CIC Life Assurance has entered into a partnership with Spire Bank to distribute co-branded life insurance products.
The strategic relationship involves CIC Life leveraging on its insurance strengths while Mwalimu Sacco majority-owned Spire Bank’s branch network will lend critical insights in distributing financial services to achieve higher levels of life insurance uptake.
Both firms enjoy great economies of scale that bring together teachers and the national cooperative movement in a combined possible market of more than two million members.
CIC Life Assurance Managing Director Ezekiel Owuor said during the signing ceremony that the partnership was timely as it enabled the two firms to deliver tailor-made insurance solutions to the bank’s SME and retail customers.
“This partnership aligns with our cooperation and dynamism brand values. Initially, we will begin with distributing co-branded Education, Funeral and Pension plans, and later on board other relevant products” he said.
“We have started with products that we believe will continue to be in high demand as Kenya’s changing demographic spurs a strong quest for quality formal learning, especially at the tertiary level rises progressively, easier send –off for bereaved relatives and a keen interest in better life during retirement,” said Owuor.
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He added that CIC Life Assurance, in partnering with Spire Bank to market co-branded products, was embracing a globally emerging business concept known as ‘White Labelling’ products.
Spire Bank Head of Retail and SME Banking, Jeff Ngeta said that the partnership is aligned to the firm’s strategic plan to grow its small and medium sized business portfolio as well as the retail individual base. “We have a great opportunity to exploit the chances that we create today to deliver these valuable insurance products to an SME sector that has limited exposure,” he explained.
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