Listed non-bank financial services provider, Sanlam Kenya has sealed a deal to be the underwriting services provider for Letshego Kenya’s insurance arm, covering all the products offered by the microfinancier.
The digital insurance offering, dubbed ‘LetsGo Insure’ leverages 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 microfinance insurance products.
While confirming the partnership, Sanlam Kenya Group CEO Dr. Nyamemba Tumbo said the firm will provide a tailor-made solution to Letshego Kenya to enable the microfinance institution to continue to rollout quality insurance covered services cost-effectively.
“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 customized to fit the needs of Kenyans, allowing international standards in insurance cover to be accessed at cost-effective pricing” added Dr. Tumbo.
The partnership will see Sanlam Kenya underwrite the products offered by Letshego Insurance Agency including motor, personal accident, funeral cover, and home insurance accordingly.
Letshego Kenya CEO Adam Kasaine noted that the partnership is in line with the microfinance firm’s strategy to leverage the positive digital developments in Africa, with a sustainable impact on the lives of its customers.
Adding that “Letshego is building a digital nation across Africa – by Africans for Africa. Our partnership with Sanlam partnership resonates our commitment to improving the lives of our customers, seizing new opportunities to bring greater choice in products and value with world-class partners.”
Letshego Kenya Bancassurance Intermediary Ltd solutions are a value-add to protect its customers from loss of earnings in the event of unforeseen circumstances such as critical illness, permanent disabilities, loss of life, and destruction & 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 including Botswana, Namibia, Mozambique, Tanzania, Kenya, Uganda, Rwanda, and Nigeria.
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.