Co-op Bank Bancassurance: Banking and Insurance Under One Roof

Bancassurance — the integration of banking and insurance services — is rapidly transforming how financial services are delivered in Kenya. At the forefront of this evolution is Co-operative Bank of Kenya, through its fully-fledged subsidiary, Co-op Bank Bancassurance Intermediary Limited (CBIL). This strategic arm enables the bank to offer insurance products directly to its customers, creating convenience, value, and peace of mind.

Bancassurance is a model where a bank sells insurance products — such as life, health, motor, and property insurance — through its branch network or digital platforms. Instead of going to an insurance agent or broker, customers can access these services from the same institution they already trust with their money.

The goal is simple: to offer a one-stop shop for all financial needs — from loans and savings to insurance coverage. It’s a win-win for both the bank and its customers. Banks tap into new revenue streams, while customers benefit from easy access to tailored insurance products and advice.

Co-op Bank launched its Bancassurance arm in 2014 as a licensed intermediary under the Insurance Regulatory Authority (IRA). Unlike traditional banks that only act as agents for insurers, Co-op Bank established CBIL as a wholly owned subsidiary, allowing for a dedicated focus on the insurance side of the business while maintaining regulatory compliance and customer-centricity.

CBIL works with multiple reputable insurance companies in Kenya, offering customers a wide array of products including:

• Motor Insurance (Private and Commercial)
• Life Insurance
• Health Insurance
• Homeowners Insurance
• Travel Insurance
• Education and Investment Plans
• SME and Corporate Covers including fire, burglary, marine, and employer liability

Why Choose Co-op Bank Bancassurance?

Convenience: Customers can apply for insurance at any of Co-op Bank’s over 150 branches nationwide or via the mobile banking app. This eliminates the need to visit separate insurance offices.

Trusted Advisory: The Bancassurance team is trained to offer expert advice based on a customer’s needs. Whether you’re a farmer, teacher, entrepreneur, or salaried worker, you get guidance on the best cover for your risk profile.

Competitive Pricing: Because Co-op Bank Bancassurance partners with multiple insurers, they can compare policies and premiums to get customers the best value in the market.

Tailored for the Co-operative Movement: Co-op Bank’s unique relationship with SACCOs and co-operatives means they offer customized group insurance products for societies and their members — including Group Life Cover, WIBA, and Loan Protection Insurance.

Efficient Claims Processing: Claims are submitted and tracked through the bank, making the process less bureaucratic. The bank plays an active role in ensuring claims are processed quickly and fairly.

Embracing Digital Innovation: CBIL has embraced digital channels to reach more customers. Through the Co-op Bank MCo-opCash app, customers can access basic insurance services, get policy reminders, and even initiate claims. There are also self-service desks at some bank branches for quick insurance inquiries and applications.

This integration of tech and insurance is vital in a fast-paced environment where customers demand quick, reliable services.

With growing awareness and increasing demand for financial security, bancassurance is poised for major growth in Kenya. Co-op Bank’s deep grassroots presence, especially among the co-operative movement, places it in a unique position to scale insurance adoption across the country.

As more Kenyans seek to insure their lives, businesses, and assets, Co-op Bank Bancassurance remains committed to making insurance accessible, affordable, and understandable.