Bancassurance as a Channel for Insurance Uptake in Kenya; Equity Group Value proposition

Bancassurance has increased the insurance uptake in Kenya through offering:

• Convenience: Bancassurance makes it easy for people to buy insurance, as they can do it at the same time as they are banking. This is especially convenient for people who live in rural areas, where there are fewer insurance agents or branches.
• Affordability: Bancassurance products are often more affordable than traditional insurance products, as banks are able to leverage their economies of scale to offer lower prices. This makes insurance more accessible to low- and middle-income earners.
• Education and awareness: Banks play a role in educating their customers about insurance and the benefits of having it. This helps to increase people's understanding of insurance and make them more likely to purchase it.

Equity Bank is one of the leading bancassurance providers in Kenya. The bank through its subsidiary -Equity Life Assurance Company offers a variety of insurance products, including life insurance, health insurance, and education insurance.

Equity Bank was granted approval by the Insurance Regulatory Authority (IRA) of Kenya to establish a General Insurance Company, following the successful launch of Equity Life Assurance Kenya (ELAK).

The lender’s bancassurance products were then designed to be affordable and accessible to all Kenyans and offers a variety of payment options, making it easy for people to pay for their insurance premiums.

In addition to offering insurance products, Equity Bank also educates its customers about insurance and the benefits of having it.? Equity Bank's bancassurance program has been successful in increasing the uptake of insurance in Kenya. The bank has over 10 million customers, and a significant number of them have purchased insurance products through the bank.

Through programs like Equity Bank's bancassurance, the insurance landscape in Kenya has evolved to be more inclusive and accessible, ultimately enhancing financial security and peace of mind for countless individuals and families across the nation.?

#NikoSorted #ProtectNowPayLater #WhyInsurance #EquityProtects