CIC, Spire Bank partners to increase life insurance penetration

 

BY UPESINEWS BUSINESS,NAIROBI,1ST MAY 2017-CIC Life Assurance has entered into a new partnership with Spire Bank in a deal that will see the two firms combine forces to distribute co-branded life insurance products.

The strategic relationship involves CIC Life leveraging on its insurance strengths while Mwalimu Sacco majority-owned Spire Bank’s branch network will lend critical insights in distributing financial services to achieve higher levels of life insurance uptake.

Both firms enjoy great economies of scale that bring together teachers and the national cooperative movement in a combined possible market of more than two million members.

CIC Life Assurance Managing Director Ezekiel Owuor said during the signing ceremony that the partnership was timely as it enabled the two firms to deliver tailor-made insurance solutions to the bank’s SME and retail customers.

“This partnership aligns with our cooperation and dynamism brand values. Initially, we will begin with distributing co-branded Education, Funeral and Pension plans, and later on board other relevant products” he said.

“We have started with products that we believe will continue to be in high demand as Kenya’s changing demographic spurs a strong quest for quality formal learning, especially at the tertiary level rises progressively, easier send –off for bereaved relatives and a keen interest in better life during retirement,” said Owuor.

He added that CIC Life Assurance, in partnering with Spire Bank to market co-branded products, was embracing a globally emerging business concept known as ‘White Labelling’ products.

Spire Bank Head of Retail and SME Banking, Jeff Ngeta said that the new partnership was aligned to the firm’s strategic intent to grow its small and medium sized business portfolio as well as the retail individual base.

“We have a great opportunity to exploit the chances that we create today to deliver these valuable insurance products to an SME sector that has limited exposure,” he explained.

He added that the bank was pleased to be in a symbiotic relationship that will deliver a wider range of products to its customers and a deep linkage with a partner that understands the insurance market. This, he said, was evident in CIC’s strong embrace of modern technology to enablebetter personalized interaction and engagement with customers.

Each of the products is priced at affordable monthly premiums that entrepreneurs can easily put aside for themselves and their staff.

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