Absa Life Assurance Kenya (ALAK), an Absa Group subsidiary, has signed a product distribution agreement with Hisa Africa Insurance Agency.
Prior to this partnership, Hisa Africa only sold products for one other competing insurance company.
“This latest development demonstrates ALAK’s growing position and credibility in providing high-quality products and services that help Kenyans meet their financial goals, as well as their ability to collaborate with like-minded organizations to increase insurance penetration,” said Absa Life in a statement.
Speaking of this development, ALAK Managing Director Waiguru Githanji said that the development would ease accessibility and delivery of promised benefits.
“At Absa Life Assurance Kenya, our commitment towards meeting the needs of customers is rooted in our purpose of bringing possibilities to life for our customers, which covers the whole process from product design, customer choice, ease of accessibility and delivery of promised benefits in an operating environment that is efficient, seamless and has the requisite controls,” he said.
ALAK was incorporated in Kenya and licensed by the Insurance Regulatory Authority in February 2015 to provide life insurance to the Kenyan population through various distribution channels.
“The insurance industry plays a significant role in the financial services sector in Kenya and supports Vision 2030. We also continue to support efforts to improve Kenya’s socio-economic status which will aid in raising the insurance penetration levels which have remained relatively low,” said Hisa Africa Insurance Agency Chief Executive Officer Alfred Mathu.
ALAK is a subsidiary of Absa Group Limited which has a global presence.
Hisa Africa is a reputed insurance agency that advises on life assurance, investment products, and medical insurance.