Non-bank financial services firm, Sanlam Kenya has today partnered with Standard Chartered Bank Kenya Ltd to distribute general insurance products to its existing and potential customers through its wide spread distribution channels, through their subsidiaries, Sanlam General Insurance Limited and Standard Chartered Insurance Agency Limited.
The partnership combines Standard Chartered Bank’s experience and Sanlam Kenya’s deep insurance expertise to innovate and create value add products.
“This agreement with Sanlam Kenya, our valued bancassurance partners, aims to increase and consolidate our market on this platform. With the fortified inclusion of bancassurance products to our portfolio, we aim to make Standard Chartered Bank a one stop financial service provider. We now have a diverse and rapidly evolving distribution platform here in Kenya including a direct and online capability and strong financial adviser and agent network, all of which benefit from the strength of the Standard Chartered Bank brand,” Chief Executive Officer Lamin Manjang noted during the signing of the partnership.
Group Chief Executive Officer Sanlam Kenya Mugo Kibati noted that the partnership was a long term fit for Standard Chartered Bank and Sanlam Kenya as they aim to create value for their customers, employees and shareholders.
“This agreement demonstrates commitment to the future enhancement of insurance distribution in an effort of increasing market penetration in the country. Our life insurance markets will be significantly enhanced with this new distribution channel. We are ready for it,” said Mr. Kibati.
Sanlam Kenya which enjoys an estimated market share of 7% in the Kenyan life insurance industry, serving over 99,401 policyholders under individual life and more than 236,507 under group life meets the savings and protection needs of individuals by offering a range of products and services including retirement savings plans, life insurance, accident and health insurance through Sanlam Life, Sanlam General and Sanlam Investments.
The group provides employee benefits, credit life and pension rights to corporate clients too through an extensive network of agents and employees throughout the country.
