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 billion by 2023. Preliminary figures for 2024 indicate further strong growth, with income from insurance and premium financing rising by around 50 percent.

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.

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.

According to him, DTB Bancassurance was established following the Insurance (Bancassurance) Regulations, 2019, which allowed banks to act as insurance agents. By leveraging its customer base, it has successfully positioned itself as a "Financial Supermarket," offering a diverse range of insurance solutions, from motor and domestic policies to goods-in-transit and health coverage.

He further expressed gratitude to the Tanzania Insurance Regulatory Authority (TIRA) for its support and acknowledged the role of the Tanzania Bancassurance Agency Association (TBAA) in advocating for industry advancements.

“As we celebrate this milestone, we reaffirm our commitment to innovation and collaboration to ensure insurance reaches more Tanzanians. With the support of TIRA and industry stakeholders, we are confident in navigating future challenges and driving further growth,” he stressed.

Giving remarks on behalf of the Commissioner of TIRA, Veronica Julius urged bancassurance institutions to expand insurance access, increase market reach, introduce underrepresented products, and collaborate with stakeholders to build consumer trust, enhance services, and drive innovation, while offering continued support for the industry's long-term growth.

"TIRA calls on bancassurance institutions to expand insurance access, enhance market reach, and introduce underrepresented products, while collaborating with stakeholders to build consumer trust and drive innovation," she said.

DTB Bancassurance provides a wide range of insurance services, from popular ones like motor insurance to vital coverages such as goods in transit and domestic insurance. Our life insurance offerings, particularly protection and investment packages, are designed to secure the future of many Tanzanians and their families. While life and medical insurance were marginal at the beginning, they are now showing significant growth.