Here is a list of licensed bancassurance intermediaries in Kenya as of 2022. Bancassurance is an arrangement between a bank and an insurance company whereby the insurer sells its products to the bank’s customers.
Bancassurance intermediaries are licensed and regulated by the Insurance Regulatory Authority. As of 2022, there are only two licensed bancassurance companies in Kenya.
List Of Licensed Bancassurance Intermediaries In Kenya
1. Absa Bancassurance Intermediary Limited
It is a subsidiary of Absa Bank. Through partnerships with various insurance providers, they offer life and non-life insurance solutions and services. It can be accessed across all Absa branches in Kenya.
Absa Bancassurance Products
Business combined: One policy that covers multi-line assets and liabilities as well as employee benefits. It covers fire and perils (such as lightning and explosion) insurance. The property cover includes buildings, furniture, fixtures, fittings, plant & machinery, and stock.
Consequential loss: This cover helps businesses recover from the loss of profits following the occurrence of an insurable loss.
Marine insurance: Covers goods in transit from port to port. It includes cargo insurance and marine hull insurance.
Employee benefit covers: The covers include medical insurance, group personal accident, group life assurance, and Work Injury Benefit Act (WIBA). They cover any illness, injury or death of an employee while in service.
Liability covers: Covers the business against legal liabilities arising from third parties. It takes care of any defence costs and court awards and includes Product Liability, Public Liability, Broad form Liability and Employers Liability.
2. Faulu Bancassurance Intermediary Limited
It is a subsidiary of Faulu Microfinance Bank. The products and services are available at all Faulu Microfinance Bank branches in Kenya.
Faulu Bancassurance Products
a) Life & Investment Products
Last expense policy
This is a funeral cover that helps families manage the burden of meeting funeral expenses. It covers the principle member, spouse and 4 children. The policy has an age limit is 75 years.
Education/Endowment policy
This policy allows you to save on your child’s education. A maturity benefit is paid to the insured at the end of the policy term. It covers the parent against death, permanent disability, critical illness, personal accident and funeral expenses.
Credit Life Insurance
This policy covers a borrower’s debt in case the borrower dies or is permanently disabled. It is suitable for banks, lending groups, Sacco’s etc.
Group life assurance
This policy covers employees or members of the group while in service. The policy safeguards your employees to ensure their families are financially secured in case of accidents or death.
Personal accident
This policy is designed to cover accidental death or bodily injury to the insured. The benefits are paid in case of death, disability, medical expenses and funeral expenses as a result of an accident. This product is suitable for individuals, families and groups.
Mortgage protection
This policy is designed to cover borrowers in the event of death or permanent disability within the mortgage repayment period.
Hakika savings plan
This is a savings product designed to enable the accumulation of funds over a period of time to meet any aspirations that you may have in life.
Pensions
This is a savings product designed to provide an individual with an income in old age when they are no longer earning a steady income.
b) Medical Insurance: It covers surgical and medical expenses incurred as a result of illness or injury. The policy can take care of your medical needs ranging from Inpatient, Outpatient, Dental, Optical and Maternity cover. Suitable for individuals, groups and corporate bodies.
c) Micro/Business/SME insurance :
This product provides insurance security to Small and Medium Sized enterprises from various risks relating to their businesses. The policy provides protection against:
- Fire and perils Insurance
- Burglary Insurance
- Business Interruption
- All Risks
- Goods in Transit
- Electronic equipment
- Machinery breakdown
- Fidelity guarantee
- WIBA
- Money insurance
- Personal accident
- Public liability
- Political violence and terrorism
d) Agricultural insurance products
Livestock insurance
It covers the death or theft of your livestock.
Crop insurance
It protects the farmer against loss of crops due to natural disasters such as hail, drought and floods or loss of revenue due to a decline in the prices of agricultural commodities.
Farm Machinery and equipment
This policy is designed to cover farm machines and equipment against fire and perils, breakdown, burglary, and consequential loss among other risks.
e)Motor insurance
This is a policy provides cover against loss of or damage to vehicles. It is classified into Third Party Only (TPO), Third Party, Fire and Theft (TPF&T), and Comprehensive.
d) General insurance products
- Home Insurance
- Property Insurance
- Money Insurance
- Contractors All Risks Insurance
- Consequential loss/Business interruption/Loss of profits Insurance
- Travel Insurance
- Marine Cargo Insurance
- Marine Hull Insurance
- Liability Insurances; Public liability, Product liability, Employers liability, Work Injury Benefits Act, and Professional Indemnity.
- Plate Glass Insurance
- Transit of goods
Faulu Bancassurance Intermediary Limited Contacts
Location: Ngong lane, off Ngong Road
Phone: +254 711 074 000, +254 711 074 074
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