PostBank Uganda a financial institution that is committed to empowering lives and livelihoods was recently named among the top 10 banks in life bancassurance by gross premiums in a 2021 Q1 report released by the Insurance Regulatory Authority (IRA).
Bancassurance has continued to contribute a huge percentage of non-interest revenue streams for several banks since its inception. This is in form of commission revenue from different insurance companies that they partner with.
Speaking about the bank’s performance, Frank Kalinzi, the Manager Bancassurance at PostBank Uganda, attributed the performance to the bank’s clientele base that gives PostBank a big pipeline to cross-sell insurance to bank customers.
He also noted that the favourable regulatory environment provided by the Insurance Regulatory Authority (IRA) has driven more uptake of Bancassurance in the wider population.