THE People’s Own Savings Bank (POSB) has ventured into insurance, partnering Zimnat General Insurance (Zimnat) to provide an extensive range of bancassurance services, as part of its revenue diversification strategy.
Bancassurance is a partnership between a bank and an insurance company, where the bank distributes insurance products to its customers.
This collaboration allows POSB to widen revenue streams by offering insurance services to its customer base, while Zimnat gains access to a wider distribution network.