SBM BANK KENYA PROPELS INSURANCE UPTAKE WITH NEW BANCASSURANCE INTERMEDIARY
23rd July 2025, Nairobi. SBM Bank Kenya is seeking to redefine the future of integrated financial services following the introduction of SBM Bancassurance Intermediary that will consolidate insurance solutions into a seamless banking experience.
The launch of the Bancassurance Subsidiary marks a defining milestone in the Kenyan financial landscape, with the bank striving to simplify coverage processes, enhance affordability, bundled solutions and deliver prompt claims settlements.
SBM Bank (K) CEO Bhartesh Shah at the SBM Bancassurance Launch in Nairobi
Eager to mainstream insurance adoption, SBM Bank will deliver a wide assortment of solutions - from personal covers, business insurance, specialty covers and employee benefit covers - consolidated within a fast, simple banking environment.
Speaking during the launch event in Nairobi, SBM Bank Kenya CEO Bhartesh Shah said, “Our aim with SBM Bancassurance Intermediary is to transform how Kenyans view and access insurance. We identified an urgent need to demystify insurance products and eliminate tedious procedures. This launch is part of our broader strategy to create holistic, integrated financial solutions that are accessible and relevant to our customers’ evolving needs.”
SBM Bank CEO, Bhartesh Shah in a group photo during the launch of SBM Bancassurance intermediary limited launch at Norfolk hotel on 23rd July. (L_R) Group CEO, Old Mutual, Arthur Oginga, SBM Bank CEO, Bhartesh Shah, SBM Bancassurance Principal Officer, Ruth Njoroge, Salome Ndegwa, Group head of Actuarial services, CIC group, SBM Bank Director, Corporate Assets and liabilities, Eric Wambua and MD-CIC life, Meshack Miyogo.
SBM Bancassurance Intermediary aims to deliver key benefits centered on convenience and streamlined processes. The value additions target all our customers within the SBM network and customer value chains allowing them to manage both banking and insurance needs in one location, the Bank has negotiated cost effective covers to optimize on the customer’s total cost of risk. A dedicated claims support channel is anticipated to ease the documentation process and quicken settlement.
SBM Bancassurance Intermediary Limited will provide personalized customer guidance to help clients identify the most suitable insurance solutions, ensuring that every policy aligns with their unique financial goals and risk profiles.
Customers will also have the convenience of bundling insurance with other banking products such that they can effortlessly customize their overall financial portfolio to protect their assets, secure their families, and build a strong legacy under one roof.
Ms. Ruth Njoroge, the SBM Bancassurance Principal Officer addresses the guests at the launch event
SBM Bancassurance Principal Officer, Ms. Ruth Njoroge, emphasized the multifaceted relevance of the offering saying, “Insurance is integral to people’s financial security, whether they are safeguarding a business, investing in a child’s education, or planning for retirement. We will roll out tailored product bundles that can adapt to diverse lifestyle and professional needs, reflecting our commitment to inclusive coverage.”
Companies seeking tailored insurance portfolios will benefit from expert consultations on risk profiling and coverage customization.
In the coming months, SBM Bank plans to expand digital integration, enabling customers to purchase and manage their policies through the Mfukoni mobile platform. The Bank also aims to use its established call center to facilitate 24-hour support for claims and policy inquiries, thereby ensuring that guidance is always within reach.
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