Absa Bank Kenya and Old Mutual have today partnered to unveil a new bundled insurance product dubbed, Linda Biz. This product offers assets, medical and life insurance addressing the specific risks faced by SMEs.
Speaking during the launch of Linda Biz, Absa Bank Kenya MD and CEO Abdi Mohamed underscored the need to invest in the SME sector, which continues to be underserved by insurance solutions, ensuring their comprehensive risk management and financial stability and access to credit.
Linda Biz Benefits
Linda Biz offers insurance for losses against fire, political violence, riots and strikes, floods, business interruption, burglary, loss of money and theft by servants. It also covers employees of the business against injury, disablement or death (WIBA).
It does feature comprehensive medical insurance with inpatient, outpatient, dental and optical and maternity cover options with attractive benefits such as hospital cash benefits and lifetime cover.
Additionally, Linda Biz offers holistic life insurance cover that pays a lump sum to the insured following death, disability or diagnosis of a critical illness.
What They Said
“At the heart of our Bank is the SME sector, which accounts for 30 per cent of the GDP of our economy. This strategic partnership is anchored on our mutual goal to introduce customized and bespoke insurance solutions that directly address the unique requirements of our SME customers. A key focus is on simplifying SMEs’ access to insurance solutions and driving sustained growth to ensure long-term success and resilience of our customer while also supporting efforts to drive insurance penetration in the country,” said Mr. Mohamed.
On his part, Old Mutual Group CEO Arthur Oginga reiterated Old Mutual’s commitment to support SMEs, underscored by the launch of the partnership, saying, “We are thrilled by the launch of this pioneering partnership designed to empower Small and Medium Enterprises (SMEs) across Kenya. SMEs form the backbone of our country’s economy and as such, need enhanced support from financial service providers to derisk their businesses. Linda Biz introduces a comprehensive suite of insurance products uniquely tailored to meet the specific needs of SMEs, ensuring they can thrive in today’s dynamic business landscape.”
“Among many other benefits, this seeks to address issues affecting SMEs including asset protection, employee health and business continuity”, he added.
