In an effort to provide accessible and affordable health insurance solutions to Small and Medium Enterprises (SMEs) across Kenya, KCB and the National Bank of Kenya (NBK) have joined forces with Britam General Insurance.

This groundbreaking partnership aims to cater to the unique needs of MSMEs, ensuring the well-being of business owners, their employees, and their dependents.

Under the agreement, KCB Bancassurance Intermediary Limited and National Bank of Kenya Bancassurance Intermediary Limited will jointly distribute the newly launched KCB Flame Simba Health and Uzima Tele Insurance Plans.

These products have been specifically designed to address the needs of MSMEs, offering affordable premiums and a flexible payment plan.

They target registered companies with a minimum of three employees and provide comprehensive coverage, including inpatient, outpatient, and last expense benefits.

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The KCB Flame Simba Health Plan is tailored for women entrepreneurs, providing them with comprehensive medical solutions that cater to their unique health requirements.

The plan offers features such as Diva Wellness Cover, coverage for Newborn Baby Expenses during the first 90 days, Gynecological-related treatment, and Maternity Cover accompanied by necessary ante-natal care.

On the other hand, the KCB Uzima Tele Health Insurance Plan is a specialized solution designed for organizations seeking to protect the healthcare of their employees and dependents in an affordable manner.

This plan grants SMEs access to quality healthcare services, including maternity care, vaccinations, and Last Expense benefits. It also ensures that a minimum of three employees can be covered under the plan.

Aggrey Mulumbi, Managing Director of KCB Bancassurance Intermediary Limited, emphasized the importance of expanding access to top-notch insurance products 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," Mulumbi said.

Britam's Group Managing Director and CEO Tom Gitogo highlighted the significance of effective risk transfer for enhancing the resilience of SME businesses.

"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 owners' healthcare, that of their employees, and their dependents," Gitogo noted.

In Kenya, MSMEs make up 98 per cent of all businesses, create 30 per cent of annual jobs, and contribute 3 per cent to GDP growth.

However, due to underinsurance and a lack of knowledge regarding financial services and insurance, these SMEs often struggle to unlock their full potential.

This collaboration between KCB, NBK, and Britam General Insurance aims to bridge this gap and extend the value proposition of the banks to include emerging insurance market segments.

NBK Managing Director George Odhiambo expressed excitement about the mutually rewarding opportunity this collaboration presents for the bank's customers.

"Our reputation for building a simplified and tailored insurance experience through embedded insurance will play a great role in raising awareness of the value of insurance protection, especially for our SME customers," Odhiambo said.

By offering affordable and accessible healthcare options, this partnership aspires to alleviate the burden on MSMEs, allowing them to concentrate on their core business operations and foster growth.

Overall, this collaboration serves as a significant step toward providing MSMEs with the necessary tools to thrive in Kenya's vibrant business landscape, empowering them to reach their full potential and contribute even more substantially to the nation's economic growth.