SBM Bank Kenya has launched a new subsidiary, SBM Bancassurance Intermediary Limited, aimed at enhancing insurance uptake through simplified, affordable, and integrated solutions.
The launch marks a significant step by the bank to incorporate insurance services into its existing banking operations.
SBM Bancassurance is expected to offer a seamless experience by allowing customers to manage both banking and insurance needs under one roof.
The SBM insurance to transform Kenyans’ access to insurance
Speaking during the event, SBM Bank Kenya Chief Executive Officer Bhartesh Shah said the subsidiary would transform the way Kenyans access and view insurance services.
“Our aim with SBM Bancassurance Intermediary is to demystify insurance and eliminate tedious procedures. We are committed to building holistic financial solutions that are accessible and relevant to the evolving needs of our customers,” said Shah.
The intermediary will offer a wide range of insurance products, including personal covers, business insurance, specialty packages, and employee benefit plans.
According to the bank, the bundled offerings are designed to enhance convenience, reduce the total cost of risk, and support quick claims processing.
Cost effectiveness and customer benefits
A dedicated claims support channel has been introduced to simplify documentation and ensure faster settlements. The bank has also negotiated cost-effective insurance plans to benefit its customers.
SBM Bancassurance Intermediary will provide personalised consultations to help clients select insurance products that match their financial goals and risk profiles.
Customers will be able to bundle insurance with other banking services, enabling them to create comprehensive financial portfolios to protect assets, secure families, and plan for long-term goals.
SBM Bancassurance Principal Officer Ruth Njoroge emphasised the importance of insurance in promoting financial stability.
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“Insurance is a critical part of financial planning, whether you are safeguarding a business, investing in education, or preparing for retirement. Our tailored product bundles will accommodate diverse lifestyle and professional needs,” Njoroge said.
Businesses to benefit
Businesses will also benefit from expert guidance on risk profiling and customized portfolio development.
The bank plans to strengthen digital access by integrating insurance services into its Mfukoni mobile platform in the coming months. Customers will be able to purchase and manage policies online.
In addition, the bank will utilise its call centre to provide 24-hour support for claims and policy-related inquiries.
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SBM Bank Kenya aims to use the new intermediary to mainstream insurance adoption across its network, targeting both individuals and corporate clients.
The initiative reinforces the bank’s commitment to delivering inclusive, innovative, and customer-centric financial solutions.
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