NAIROBI, Kenya, April 18 – KCB and the National Bank of Kenya (NBK) have signed a distribution deal with Sanlam Life Insurance that will allow customers to access life insurance and investment products.
The transactions will be done through Bancassurance Intermediary Limited (KBIL) and National Bank Bancassurance Intermediary Limited (NBIL).
This will see KBIL and NBIL distribute life insurance products, underwritten by Sanlam at their combined 300 branches.
“We are reimagining insurance by leveraging the existing offerings and rethinking the distribution model to ensure we take the products to the uninsured population across the counties and every corner of the country,” said KCB Bank Kenya Managing Director Annastacia Kimtai.
They have also rolled out an endowment policy dubbed Nawiri, a savings and investment product that offers a guaranteed return after a specific period of time.
They have also introduced an enhanced education policy, Elimisha Plus Cover, as well as Last Expense Cover.
Nawiri comes with a tax relief element, and the bereavement cover provides a tax-free death benefit upon the demise of the policyholder, making this a suitable option for investment.
“For customers who prefer to receive services from a one-stop-shop like a bank, this partnership comes in handy for them as they will now be able to access a full suite of financial services to meet their long-term investment needs,” Sanlam Kenya Group CEO Nyamemba Tumbo said.
“We shall therefore leverage our distribution and processing capabilities, stronger brand visibility and a greater degree of public trust to deliver a superior customer and product experience,” Tumbo added.
Over the past few years, the bancassurance distribution channel has emerged as the best option for mass-market clients looking for simple and low-cost products offered by financial institutions.
“As the industry regulator, we welcome this move as we see it as an opportunity to meaningfully improve bank customers’ financial security, lives, and businesses given the growing awareness among customers about protection and the need to financially secure themselves through a robust financial plan,” Insurance Regulation Authority Commissioner of Insurance and Chief Executive Officer Godfrey Kiptum said.
