DIAMOND TRUST BANK CELEBRATES 5-YEARS OF BANCASSURANCE

Chief Guest, TIRA quality and risk management officer, Ms. Victoria Mwavilenga, (right) hands over an award to Jubilee Life Insurance Head of Bancassurance, Mr. Dereck Rwezaura during the 5-years anniversary event. Left id DTB Chief Executive Officer, Mr. Ravneet Chowdhury and other officials from Jubilee Life Insurance.

 Diamond Trust Bank Tanzania PLC (DTB) Bancassurance has pledged to expand insurance access and deepen market penetration as it celebrates five years of operations since its launch January 11, 2020.

The institution has grown its insurer partnerships from six to nine, rolled out services across all 29 DTB branches, and increased booked premiums by 164 percent, reaching 3.7 bn/- by 2023. Preliminary figures for 2024 indicate further strong growth, with income from insurance and premium financing rising by around 50 percent.

Ms. Victoria Mwavilenga, TIRA Quality and Risk Management Officer speaks to invited guests on behalf of TIRA Commissioner, Mr. Baghayo Saqware.

 

Raymond Salemba, DTB Bancassurance Manager, made the remarks in Dar es Salaam last week, during the bank’s Bancassurance 5-year Anniversary noting that this achievement comes as DTB Bancassurance strengthens its efforts to promote life and medical insurance, which were initially considered marginal products but have now gained traction.

"As we mark five years of growth, we are committed to expanding insurance access and deepening market penetration to ensure more Tanzanians benefit from comprehensive coverage, while continuously innovating to meet evolving customer needs," said Salemba

 

 

DTB Bancassurance Manager, Mr. Raymond Salemba outlines success stories of Bancassurance in DTB since its inception.

 

The company has also introduced niche products, including tour operator liability insurance, travel insurance and investment-linked life policies, ensuring more Tanzanians access essential coverage, he added.