Bancassurance: SBM widens it product range with general insurance
SBM can now offer general insurance products of five different partners covering Jubilee Insurance, Mauritius Union Assurance, New India Assurance, SICOM General Insurance and Swan Insurance, to customers and non-customers alike. (Image: SBM)
Three year after launching Bancassurance, State Bank of Mauritius (SBM) has announced the enlargement of its insurance plans available in the 43 SBM branches across Mauritius and Rodrigues.
“It is a pride for the bank management to be able to widen the product range of the bank’s insurance plans,” said Soopaya Parianen, Chief Executive Officer of the non-banking financial cluster, surrounded by the CEOs of the five insurance agencies at a press conference which took place yesterday at SBM headquarters.
SBM, the second largest lender in the island economy, can now offer general insurance products of five different partners covering Jubilee Insurance, Mauritius Union Assurance, New India Assurance, SICOM General Insurance and Swan Insurance, for both customers and non-customers of the bank.
“Our objective is to become a ‘one stop-shop’ for banking and non-banking product and services,” Soopaya Parianen said.
Parianen added that SBM is not venturing into unknown territory. Indeed, the success they gained since the launch of Bancassurance in 2011 has enable them to move further by diversifying their products into the general insurance domain.
This initiative is in line with the strategy of continuous development of the group`s activities. Some of the insurance products which are already offered by Bancassurance SBM are the Endowment Plan, which is a conventional life assurance policy designed for clients who wish to save and receive a capital sum, together with bonuses, when the policy ends.
Next is the Fast Cash plan, a conventional life assurance policy suitable for clients who wish to earn fast cash as it pays a proportion of the Sum Assured every three years.
The Angel Plan is a savings plan to help parents to save for the future cost of the education of their children and finally, the Personal Pension Plan prepares a person for their retirement.
In addition, there are insurance policies available for individuals, such as motor insurance, household comprehensive insurance and health and travel insurance, and insurance available for companies such as fire & allied perils insurance and liability insurance.
For the marketing and access of their products, SBM’s management bets on proximity.
“The bank proposes a complete service under the same roof. We act as an intermediate platform between the customer and the insurance companies,” said Carlo Polliah, head of Bancassurance at SBM.
The latter added that SBM is also working in close collaboration with SICOM, Anglo-Mauritius and La Prudence.
“The proximity, the accessibility, the suitability and the range of choices available are the main factors which the customer considers when he looks for an insurance coverage,” he noted.
In addition, in all SBM branches, dedicated staff is present to not only answer all the customer`s questions but also respond to their needs.
The bank insurance model (BIM), popularly known as Bancassurance, is the partnership or relationship between a bank and an insurance company whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base.
It was created in the UK in 1965 and further developed in France & Spain during the seventies. Presently, it is increasingly being adopted in India and the Southeast Asian countries.