Absa Bank and Old Mutual Launch Linda Biz for SMEs
Absa bank and Old Mutual Kenya have launched Linda Biz, a joint insurance product targeted at small and medium-sized enterprises (SMEs). This product will offer assets, medical and life insurance.
Linda Biz will also feature comprehensive medical insurance with outpatient, inpatient, dental, optical, and maternity cover options with attractive benefits such as hospital cash benefits and lifetime cover.
Speaking during the launch of Linda Biz, Absa Bank Kenya MD and CEO Abdi Mohamed emphasized the importance of Linda Biz to SME customers.
“At the heart of our bank is the SME sector, which accounts for 30 percent of the GDP of our economy. This strategic partnership is anchored on our mutual goal to introduce customised and bespoke insurance solutions that directly address the unique requirements of our SME customers.” Abdi Mohamed said.
“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,” he added.
Linda Biz will also provide insurance services for loss of money, political violence, floods, riots and strikes, business interruptions, burglary, theft by servants and losses against fire. Additionally, it will cover business employees against injury, disablement, or death.
“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” Absa and Old Mutual said.
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Arthur Oginga, Old Mutual Group CEO, noted the insurance product would help SMEs de-risk their businesses.
‘We are thrilled by the launch of this pioneering partnership designed to empower SMEs across Kenya. SMEs need enhanced support from financial service providers to derisk their businesses, which is what Linda Biz seeks to address.” Arthur Oginga said.
“In preparation for this partnership, we engaged with several SMEs, asking them about their main pain points when it comes to insurance. Affordability, accessibility and flexibility were the most critical factors.” he added.
