KAMPALA —Absa Bank Uganda has on Wednesday November 2 given out a brand new car to one of its staff, Enid Zawedde for stellar performance at work.
Zawedde, an employee in the bank’s customer relations docket was rewarded for outperforming her colleagues in marketing insurance products to Absa clients.
She managed to convince up to 26 customers to get insurance policies in four months and in the process making UGX 109million in the campaign, dubbed “Wangula Emmotoka” launched in partnership with Jubilee Insurance.
Ms. Enid Zawedde Tayebwa works as a Customer Experience Executive at Absa Kampala Road Branch.
Absa Bank chief executive Michael Segwaya commended Zawedde for the stellar performance and urged staff to emulate her.
“We are really looking forward to greater things, greater partnerships and for the Bancassurance team. I have been around for some time but it’s not very often if not the first time that I’m giving a car,” Mr. Segwaya said.
“The world we are in today is about partnership. Let’s execute our goals. And I’m looking forward to this season that is coming through.
Mr. Sumit Kumar, the Managing Director of Jubilee Insurance Uganda congratulated Zawedde for the personal achievement but also for encouraging customers to take on insurance.
“We want to ensure that insurance is part and parcel of our customers’ experience. Well done.”
“She earned it. It’s is commendable,” Mr. Kumar said, adding: “Unless you are convinced about selling something, you can’t sell it. Insurance penetration in this market is about 1%. We have listened to Absa Bank and our customers and we will launch two new products soon to address issues that came up. The policies will be more flexible.”
An elated Zawedde said she was so happy and excited.
The advancement of Bancassurance and its adoption by commercial banks in Uganda will supplement the role played by insurance brokers and consequently lead to an increase in insurance penetration.
According to Ibrahim Kaddunabbi Lubega, the Chief Executive Officer Insurance Regulatory Authority of Uganda, bancassurance is an arrangement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers and a bancassurance agent is a duly licensed bank by the Insurance Regulatory Authority to conduct bancassurance business.
Their presence does not impact the role of the insurance brokers because a bancassurance agent is mandated to sell insurance to only their clients while an insurance broker sells insurance products to everybody and is not restricted.
“In other words, bancassurance refers to a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer,” Kaddunabbi says.
Bank staff are advised and supported by the underwriter at the insurance company through wholesale product information, marketing campaigns and sales training.
The bank and the insurance company share the commission. Insurance policies are processed and administered by insurance company.
