SBM Bank Kenya unveils Bancassurance subsidiary to transform insurance access

SBM Bank Kenya CEO Bhartesh Shah,Principal Officer, Ms. Ruth Njoroge and others during the launch of  the Bancassurance Subsidiary. [Courtesy]

SBM Bank Kenya has launched the Bancassurance Subsidiary aiming to deliver a wide assortment of solutions, from personal covers, business insurance, specialty covers and employee benefit covers consolidated within a fast, simple banking environment.

Speaking on Wednesday during the launch event in Nairobi, SBM Bank Kenya CEO Bhartesh Shah said the aim with SBM Bancassurance Intermediary is to transform how Kenyans view and access insurance.

“We identified an urgent need to demystify insurance products and eliminate tedious procedures.” Shah said

Bhartesh said the launch was part of their broader strategy to create holistic, integrated financial solutions that are accessible and relevant to customers’ evolving needs.”

“The value additions target all our customers within the SBM network and customer value chains allowing them to manage both banking and insurance needs in one location.” SBM Bank Kenya CEO said.

She said a dedicated claim support channel is anticipated to ease the documentation process and quicken settlement.

SBM Bancassurance Intermediary Limited will provide personalized customer guidance to help clients identify the most suitable insurance solutions, ensuring that every policy aligns with their unique financial goals and risk profiles.

Customers will also have the convenience of bundling insurance with other banking products such that they can effortlessly customize their overall financial portfolio to protect their assets, secure

“Insurance is integral to people’s financial security, whether they are safeguarding a business, investing in a child’s education, or planning for retirement.” SBM Bancassurance Principal Officer Ms Ruth Njoroge stated.

Njoroge affirmed their commitment to rolling out tailored product bundles that can adapt to diverse lifestyle and professional needs, reflecting our commitment to inclusive coverage.

“Companies seeking tailored insurance portfolios will benefit from expert consultations on risk profiling and coverage customization.” Ms Ruth said.

In the coming months, SBM Bank plans to expand digital integration, enabling customers to purchase and manage their policies through the Mfukoni mobile platform.

 The Bank also aims to use its established call center to facilitate 24-hour support for claims and policy inquiries, thereby ensuring that guidance is always within reach.