Sanlam Kenya has inked a deal with Japanese insurance group Sompo Holdings that will see the financial services provider improve its distribution channels in the East African region with the insurance company getting more access to the area.
According to Sanlam Kenya Group CEO Patrick Tumbo in a news report by Capital FM, the deal underscores Sanlam’s strategy to pursue new revenue generation streams in order to expand its service provision portfolio.
“We look forward to leveraging Sompo’s distribution channels and technical expertise,” the Sanlam Kenya CEO is quoted as saying by Capital FM.
On his part Head of Sompo Japan Representative Office Daisuke Taoka insisted that the partnership will enable the firm to expand its footprint in Kenya which has for the past few years been drawing significant Japanese investment interest. He similarly revealed that the partnership will help solidify Sompo’s position as a strong insurance and reinsurance provider.
“It will also provide a much better service to our Japanese customers entering the country,” Taoka said according to Capital FM.
Taoka similarly explained that the two firms struck the deal because their businesses complement each other in many aspects meaning that the two firms can continue adding onto each other’s growth trajectory.
The partnership is the second deal in which the two firms have partnered in. In October 2017, Sompo Holdings, through Sompo Japan Nipponkoa Insurance, partnered with Sanlam Group to provide long-term as well as general insurance support to its corporate clients across Africa.
Sompo Holdings has an extensive global footprint in 31 countries and regions, including Japan. Its core business encompasses one of the largest properties and casualty insurance groups in the Japanese domestic market.