Dar es Salaam 07 December, 2020 – Commissioner of the Insurance Authority (TIRA), Dr. Mussa Juma has applauded CRDB Bank for introducing a life insurance service known as “KAVA Assurance” for customers with accounts in the bank in partnership with the insurance company Sanlam Tanzania.
Speaking at the event, Dr. Mussa said the introduction of the insurance service for customer accounts will increase the use of financial services as well as increase awareness of insurance services for Tanzanians.
“This Integrated Insurance Service in the customer accounts has come at the right time where the Insurance Authority is focused on ensuring all Tanzanians have access to financial services including insurance services,” said Dr. Mussa urged CRDB Bank and Sanlam to focus on providing customer education to raise awareness.
Commenting on the service KAVA Assurance CRDB Bank’s Small and Medium Customer Service Manager, Boma Raballa stated that through the service more than 3 million customers with CRDB Bank accounts will be receiving payment for funeral expenses in the event of a customer’s death, transportation costs when a client dies abroad with a helping hand when a customer has an accident that leads to a life disability.
“If the customer presents these challenges then the Bank will extend a helping hand to the relatives where for ordinary customers the customer will be given 2 million shillings, their special customers are 5 million shillings and 15 million shillings for those living abroad (diaspora),” said Raballa noting that the service is to add value to the customer and there will be no costs of any kind for customers.
According to Raballa all CRDB Bank accounts will benefit from the KAVA Assurance service from Savings Account, Children’s “Junior Jumbo” Account, Student Account “Scholar”, Women’s Account “Malkia”, Diaspora Account “Tanzanite” , Salary Account, Check Account, Farmers Account “FahariKilimo”, as well as other accounts.
“What is required is for the customer to use his account regularly in the sense of saving and using it to make other transactions including payment for purchases of goods and services through digital services such as CRDB Agencies, SimBanking and Internet Banking,” added Raballa.
Explaining CRDB Bank’s willingness to help move insurance services to customers, General Manager of CRDB Bank Insurance Subsidiary, Wilson Mnzava stated in addition to the introduction of KAVA Assurance, CRDB Bank is also in the process of introducing digital insurance services, which will enable customers to access services through mobile phones and thus reach more Tanzanians.
For his part, the CEO of Sanlam East Africa Insurance Company, Julius Magabe expressed that his company is grateful to CRDB Bank for the opportunity to provide services to its more than 3 million customers in terms of population in Botswana and Namibia.
“I urge more Tanzanians to seize this opportunity by opening an account in their CRDB Bank, by doing so we will be able to achieve the Government’s goal of providing insurance services to 50% of Tanzanians,” stressed Magabe.