Family Bank on Wednesday called on insurers to adopt mobile-based payment platforms to shore up the uptake of their products, even as it stirred the market with the opening of its insurance arm.
The bank’s chairman Wilfred Kiboro said insurance companies should conduct studies on suitable products that will address the needs of Kenyans, thereby accelerating growth in the sector.
“We need to directly counter the ancient taboos that bar Africans from debating about death and sickness. We must go to them and offer them products that resonate with their needs,” said Mr Kiboro.
He spoke when he officially launched Family Bank’s new subsidiary — Family Bank Insurance Agency — which will provide two million customers with general and life cover.
Mr Kiboro noted that Kenyans channel savings to their children’s education policies, medical services and life covers.
“Every Kenyan has supported a relative or a friend in raising funds for medical treatment but are not willing to end this misery by taking up insurance,” he said.