Sanlam Kenya has signed a deal to be the underwriting services provider for Letshego Kenya’s insurance arm to cover all the products offered by the microfinancier.
The digital insurance offering dubbed LetsGo Insure leverages on Sanlam Kenya’s continued investment in digital acceleration through robust ICT platforms in the general and life insurance space. The investments have allowed Sanlam Kenya to tap into new markets, including the microfinance insurance products.
The partnership will see Sanlam Kenya underwrite the products offered by Letshego Insurance Agency. These include motor, personal accident, funeral cover and home insurance accordingly.
Letshego Kenya Bancassurance Intermediary solutions protect customers from loss of earnings in the event of unforeseen circumstances such as critical illness, disabilities, death and loss of property.
This partnership is the first of a series of propositions, following a regional partnership agreement signed by the two organizations that will see Sanlam insure Letshego insurance in their 11 markets.
Speaking while confirming the partnership, Sanlam Kenya CEO Dr. Nyamemba Tumbo said the firm will provide a custom solution to Letshego Kenya to enable continuous rollout of quality insurance.
“Thanks to our dynamic partnership with Letshego, Sanlam Kenya can now extend the benefits and reach of our insurance products to more Kenyans. Each insurance solution has been customised to fit the needs of Kenyans, allowing international standards in insurance cover to be accessed at cost-effective pricing,” added Dr. Tumbo.
Letshego Kenya CEO Adam Kasaine noted that the partnership is in line with the microfinance firm’s strategy to leverage on the positive digital developments in Africa, with a sustainable impact on the lives of its customers.
The company currently serves over 30,000 customers through the provision of tailor-made, innovative, and affordable financial solutions to the urban, peri-urban and rural Kenyan population.