Standard Chartered Bank Kenya is eyeing improved revenue figures in the coming years after signing a deal with Sanlam General Insurance that would allow the lender sell insurance policies to the public.
The deal between both parties will see the listed lender sell Sanlam’s general insurance products in its halls for a fee.
The partnership, which is a modification of an existing arrangement on life insurance for its borrowers, initially targets underwriting business in motor private and domestic (house and household items) insurance.
The two firms said they have invested heavily in data analytics which will help them check on rising fraud in private motor segment, a key driver of industry’s underwriting loss.
Chief executive Lamin Manjang said bancassurance was central to the transformation of the lender, owned 74 percent by Standard Chartered Group of the UK, to a one-stop financial service provider.