Equity Bank Targets Kenyans in Diaspora in New Medical Insurance
By Vera Shawiza / October 16, 2017
Equity Insurance Agency has launched a healthcare product dubbed ‘Equimed’ targeting the diaspora market to benefit their loved ones’ back home.
Equimed is touted to be reliable, affordable and flexible medical insurance that is underwritten by Britam and covers outpatient, inpatient, maternity, dental, optical and numerous other benefits.
The rollout of Equimed abroad was borne out of research findings from a poll conducted by Equity Bank on Kenyans living abroad. When asked what type of support to their loved ones’ back home cost them most, nearly 30 percent of them said medical care. This was the second highest rating after investments which polled at 36 percent.
The respondents also noted that their primary concern was on how to assist their loved ones back in Kenya. Paying medical bills was one of the top concerns as well; with investments being their foremost concern.
As the world becomes more globalized, many enterprising Kenyans have left the country and made other countries abroad their second home, obtained jobs or started businesses and are supporting their families back home.
This comes on the backdrop of increased remittances by Kenyans living abroad which has risen by 4.1 percent in the first half of the year to $887.6 million (Sh91.6 billion) in comparison to a similar period last year according to statistics from the Central Bank of Kenya. The report indicates that the Kenyans in diaspora sent more money home in the second quarter of 2017 compared to the first, peaking at an all-time monthly high of $161.5 million (Sh16.6 billion) in May.
Equity Bank Insurance General Manager David Muchiri said that the Diaspora population has emerged as a strategic partner in pushing for the growth of its products abroad.
“Equimed is a comprehensive medical insurance package offered to individuals, families, groups and SMEs that will allow diaspora customers take care of their loved ones back home while realizing huge savings on the amount of money they spend on healthcare in Kenya.,” said Mr Muchiri.
According to the MD, they continue to enhance their product portfolio to ensure that they become a one-stop shop information portal that has information on how customers are able to access funds, especially through our Eazzy banking platform.