Boosting insurance penetration in Uganda

Centenary Bank launched its bancassurance offering on the 11th July 2019 following the release of the guidelines under the enabling law that allowed Banks to perform the business of Bancassurance. Bancassurance is an arrangement between a bank and insurance companies allowing the insurance companies to sell their products to the bank’s client base but even more by utilizing the Bank’s infrastructure to increase Insurance penetration beyond the actual client base of the Bank. This partnership arrangement can be profitable for both companies. The distribution of such insurance products has been and continues to be largely offered using the traditional approach…