Diamond Trust Bank Group (DTB) and one of Kenya’s leading insurance companies, Jubilee Insurance, have agreed to enter a partnership which will see them promote life insurance policies to its client base. The partnership launched a specialist model that will see them improve the awareness of life insurance to Kenyans.
The signing ceremony was done by the DTB chief executive, Nasim Devji and the Chief Executive Officer (C.E.O) of Jubilee Insurance Company Kenya, Patrick Tumbo, at the Jubilee Insurance Centre, in Nairobi last month.
Chief executive, Nasim Devji was enthusiastic about the partnership saying the launched specialist model was a viable and sustainable choice compared to previous plan of individual agents selling insurance from door to door. The previous plan was not as successful as anticipated with even rates of customer dropouts increasing. Although, with the new plan being successful in many markets around the world, they felt they should give the model a try.
She also believes their clientele trusts them more than door to door insurance marketing agents and they feel better to be served at their bank branches. “We shall look at individual needs and refer them to Jubilee Insurance Company who are specialists in the area,” she added.
The specialist model which is the first to be employed in Kenya will see diamond trust bank provide financial advisers that will ensure the insurance saving plans go hand in hand with customers’ financial profile and needs.
According to Patrick Tumbo, Kenya is regarded to have one of the fastest growing middle-class populations in Africa and in the world as well. It has so far led the way when it comes to Bancassurance in East Africa making it a leading frontier in the sector. “However, the general lack of awareness of life insurance has given the need to promote it effectively through the retail channel of banks,” he said.
They went on to add that the partnership does not in any way constitute or encourage favouritism between different banks and insurance companies but promotes bancassurance as well as help make people aware of life insurance and other products.
DTB group said they were willing to enter partnerships with more insurance companies who might have more products as well as they are in business to satisfy their customers’ needs. According to Jubilee insurance company even though the life insurance has a low penetration in the country now, it will in the future overtake the other insurance covers.
