Nairobi, Kenya, Nov 10 – Faulu Microfinance Bank has reported a 31 percent rise in the overall sales from the bancassurance agency which it says was driven by strong demand across the general and life insurance segments, as well as automation of services to boost efficiency.
In a statement, the firm said the growth in its bancassurance business whose sales now stand at Sh 327 million follows the successful automation of its insurance sales last year.
Faulu, a subsidiary of UAP Old Mutual Group, a diversified listed financial services firm, also posted an increase in income and commissions from its bancassurance agency.
Faulu Bank CEO Apollo Njoroge attributed the significantly improved performance in the bancassurance agency to enhanced operational efficiency, convenience, and speed of service due to the automation of processes.
Last year, Faulu completed the automation of its bancassurance operations at its more than 60 branches countrywide.
The Rensoft system facilitates quick quotations and faster processing of insurance covers as well as the processing of insurance products underwritten by UAP Old Mutual Group and other licensed insurance companies in Kenya.
“The positive results from our bancassurance operations underline the pent-up need for insurance products in the market we serve. Our decision to automate our bancassurance operation is finally paying off. Our customers can access a wide range of insurance products through a simple but efficient process,” said Mr. Njoroge.
