Faulu Bank injects Ksh.20 million into bancassurance digitization system

A Faulu Bank branch
A Faulu Microfinance Bank outlet in Thika. PHOTO/COURTESY: moseax.co.ke

Faulu Bank has invested Ksh.20 million into the launch of a new system that fully automates all bancassurance processes at the lender’s 60 branches across the country.

The Ksh.20 million system will automatically issue quick quotations, facilitate cover processing and administer all insurance products underwrit­ten by UAP Old Mutual and other insurers. The system, the micro lender said on Wednesday, will improve opera­tional efficiencies as it eyes to unlock over Ksh.70 million in revenue by the end of the year.

 “Bancassurance is an important part of our service offering because it helps our customers access a wide range of insurance products, helping them protect the wealth that they work so hard to create,” Faulu Bank managing director Apollo Njoroge said in an official statement.

Mr.Njoroge consequently revealed that the system will also improve decision-making at Faulu Bank due to the timeliness and accuracy of the data it processes as well as reports and the fact that it will be integrated with the Bank’s core banking system. The service, which is also available at the lender’s 500 agents across the country, will benefit the bank’s half a million customers.

“In addition, the program will collect data with greater scientific precision thus enabling us to improve the customer experience by delivering what our customer want, how they want it, when they want it and where they want it,” the Faulu Bank boss noted.

Mr. Njoroge similarly revealed that Faulu Bank has also launched an Insurance Premium Financing (IPF) product enabling customers to service their premium bills in a timely manner. Bancassurance has been supported and adopted by banks and microfinance institutions to help Kenya deepen insurance penetration, regulators in the insurance and banking sectors.  It will also allow for the selling of insurance products and services.

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