FNB rolls out short-term insurance solutions

As published on themastonline.com on May 13th 2020

FNB has started distributing short-term insurance solutions for retail and business customers as a way of mitigating coronavirus risks.

In doing so, FNB has effectively become the first bank in Zambia to print car insurance discs at branch level.

Announcing the new product, First National Bank (FNB) chief executive officer Leonard Haynes said the initiative which started running on May 4, is a partnership between the bank and Minet Zambia, an insurance broker.

Haynes said the partnership was a significant milestone in the strategic intent of both businesses and would further enhance financial inclusion and increase insurance penetration in Zambia, in line with the government’s financial literacy agenda.

“We are thrilled to announce the enhancement of our insurance offering, enabled by a landmark partnership with Minet as the insurance broker. Effective 4 May 2020, FNB became the first bank to act as a distributor for Household, House Owner, Building, Motor and Fire & Allied Perils cover,” said Haynes yesterday in a statement.

“Over the last 11 years, our Bank has worked to become a complete one-stop financial services provider to our customers, with a strong focus on digital solutions. The timely launch of our new paperless, and system-driven model ensures that customers can get cover safely and conveniently, further reducing the risks associated with the ongoing COVID-19 pandemic.”

He stated that the insurance cover notes (car insurance discs) could be collected at a branch of choice to avoid customers queuing up, while all other policies could be communicated electronically or printed if requested by a customer.

And giving further details about the partnership, Minet Zambia managing director Humphrey Kabwe said: “With a transformative approach to insurance and risk advisory business modelling over the last 70 years, Minet Zambia is excited to partner with FNB Zambia as a distribution link to deliver various products and services to its clients through easy to access digital platforms.”