BUUMBA CHIMBULU writes
FIRST National Bank (FNB) Zambia has developed a flexible monthly insurance payment plan to assist its customers manage their cash flow during the Covid-19 period.
The Bank on May 4, 2020 became the first Institution to act as a distributor for insurance products in partnership with Minet Zambia.
FNB Zambia Chief Executive Officer, Leonard Haynes, said this would enable customers have access to affordable general insurance products with flexible monthly payment options through FNB Zambia outlets.
Mr Haynes said in a statement that under this model, FNB was the first bank to be able to print motor insurance cover notes or car insurance disks at branch level.
These documents can then be collected at a branch of choice to avoid customers queuing up, while all other policies can be communicated electronically or printed if requested by a customer.
“We are cognisant of the growing demand on our customers wallets as we navigate the current circumstances brought on by Covid-19 as competing needs such as school fees, rentals and certain other obligations begin to fall due,” Mr Haynes said.
He said customers would be able to make comparisons and choose their preference between Madison General Insurance, Hollard Insurance, Zambia State Insurance Company (ZISC) General Insurance and General Alliance Zambia.
“We therefore, believe that our insurance offering extends real help to our customers. The variety of choices and the ability to purchase motor insurance on a flexible payment plan will help them to manage their cash flows better,” Mr Haynes said.
He explained that the short term insurance service model enables FNB to serve as the central point for all the banking needs.
Mr Haynes said benefits of insuring the assets through the bank include reduction in the time spent moving between vendors comparing features and pricing as well as the convenience of having a bank to manage the end to end process of claiming against the customer policies.