KCB and National Bank of Kenya (NBK), in partnership with Britam General Insurance, have unveiled insurance covers that will allow small and medium enterprises (SMEs) in Kenya to mitigate against risks.
The covers dubbed KCB Flme Simba Health and Uzima Tele Insurance Plans will see SMEs access affordable premiums with a flexible payment plan.
The insurance plans, which come with inpatient, outpatient, and last expense benefits, will be distributed by KCB Bancassurance Intermediary Limited and National Bank of Kenya Bancassurance Intermediary Limited to customers across the country.
“There is need to expand access to best-in-class insurance products and offerings, especially for niche markets like SMEs. Through this partnership, we commit to be a one-stop financial services hub that is keen on offering innovative insurance products and outstanding customer service to all our customers across the board,” KCB Bancassurance Intermediary Limited Managing Director.
KCB Flme Simba Health Plan targets women entrepreneurs and offers them comprehensive medical solutions suitable to meet their unique health needs.
Some of its features include the Diva Wellness Cover, Newborn Baby Expenses (For the first 90 days), Gynecological-related treatment, and Maternity Cover accompanied by the necessary ante-natal care.
KCB Uzima Tele Health Insurance Plan, on the other hand, targets organizations that seek to safeguard the healthcare of their employees and dependents affordably.
The cover grants SMEs access to quality healthcare, including maternity care, vaccinations, and Last Expense benefits. The minimum number of employees that can be covered is three, with premiums starting from Sh 4,250 a year.
Speaking during the launch, Britam’s Group Managing Director and CEO, Mr.Tom Gitogo, reiterated the need for affordable and accessible healthcare options for SME expansion.
“Recognizing the challenges faced by MSMEs, our partnership with KCB and National Bank of Kenya Bancassurance Intermediary Limited is designed to cater to the unique needs of MSMEs, including women entrepreneurs, safeguarding their owner’s healthcare, that of their employees and their dependents,” said Mr. Gitogo.
The Ministry of Industrialization, Trade, and Enterprise Development says there are approximately 7.4 million MSMEs in Kenya, accounting for roughly 24 percent of the country’s GDP.
Despite the sector’s significant contribution to job creation, economic growth, and social cohesion, various challenges have hindered their expansion, among them a lack of funding and underinsurance.
To address the challenges, the government announced various plans aimed at encouraging SME growth, among them formalizing the sector as well as increased access to private sector growth which stood at 11.7 percent in February 2023.