NCBA and Sanlam join forces to expand Kenya's life insurance with digital funeral and education plans
Key Points
- NCBA Group and Sanlam Life Insurance partnered to launch Digital Last Expense for funeral costs and Go Educator for education funding.
- The partnership aims to improve insurance accessibility in Kenya, addressing low uptake due to financial limitations and lack of awareness.
- The products will be distributed through NCBA’s Bancassurance Intermediary, ensuring access across Kenya and aligning life insurance with broader financial planning.
NCBA Group and Sanlam Life Insurance have partnered to advance Kenya’s life insurance market, unveiling two innovative products: Digital Last Expense, a funeral cost coverage plan, and Go Educator, designed to support education expenses. This collaboration aims to enhance life insurance accessibility in Kenya, addressing barriers such as financial constraints and low awareness among the population.
Expanding access through bancassurance
The partnership leverages NCBA’s Bancassurance Intermediary, a broad network designed to ensure these products reach customers across Kenya’s urban and rural regions. By incorporating insurance into the financial planning framework, the partnership offers Kenyans holistic solutions for significant life expenses.
Leadership underscores partnership benefits
Commenting on the initiative, NCBA Group Managing Director John Gachora emphasized the value of comprehensive financial solutions. “This collaboration with Sanlam Life Insurance represents a significant step forward in our commitment to providing comprehensive financial solutions to our customers. By offering these innovative life insurance products, we aim to enhance the financial well-being of our clients and ensure they have the necessary support during critical moments in their lives,” Gachora said.
Similarly, Sanlam Kenya CEO Dr. Nyamemba Tumbo noted the convenience for customers seeking integrated services, stating, “For customers who prefer to receive services from a one-stop shop like a bank, this partnership comes in handy as they will now be able to access a full suite of financial services to meet their long-term investment needs.”
Looking ahead to financial resilience
Beyond these initial offerings, NCBA and Sanlam plan to introduce additional savings products, further reinforcing their commitment to bolstering financial security and promoting life insurance adoption throughout Kenya. This partnership marks a pivotal step in reshaping the country's insurance landscape, offering Kenyans greater financial resilience and planning options for the future.