KCB Group expands Bancassurance arm to grow earnings

Kenya: Kenya Commercial Bank Group (KCB) has launched its expanded insurance agency business, as the lender looks to grow its earnings from new business lines.

The KCB Insurance Agency (KCBIA) proposition will initially be available in 98 of group's 187 branches in Kenya, before full roll out across the country. Group Chief Executive Joshua Oigara said the bank is positioning itself to expand the insurance business through the use of innovative distribution channels with a focus on growing the Life Insurance and Pensions business whose potential has been barely exploited.

Through collaboration with a range of Kenya main insurance companies, KCBIA will offer seven different varieties of insurance–including Property, Liability, Motor, Healthcare, Agriculture, Micro, and Marine Insurance. In addition, KCB Insurance Agency offers Risk Management and professional insurance advisory services to its clients, with plans to launch Life Insurance products later in the year.