THE insurance sector should continue to invest resources in the fight against fraud and corruption in the industry, delegates attending Insurance Council of Zimbabwe conference agreed this week.

ICZ was already working on the database while consultations with various stakeholders were in progress. "The database is currently being designed and stakeholders are going to assess how the database would be accessed by people," said ICZ. The database licence was also being processed, said ICZ. The database will contain a record of criminals who have been blacklisted by the industry.

Meanwhile, the Zimbabwe Allied Banking Group (ZABG) will soon sign a Memorandum of Understanding with a yet to be announced insurance company in preparation for the launch of a product called Bancassurance. ZABG retail banking executive Mr Gift Madhlayo said Bancassurance was a symbiotic business relationship between a bank and an insurance company whereby the former sells insurance on behalf of the insurer and the bank earns commission.

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The Herald (Harare)
NEWS

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