Q&A: Martha Aheebwa, the Standard Chartered Bank Uganda, Head Bancassurance talks about the Bank’s newly launched customized Bancassurance products Bancassurance is a partnership between an insurance company and any banking institution for purposes of distributing insurance products to the bank’s clients. This channel helps insurers reach new markets with minimal investments since all infrastructure belongs to the bank and the banks earn commission as an intermediary. Bancassurance is a new distribution channel in Uganda with the Insurance Regulatory Authority having initially licensed 17 Commercial Banks to operate as bancassurance agents since October 2017. Since then banks and insurers continue to partner to develop customized insurance products for their clients; to improve the proposition, meet their clients’ unique needs by tailoring offers that suit their tastes, preferences and sophistication and evolving needs; by so doing, ensuring accessibility and attractiveness of insurance products. We caught up with Martha Aheebwa, Head, Bancassurance at Standard Chartered Bank to help us shed more light on Bancassurance; how this arrangement helps clients easily access insurance services, how claims are handled, what new offers they have for their clients and benefits and much more.

Standard Chartered Bank launched Bancassurance two years ago; help us understand how you are going about offering Bancassurance to your clients.

Since our launch of Bancassurance in 2019, the Bank has partnered with four (4) insurance companies, particularly those with whom we have enjoyed a long-standing working relationship in several of our African markets. We have since rolled out four insurance products; Motor, travel, property and business insurance. We are working with our partners to develop more products that have been informed by our customers’ feedback.

I understand Standard Chartered just unveiled a product called Educare. Tell us more about this product.

We worked with our partner Sanlam Life to put together a product that is well thought through, researched and with differentiated benefits to give our customers optimal value for money while ensuring they enjoy the best experience both at product issuance and claims.

Educare is an investment focused insurance product that allows the parents and guardians to save for the future education of their children while at the same time safeguarding against financial distress that might be caused by unforeseen events such as critical illness, physical incapacity and loss of life.

Although Educare is targeted mainly to parents and guardians, it is available to all people within the age group of 18 to 65 years and will provide life insurance cover up to the age of 85 years, secured through payment of regular premiums.

A policy owner can choose to have a policy with a term of between 9 and 16 years with a maximum sum assured of 950 million.

The minimum monthly premium payable on this product is UGX 250,000.

What are the benefits of taking out an Educare policy with your Bank?

First and foremost, this product is tailored for our customers so it’s not possible to currently find this proposition as has been structured anywhere else. Furthermore, it guarantees 200% on the sum assured, payable from 4 years before maturity. Additionally, it gives 100% benefit on death, 100% benefit on total and permanent disability, offers a 200% accidental death benefit, offers a lumpsum 50% benefit on diagnosis of critical illness, offers waiver of premium upon critical illness, total and/or permanent disability and death. The product is also structured with guaranteed surrender benefits.

As you can see, this is a great product for anyone who is committed to guarantee their future and that of their loved ones; the current times have particularly demonstrated that the only time we can be sure we have is now and we must use it to be future ready.  

How about the Super E Plus product, what is it about?

The Super E Plus product is another impeccably crafted Bancassurance product that provides a first-of-kind benefits in the market. Our Super E Plus product offers a savings vehicle with a very competitive internal rate of return with additional risk benefits such as; critical illness, and disabilities that are not commonly covered on the Ugandan market including death benefits as a result of Covid-19.

With this product, our members will enjoy investment returns that beat inflation, partial access to savings within the investment period, flexible life cover benefits without evidence of medical underwriting, automatic waiver of premium following critical illness and disability and our members will qualify for a policy loan after 12 months of cover.

Who is eligible for the Educare and Super E Plus Bancassurance products?

Parents/guardians/Individuals with financial dependents especially school-going children and young families, anyone looking for an avenue for wealth creation and investment, people planning for their retirement, people looking to save up for any future goals, employed and self-employed.

These products are available only through Standard Chartered to our existing clients however we welcome non-clients who are interested to open our Digital Life Account to access these products.

These products actually include each one of us if you explore what is covered under the various insurance solutions.

Why should anyone take out these insurance products? What are the benefits?

First and foremost, Insurance is all about financial planning and protection to absorb the shock in case of an unforeseen eventuality such as illness, disability and death. It takes care of the what-if in financial planning. Our Insurance solutions cushion you and protect you from the financial impact of unfortunate events, while at the same time providing an investment vehicle.

Clients who choose to take out insurance policies through Standard Chartered Bank will therefore benefit from a unique suite of customised insurance products that have been tailored specifically to cater to their lifestyles.

We are confident that the products we have rolled out under Bancassurance will take care of our clients’ insurance protection needs and provide additional convenience as they are able to take out a policy as they undertake their normal banking.

Furthermore, our clients will benefit from expert advice offered by our well-trained bank staff and an unrivalled service experience arising from the contractual service standards agreed upon between ourselves and the insurance companies which is differentiated. Our Bank staff will assist clients with following up claims’ settlement and documentation, so they focus on their other business.

What makes the Educare and Super E Plus products special?

Our products are unique in many ways, but I’ll mention just a few.

The Educare and Super E Plus are the first and currently only products on the market that guarantee a maturity benefit of 200% of sum assured, and an in-built waiver of premium benefit to ensure that the payment of these maturity benefits will not be jeopardised in any way. We have incorporated benefits such as critical illness and a double accidental death benefit, there is no waiting period, and medical examinations will only be required for sums assured above Ugx.180M. The policy acquires a value (surrender value) after 12 months, and the policyholder is able to take a policy loan from that point.

You’ll also notice that our minimum entry age is much more accommodative than similar products on the market.

What requirement does one need to take up these products?

First of all, we only provide insurance products to our customers but being our customer has never been easier as anyone can download our Standard Chartered Mobile App on their smart phone and open our Digital Life Account which is completely free with amazing benefits in just 15 minutes from the comfort of their home. To access these Bancassurance products, we require our clients’ National IDs (or passport if they are non-Ugandans), completed application documentation, and confirmation that they are willing to pay the premium. Lastly, the insured person is then issued their policy document to be protected against insurable risks.

Any final words?

We are delighted to have rolled out the Educare and Super E Plus Bancassurance products to our clients and appeal to everyone to save for a comfortable and secure future with added protection, catering for unforeseen occurrences. You can trust us to cater to your insurance needs as a trusted financial services provider that has been in operation in Uganda for the last 109 years. We are ready to help you arrange insurance to better manage your risk. To know more, call us on 0200524100 / 0313294100 or visit our website: www.sc.com/ug.