The Insurers Association of Zambia (IAZ) says it is keen to promote development, industry growth and the welfare of all Zambians through provision of affordable insurance products and services.
Speaking during the launch of #FinancialLiteracyWeek2021, which the Zambian Business Times-ZBT is participating in, IAZ president Christabel Banda said IAZ believes that insurance is crucial for financial protection and recovery when misfortunes strike.
Banda said businesses and individuals must recognise the importance of insurance and that matters of financial risk should not be left to time and chance.
“Inclusive insurance, also known as micro-insurance, is affordable and accessible”. #Globalfinancialweek. Experts say Micro insurance has potential to increase insurance penetration across the country and achieve developments goals related to financial inclusion.
“I wish to reiterate the importance of financial literacy for economic empowerment, at every level of society. Financial literary is about the knowledge and skills needed to make good financial decisions, and it is important that all citizens are empowered with this knowledge,” she said.
Banda said this is the key to financial inclusion, which is about including all citizens in the beneficial use of financial services.
She said the financial literacy week’s theme “Take care of your health, take care of your money,’ addresses the biggest challenges of this time which include the health challenges posed by the Covid-19 pandemic and other health concerns like non-communicable diseases, cancer, and among others.
She said there are also the economic challenges the country is facing, as such the theme reminds the people of the need to have to take responsibility for personal health and make the best of available financial services.
“We also wish to remind the public to only deal with licensed insurance providers, and if in doubt it is important to confirm that you are dealing with a registered organization or individual. It is important that we make a concerted effort to tackle financial fraud and root it out of society.
“We wish to remind the general public that even as we battle with immediate financial challenges, remember to protect your health, protect your money,” Banda said.
She said, “every sector of the economy has been impacted by the current pandemic, and the insurance industry is no exception”.
Banda said in an attempt to decongest offices and remain accessible, IAZ continues to encourage its members to make use of online and telephone platforms for service delivery.
She said already several insurance providers have effective online platforms, and several other insurers are seeking to make better use of Information and communication technology (ICT) solutions to ensure that many services can be accessed from the comfort of your home.
“ICTs are an essential part of business in the new normal, and the insurance sector is adapting to serve the public better,” Banda said.
