‘Insurance firms should harmonise operations’

INSURANCE companies have been urged to harmonise their operations to enhance fair competition in the industry.
Pensions and Insurance Authority (PIA) registrar Martin Libinga said data on operations of all insurance companies should be captured easily for planning purposes, and to enable the public benefit from fair competition in the industry, as the regulator aspires to accelerate insurance penetration in the country.
Mr Libinga said this in a speech read for him by PIA compliance manager in charge of insurance Nicolas Mbuya during the launch of Tilitonse mobile funeral insurance plan by Madison Life Insurance Limited on Friday evening.
The Tilitonse mobile funeral plan is a micro-insurance product which enables the public to buy insurance cover on their mobile phones.
The product has a minimum monthly premium of K18.
Mr Libinga said life insurance is no longer a luxury but a necessity as it cushions funeral expenses.
“Individual life insurance products aimed at saving, funeral, and retirement planning, will go a long way in ensuring the participation of marginalised groups in the formal financial system of the country,” he said.
Earlier, Madison Life Insurance Limited managing director Agnes Chakonta said the use of information communication technology (ICTs) systems such as mobile phones, will go a long in accelerating the growth of the insurance industry in the country.
“Madison Life Insurance Limited appreciates the challenges associated with underwriting micro-insurance business. Our approach is, therefore, to provide Tilitonse to a broader base of clients and ensure strong reinsurance back-up underpinned by ICTs,” she said.

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