The first step in understanding insurance is to know what it is and what it covers. Insurance is a contract between you and an insurance company that provides financial protection in case of a loss or damage to your property, or for liability in case of injury or damage caused by you.
The key role of insurance is to give protection to an individual or firm against monetary losses suffered and arising out of unforeseen circumstances. The world we live in is characterized by risks and uncertainties. People have always searched for security and protection from losses or contingencies. As such, Insurance has evolved as one of the most important way that provide this security. It offers protection based on the principle of mutual co-operation, and the sharing of losses of a few unfortunate among many and by building a fund over a period of time.
To be truly assured, it's essential to work with a reputable and trustworthy insurance provider. A good insurer will explain the terms and conditions of the policy in clear and simple language, and help the insured to choose the coverage that's right for their needs and budget. They will also be transparent about the costs and fees associated with the policy, and provide a detailed explanation of the claims process. Another key factor to consider is the reputation and financial stability of the insurance company. You want to make sure that the company you choose will be there for you in case of a claim, and that they have a good track record of paying out claims fairly and promptly.
As members of Savings and Credit Cooperative Organizations (SACCOs), it's important to not only save and invest your money wisely, but also to protect yourself and your assets in case of unexpected events. This is where insurance comes in, and SACCOs can play a vital role in helping their members find the right coverage.
Through our Insurance intermediary TOWERTECH COMMERCIAL AND INSURANCE AGENCY, Tower SACCO has hence embraced SACCO Assurance as one of the best way to protect its assets and its members’ from day to day uncertainties. One of the key advantages of Tower SACCO offering insurance is that we are able provide tailored products and services to meet the specific needs of our members. For example, Tower SACCO offers agriculture insurance for farmers, health insurance for members who don't have access to affordable healthcare at affordable rates among others.
Tower SACCO also provides education and support to our members on risk management and mitigation. This can help members better understand the risks they face and take steps to reduce them. We also provide resources to help members recover from losses, such as access to credit and prompt claims settlement.
Another advantage of Tower SACCO offering insurance is that we negotiate better rates and terms for our members. By pooling resources and negotiating with insurance companies, Tower SACCO often offer insurance at lower costs than individual members could obtain on their own. This can make insurance more accessible and affordable to members who might not otherwise be able to afford it.
It's important to note, however, that Tower SACCO has the expertise and resources to develop and manage insurance products effectively. We also ensure that we are complying with relevant regulations and standards.
As a member of Tower SACCO, it's important to take advantage of the insurance products and services we offer. Make sure you understand what types of insurance are available and what coverage you need. Compare policies and prices from different insurance companies and consult with Tower SACCO representative to make an informed decision.
In conclusion, SACCOs can play an important role in helping their members find the right insurance coverage. By offering tailored products and services, providing education and support on risk management, negotiating better rates and terms and doing a follow up on prompt claim settlement. SACCOs can help their members protect themselves and their assets in case of unexpected events. As a member of Tower SACCO, make sure you take advantage of the insurance products and services we offer and STAY ASSURED.
Complied by: Esther Kiiru
SACCO Assurance officer