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In a move aimed at increasing life insurance penetration in Kenya, NCBA Group and Sanlam Life Insurance have announced a strategic partnership to offer new life insurance products.
The partnership will introduce two new products: Digital Last Expense, designed to cover funeral costs, and Go Educator, which will focus on financing education expenses. Additionally, a savings product is expected to be launched soon.
The primary objective of this collaboration is to make life insurance more accessible to Kenyans. By addressing financial constraints and information gaps, the partnership aims to overcome the challenges that have historically hindered the uptake of life insurance. NCBA and Sanlam will work together to educate customers about the benefits and features of their offerings.
NCBA Group Managing Director John Gachora expressed enthusiasm about the partnership, stating that it represents a significant step towards providing comprehensive financial solutions to customers. By offering innovative life insurance products, the companies aim to enhance financial well-being and offer support during critical life moments. Gachora believes this partnership will significantly boost life insurance uptake in Kenya.
The new products will be available through the bank’s Bancassurance Intermediary. Leveraging its extensive network of branches and customer touchpoints, the intermediary will ensure easy accessibility to customers across Kenya. This strategic distribution approach aims to seamlessly integrate life insurance into customers’ financial planning.
Sanlam Kenya Group CEO, Dr. Nyamemba Tumbo, highlighted the convenience of the partnership for customers seeking a one-stop-shop for their financial needs. By leveraging its distribution and processing capabilities, strong brand visibility, and public trust, Sanlam aims to deliver a superior customer and product experience.
