Absa Bank Kenya and Old Mutual Kenya have launched a joint insurance product targeted at Small and Medium-Sized Enterprises (SMEs).
The product dubbed Linda Biz will offer assets, medical, and life insurance.
The solution also features comprehensive medical insurance with inpatient, outpatient, dental, optical, and maternity cover options with attractive benefits such as hospital cash benefits and lifetime cover.
“At the heart of our bank is the SME sector, which accounts for 30 percent of the GDP of our economy.
This strategic partnership is anchored on our mutual goal to introduce customised and bespoke insurance solutions that directly address the unique requirements of our SME customers” Absa Bank Kenya MD and CEO Abdi Mohamed said during the launch of the product.
“A key focus is on simplifying SMEs’ access to insurance solutions and driving sustained growth to ensure long-term success and resilience of our customer while also supporting efforts to drive insurance penetration in the country,” he added.
Linda Biz further offers insurance for losses against fire, political violence, riots and strikes, floods, business interruption, burglary, loss of money, and theft by servants. It also covers employees of the business against injury, disablement, or death (WIBA).
“The solution also features comprehensive medical insurance with inpatient, outpatient, dental, optical, and maternity cover options with attractive benefits such as hospital cash benefits and lifetime cover.
“Additionally, Linda Biz offers holistic life insurance cover that pays a lump sum to the insured following death, disability, or diagnosis of a critical illness” Absa and Old Mutual said.
Old Mutual Group CEO Arthur Oginga said the insurance product would help SMEs de-risk their businesses.