The People’s Own Savings Bank (POSB) has partnered with Zimnat General Insurance in a strategic move to roll out a wide range of insurance services, including motor vehicle insurance and hospital cash plans, as part of a new bancassurance offering.
The partnership, launched this week, will see POSB customers across the country accessing insurance services underwritten by Zimnat, directly through the bank’s extensive branch network.
The partnership is expected to enhance POSB’s service portfolio while increasing insurance penetration in Zimbabwe, especially in underserved and remote areas. According to POSB Chief Executive Officer Mr. Garainashe Changunda, the collaboration comes at a significant milestone.
“As we celebrate our 120th anniversary, we reaffirm our dedication to a customer-centric approach, leveraging partnerships and innovation to rapidly transform customer experiences,” he said.
“This partnership with Zimnat General Insurance allows us to provide convenient and accessible insurance solutions under one roof.”
Customers can now pay for their Zimnat motor vehicle insurance premiums and renew their ZINARA and ZBC licenses at POSB branches. Additionally, the Hospital Cash Plan being offered provides a daily cash benefit during hospitalisation to help customers meet incidental expenses and reduce financial stress.
Zimnat General Insurance CEO, Mrs. Betty Chiware–Togarasei, expressed excitement about the alliance, stating, “Zimnat is excited to collaborate with POSB, a resilient bank with an extensive network, including in some remote parts of the country. This partnership aligns with our mission to empower prosperity and provide innovative and reliable insurance solutions to the people of Zimbabwe.”
Both institutions indicated that more insurance products are currently being developed to offer Zimbabweans comprehensive and affordable financial protection, accessible via POSB’s national footprint.
With over 120 years in operation, POSB remains Zimbabwe’s only 100% homegrown savings bank. Zimnat, on the other hand, is part of the Masawara Holdings and is associated with the SanlamAllianz group, one of Africa’s largest financial services providers.
