to various insurance products and insurance contribution to national GDP still remain low, yet the demand and benefits are immense. On behalf of TIRA, I welcome DTB-Tanzania in Bancassurance business as we work to push for inclusion of all stakeholders and the public in general into stimulation of the insurance industry.

Speaking at the Bancassurance launch event at Johari Rotana - Dar es Salaam; DTB-Tanzania, Country Manager and CEO Mr. Viju Cherian said; “In line with our mission of providing customer-centric financial services, the alliance with Insurance companies will provide a comprehensive suite of insurance solutions to our customers”.

Mr. Cherian also added; we’re excited to bring our customers a complete product offering that includes insurance products within our branches. Our focus is to cater for all demographics, business entities and economic scales. We are a Bank for all people and this is clearly evident from our dynamic products and services portfolio”.

The role of Insurance as a major catalyst in fostering economic growth can’t be underestimated. Risk mitigation in businesses can have a lasting and positive impact on the economy. At its core, the protective safety net of insurance enables businesses to undertake higher-risk, higher-return activities than they would in the absence of insurance. This helps entrepreneurs to make more investments in business, which translate to jobs creation and an increase in economic activity.

DTB Tanzania has a network of 27 branches in Tanzania, 13 branches in Dar es Salaam (CBD Branch,Kariakoo Branch, Magomeni Branch, Main Branch, Masaki Branch, Mbagala Branch, Mbezi Branch, Mbezi Chini Branch,Mlimani city Branch, Morocco Branch, Nyerere Branch, Uhuru Branch, and Upanga Branch) Regional Branches include 2 branches in Arusha and Mwanza and 1 branch each at Dodoma, Iringa, Kahama, Mbeya, Morogoro, Moshi, Mtwara, Tabora, singida, Tanga and Zanzibar Branch in Forodhani Area.

DTB Tanzania is part of the Diamond Trust Bank group, a pan East African Bank with over 130 branches across Tanzania, Kenya, Uganda, & Burundi. The Bank is an affiliate of the Aga Khan Fund for Economic Development (AKFED), the economic development arm of the Aga Khan Development Network.