Standard Chartered Bank Kenya in collaboration with Sanlam Kenya on Thursday launched into the Kenyan market a mobile app-based funeral insurance product.
The product dubbed Farewell Plan is the first mobile-app based insurance is the first app-based insurance plan in the local market will see customers receive immediate cash payout within one working day upon submission of the claim.
Speaking during the launch of the solution, StanChart Chief Executive Kariuki Ngari said the farewell plan, underwritten by Sanlam Kenya will be serviced through the bank’s mobile app platform.
Ngari said the plan comes with a guaranteed cash payout within one working day for essential funeral expenses.
Available to a maximum of 6 people – parents, parents-in-law, aunt, uncle, spouses and children, the product provides a range of convenient and attractive features including a Ksh2million higher sum assured value with a premium waiver benefit after the policy holder’s 65th birthday, a family income benefit up to a maximum of Ksh55,000 for a period of 12 months.
“It is not in our culture to talk or plan for our d***h yet dealing with the loss of a loved one is the most difficult and expensive affair for the people we leave behind. With the Farewell Plan, you can now give your family the support and peace of mind they need when the time comes,” Kariuki said.
According to Sanlam Kenya Group CEO, Dr. Patrick Tumbo said Sanlam is looking at new growth opportunities by leveraging on technology to reach out to our mutual customers.
“The delivery of the SC Mobile App Farewell App underscores our mutual commitment to expand the range of insurance products availed on the bancassurance distribution model,” said Tumbo.
Dr. Tumbo added that by working with a strong financial partner, Sanlam is in a position to offer a wide range of products to customers of both organisations at a competitive rate.
The funeral product is the fourth proposition born out of the partnership between the two organisations driven by the need to offer a one-stop shop solution to the widening middle-class. This follows the motor, travel and home insurance that customers can purchase via the existing Bank’s Mobile App.
Additionally, the partnership is championed by Standard Chartered’s commitment to using innovation and technology to help drive commerce and prosperity in its global markets.
A research survey commissioned by the Association of Kenya insurers (AKI) in 2018 established that typical funeral budgets are deemed expensive, costing about Kshs 50,000 to Kshs 300,000 for an average middle-class household.
While welcoming the introduction of funeral plans in the market, respondents to the AKI survey conducted by research firm Ipsos and titled: ‘Unearthing value proposition for funeral insurance’, disclosed that they had in the past borrowed money from banks and shylocks to cater for funeral expenses.
Sanlam said the data proved to be an invaluable tool in the development of this product.