On Thursday, 30 September 2021, Sanlam Madagascar and Baobab Banque Madagascar signed a partnership agreement with the aim of developing the bank-insurance sector. This partnership strengthens the ambition shared by these two major firms in the country to meet the insurance needs of the Malagasy population with adapted, affordable offers.
A real alternative solution for securing private and business activities, bank-insurance today plays a key role in modernising support for players in the country’s main economic sectors. This partnership meets this aim, and particularly the expectations of Baobab Banque customers, while expanding the scope of operations of Sanlam Madagascar.
Through this partnership, Sanlam Madagascar is confirming its expertise in bank-insurance. The company, which already works with four other local banks, is constantly developing the country’s insurance market. Mrs. Christel Chesne, CEO of Sanlam Madagascar, says: “Thanks to the long-standing experience of our reference shareholder, Sanlam Group, our team is all the more able to offer innovative insurance products in response to our retail and business policyholders’ new needs for protection“.
For its part, Baobab Banque Madagascar is further confirming its leadership in innovation and the modernisation of customer services, by broadening its range of financial products and services. Mr Hugues Bonshe Makalebo, CEO of Baobab Banque Madagascar, underlines that: “Ever true to our vision to unleash the potential of our customers by offering simple, reliable and secure solutions, this partnership reasserts our commitment to supporting our customers in the country’s social and economic transformation nationwide“.
The partnership proposes an offer built around two key sets of products designed to protect people and their property:
- Key person insurance: guaranteeing a lump-sum payment – defined at the time of underwriting – to a company in the event of death or total permanent disability of the insured ;
- Hospital and surgical insurance: covering hospital and surgical costs as well as expenses incurred as a result of illness, injury or other events stipulated in the contract;
- Travel insurance: offering assistance services while an insured is travelling abroad;
Property and Casualty Insurance (P&C)
- Stock Insurance: covering all losses or damage caused directly to insured goods by an insured accidental event ;
- School Insurance: protecting the policyholder against the financial consequences of third-party liability incurred for bodily injury, property damage and consequential losses caused by a child during school and extra-curricular activities ;
Founded in 1918, as a non-life and life insurance company, Sanlam Group is today a leading pan-African insurance group. Sanlam not only has locations in 30 African countries, the Group is also present in Malaysia, the United States, India and Australia. Sanlam Madagascar (ex-Colina Madagascar and ex-Saham Madagascar) was created in 2005 following the insurance market liberalisation. The establishment of Sanlam in Madagascar stems from the Group’s strategic vision based on developing a strong, unique and trust-inspiring brand across the continent.
Baobab Banque Madagascar is an international bank established in Madagascar 15 years ago. It is a subsidiary of the Baobab Group headquartered in France and active in nine countries, namely Senegal, Mali, the Democratic Republic of the Congo, Tunisia, Burkina Faso, Côte d’Ivoire, Nigeria, China and Madagascar. The bank currently has 40 branches, 650 employees, 300 banking agent outlets and 220,000 customers in 30 towns in the national territory.