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FNB acknowledges improved standards in motor insurance

FIRST National Bank (FNB) says the innovative insurance offering it initiated last month is setting new standards for buying motor vehicle insurance this quarter.

On May 4, 2020, FNB became the first bank to act as a distributor for insurance products in partnership with Minet Zambia, enabling customers access to affordable general insurance with flexible monthly payment options through the bank’s outlets.

In a statement on Monday, FNB chief executive officer Leonard Haynes cited a reduction in the time spent moving between vendors comparing features and pricing, as some of the benefits of the service.

“We are cognisant of the growing demand on our customers’ wallets as we navigate the current circumstances brought on by COVID-19 as competing needs such as school fees, rentals and certain other obligations begin to fall due,” said Haynes. “We therefore believe that our insurance offering extends real help to our customers. The variety of choices and the ability to purchase Motor Insurance on a flexible monthly payment plan will help them to manage their cash flows better.”

He said the Short-Term Insurance Service model enabled FNB to serve as the central point for all banking and financial needs.

Haynes said benefits of insuring assets through FNB included a reduction in the time spent moving between vendors comparing features and pricing, as well as the convenience of having the bank manage the end-to-end process of claiming against one’s policies.

Haynes said customers would be able to make comparisons and choose their preference between five insurance companies: Madison General Insurance, Hollard Insurance, Zambia State Insurance Company General Insurance and General Alliance Zambia.

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