Banking & Finance
SBM Bank Kenya Launches Insurance Subsidiary
SBM Bank Kenya has launched SBM Bancassurance to offer affordable, simplified insurance. The new unit promises integrated financial solutions tailored to Kenyans’ daily needs.
SBM Bank Kenya unveils SBM Bancassurance to simplify, digitize, and expand access to insurance through affordable and integrated solutions.
SBM Bank Kenya has officially launched a new subsidiary, SBM Bancassurance Intermediary Limited, in a bold step to improve insurance penetration in Kenya. The new unit aims to offer simplified, affordable, and integrated insurance solutions tailored to meet the needs of individuals and businesses.
The strategic move aligns with SBM’s vision to deliver seamless banking and insurance services under one roof, enhancing customer convenience and financial security.
According to SBM Bank CEO Bhartesh Shah, the new intermediary will transform how Kenyans access insurance by removing the traditional complexities associated with buying and managing coverage.
“Our goal with SBM Bancassurance Intermediary is to demystify insurance and eliminate tedious procedures. We’re building holistic financial solutions that are accessible, relevant, and cost-effective for our customers,” said Shah.
Customers will now be able to access a variety of insurance products including:
The new service will allow Kenyans to bundle their insurance needs with their banking products, building comprehensive financial portfolios for asset protection, family security, and long-term planning.
To ensure maximum value, SBM has introduced:
- A dedicated claims support desk to simplify documentation
- Fast-tracked claim settlement processes
- Negotiated premium plans to make coverage more affordable
Ruth Njoroge, SBM Bancassurance Principal Officer, emphasized the critical role insurance plays in building financial stability:
“Insurance is vital—whether you’re protecting a business, saving for education, or planning for retirement. Our tailored product bundles will address both lifestyle and professional needs.”
SBM Bancassurance will also offer personalized consultations to match clients with the right policies based on risk appetite and financial goals.
In a move to digitize insurance access, SBM will integrate bancassurance services into its Mfukoni Mobile App, allowing customers to:
- Buy insurance policies
- Manage existing covers
- Submit and track claims
- Receive updates and reminders
The bank’s customer contact centre will also support 24/7 assistance for insurance queries, ensuring a consistent and responsive experience.
Corporate clients will benefit from:
- Custom risk profiling
- Tailored portfolio development
- Specialized advisory services to manage business continuity risks
With its growing network and digital tools, SBM Bank seeks to mainstream insurance adoption by integrating it into everyday banking interactions.
SBM Bancassurance Intermediary Limited represents a forward-thinking move by SBM Bank Kenya to deliver inclusive, customer-centric, and digitally powered insurance solutions. As it scales operations across its national network, the bank reinforces its commitment to financial empowerment and resilience for all Kenyans.