NBC and Sanlam Allianz Partner to Expand Insurance Access in Tanzania

The National Bank of Commerce (NBC) and Sanlam Allianz Tanzania have renewed efforts to expand access to insurance services through bancassurance. This partnership aims to make insurance products more accessible, simplify service delivery, and improve understanding of insurance as a financial protection mechanism against risks affecting individuals, families, and businesses. The commitment was highlighted during a webinar jointly organised by NBC and Sanlam Allianz under the theme, “Building Trust Through Transparency in Insurance.”

The webinar, which included representatives from the Tanzania Insurance Regulatory Authority (TIRA) and DigiCash, discussed consumer protection and the role of collaboration in improving insurance services. NBC Head of Insurance, Benjamin Nkaka, emphasized that banks could play a significant role in expanding insurance coverage by using their branch networks, customer relationships, and digital platforms to reach more people. He noted that the partnership with Sanlam Allianz has been instrumental in expanding access to insurance services in the country.

Through their network, NBC facilitates access to insurance products, premium payments, insurance education, and financing options to help customers meet insurance costs. Nkaka stressed that insurance should not be regarded as a luxury but as an essential financial protection tool that enables individuals and households to manage unexpected losses and safeguard their financial well-being. Sanlam Allianz General Insurance General Manager for Insurance Distribution, Geofray Masige, explained that the arrangement integrated banking and insurance services, allowing customers to access insurance products, loans, and claims assistance through a coordinated service delivery system.

The partnership brings banking and insurance services together, making it easier for customers to access a range of financial solutions under one roof. Masige also highlighted Insurance Premium Financing, which enables customers to obtain bank loans to pay premiums for Sanlam Allianz products and repay them in instalments instead of meeting the entire cost upfront. This arrangement could make insurance more affordable, particularly for customers unable to pay full premiums at once.

TIRA Director of Compliance and Actuarial Services, Alex Rocky, emphasized the need for cooperation among regulators, banks, and insurance companies to improve public awareness, service delivery, and protection of policyholders’ rights. He cited the 2025 insurance market performance report, which showed that gross insurance premiums increased from 1.52tr/- to 2.25tr/-. Insurance companies settled 80.8 per cent of claims received during the year, valued at approximately 1.6tr/-, with payments totaling 1.29tr/-.

DigiCash’s Dr Alfred Msemo highlighted the importance of clear communication in building customer confidence, urging insurers to explain policy terms, products, and claims procedures in simple language. He also noted the role of technology in improving access to insurance, suggesting that digital solutions could simplify transactions and extend services to a wider population. NBC Director of Compliance and Regulatory Affairs, Sarah Sumaye, noted that limited public understanding remained a challenge, with some Tanzanians viewing insurance mainly as a legal requirement rather than a means of protecting their health, property, and finances against unforeseen risks.

Sumaye recognized that education is essential in changing public perceptions of insurance. Through partnerships with various stakeholders, NBC continues to promote financial literacy to help people understand the different types of insurance, their benefits, and their importance in everyday life. Sustained public education and cooperation among industry players are necessary to improve understanding, strengthen consumer confidence, and encourage wider insurance uptake across the country.

Key points

• The partnership between NBC and Sanlam Allianz aims to increase insurance access and simplify service delivery through bancassurance.
• The arrangement includes Insurance Premium Financing, making insurance more affordable for customers.
• Cooperation among regulators, banks, and insurance companies is necessary to improve public awareness and service delivery.