Standard Chartered Bank #ticker:SCBK customers will buy house and motor vehicle insurance from their mobile phones, the lender has announced.
The plan, in partnership with Sanlam Insurance #ticker:PAFR, will see customers apply for insurance from their StanChart mobile phone apps.
“Insurance is one of the areas where penetration is still very low in Kenya. It is around three per cent so clearly there is a huge opportunity for insurance penetration in this market. Now the partnership between the banks and the insurance companies is just enabling us to have that penetration increase,” said StanChart Kenya CEO Lamin Manjang at a media briefing on Tuesday.
Customers will apply for the motor insurance by entering details on the car’s year, make and value. They must also upload the log book onto the mobile application and then collect their insurance sticker from a Standard Chartered Bank branch.