For those who are not familiar with what insurance is and how insurance really works especially to those who are not equally knowledgeable about the insurance industry, insurance is first and foremost, a precautionary measure to ensure that someone will take good care of your expenses come the time when you get sick or you got involved in a massive car accident. An insurance is simply that you are buying from an accredited insurance company in exchange for a monetary compensation as long as the claims being made for an insurance policy fall under the designated list of situations wherein the claimants can make claims. While having an insurance, a health insurance for example, proves to be beneficial especially for workers who belong to some of the hazardous industries in the world in terms of they will have some kind of comfort and peace of mind that their hospital expenses will be paid in the form of compensations, let’s not forget that the insurance industry is a complex industry to begin with. You have to remember that it’s not easy to find ways on how to sell insurance effectively considering the fact that prices have been going up as of late, making it more difficult for people to avail such services.
To be able to add up to the government’s initiative find more efficient ways on how to sell insurance effectively without asking for additional fees from clients, the Uganda government has announced through the Insurance Regulatory Authority that it has allowed banking institutions around the country to start insurance products. Regulations for the said initiative dubbed as the Bancassurance is now in the finalization stages and are said to come out anytime this July, 2017. With the regulations already in placed thanks to the already being-implemented Financial Institution Act of 2016, banks can now act as agents of accredited insurance companies in the said country and start selling different insurance policies to their respective depositors. In addition this, the Uganda government said that there will be no limitations that will be set in terms of the number of insurance companies that a bank can partner with in the said regulations.