Co-operative Bank has enhanced its financial services offering to Kenyans living and working abroad by adding insurance. Coop bancassurance is a collaboration between the bank and insurance companies to distribute insurance products to banking customers.
Mr Joram Kiuna, Head of bancassurance at Co-operative Bank, says the bank has been offering insurance services since 2011 when the bank realized the need to provide a one-stop shop for customers by customizing solutions geared towards solving their insurance problems. “We have full scope of insurance products geared towards individuals such as personal, home insurance, car insurance, personal accidents medical cover etc,” said Mr Kiuna.
Co-op Bancassurance also has products that serve SME segments, such as fire, burglary, fidelity guarantee for workers, workman’s compensation as well as products for corporates, covering all risks that can be passed on to the insurance sector. “The diaspora customer is a special kind of guest for us,” Mr Kiuna says.
He says diaspora Kenyans need medical insurance for families back home and landlord insurance for those who have made investments in apartments and flats. There is also the take-me-home cover that in the event of death abroad comes in handy in repatriation of the body back to Kenya at no cost to the family. There is also life insurance as well as investments solutions.
“We have seen customers who are more confident in putting more investments, and who don’t have to worry about their families back home because they already have solutions catering for that and protection for their assets,” Mr Kiuna says. “That makes them more productive and overall as a country we benefit because we have more inflows coming to the country which is good for the economy.”
Diaspora Kenyans are advised to work with Co-operative Bank of Kenya which, as a group, offers a wide-range of solutions that they need to make them work easy and hard as well as invest back home with assurance that their investment is safe.
