Diamond Trust Bank (DTB) Monday partnered with Jubilee Insurance to launch unique life insurance products that meet the needs of its account holders.
DTB chief executive Mrs Nasim Devji and her Jubilee Insurance counterpart, Mr Patrick Tumbo said the referral model was aimed at enhancing penetration of life insurance among Kenyans.
“We have different products for different needs like one saving for their child’s university would require a five year savings plan backed by a policy to that effect which is different from a 10 or 20 year education plans for funding secondary or primary to secondary education respectively,” he said.
“We shall look at an individual’s needs and refer them to Jubilee Insurance who are specialists in this area. Bank customers trust us and prefer to be served at a bank branch rather than from an insurance agent who moves from one door to another selling insurance policies,” she said.
Speaking during the signing ceremony, Mr Tumbo said bancassaurance has shown tremendous capability in enhancing life insurance uptake in its first year of operation compared to the traditional method of distribution via agents.
“Bancassurance provides us with a platform to inform the rising middle class in Kenya about life insurance. This DTB distribution channel has provided Jubilee with effective mode of delivery where we send specially trained financial advisors to meet DTB customers identified to us,” he said.
Mrs Devji added that they are willing to partner with more insurance companies with more products adding, “ours is a business that seeks at the bottomline-commission and the value our clients will get from the products offered".
Two insurance life products on offer are Career and Fanaka at all at all DTB branches.