Ecobank unveils insurance agency

By / Published June 3, 2015 | 12:31 pm

Ecobank Kenya Limited has today launched its insurance arm that will provide cover against risks in a variety of insurance bases.

To achieve this, EcoInsurance Agency Limited will work in partnership with renowned insurers namely Old Mutual, Saham Insurance and UAP Insurance. The move by the lender aims at serving its customers better and growing its earnings from new revenue streams.

“We are positioning ourselves to expand the insurance business through the use of innovative distribution channels with a focus on growing the life and non-life business as we seek to increase insurance penetration in the country which is just below 4 per cent,” EcoInsurance Agency Limited CEO Ehouman Kassi said.

Through collaboration with leading insurance companies, EcoInsurance Agency Limited will provide general insurance cover as well as life insurance products.

“We continue to offer our customers innovative and accessible financial solutions and other value additions under one roof across all our branches in the country,” said Kassi.

Speaking during the same event, Kenya Bankers Association Chief Executive Officer Mr Habil Olaka revealed that only 7 percent of Kenyans have any kind of insurance.

“In a population of 43 million, this is skewed on the lower-end especially when compared to countries such as Egypt and South Africa. The insurance penetration in Kenya is quite low and such alternative channels to sell insurance are applauded,” he said.

Olaka said that as the sector grows and expands, the proposition of inclusiveness should be put in place to cover more citizens living outside the insurance bracket.

This new trend that targets to deepen the roots of banking and insurance has been very successful in the developed world where the sector has witnessed rapid growth over the past decade.

Old Mutual Kenya Managing Director – Mr. Peter Mwangi said: “This partnership with EcoInsurance targets at growing the number of people who can access insurance given our wide reach throughout the country.”

Ecobank Transnational Incorporated, the parent company of the leading independent pan-African banking group with a presence in 36 African countries, has already launched Bancassurance services in Ghana and Nigeria for both life and general insurance.

“Our expertise in the long-term savings and investment market will enable us to deliver on this partnership. Our business model, in which we operate close to the customer, enables us to fulfil those requirements,” said Mwangi.

“This partnership will enable us to increase the outlets in which we reach our customers. Our customers are our inspiration and we seek to build life term relationships with them by offering relevant services that enhance their quality of life. We do so in a simple, friendly, efficient and inclusive way, giving them what they want, when and where they want it. In so doing, we are able to serve and empower our customers, ensuring their peace of mind and financial freedom,” said UAP Kenya Managing Director – Mr. James Wambugu.

“We are delighted to be part of this innovative engagement with a trusted Pan African Bank. Our sustained position is to provide insurance solutions to our client base and grow the same. This partnership provides us with an avenue to grow our client base while providing secure and trusted cover”, said Saham Assurance Kenya Managing Director – Ms. Lydia Kibaara;

The advancement in technology and innovation in the digital space and mobile phone revolution has turned the world into a global village where customers can now receive financial services at their fingertips by the press of a button.