Jubilee Allianz General Insurance #ticket: JUB has implemented low cost insurance policies for small businesses that also allow premium payments in installments.
The discounted blankets will be available to Small and Medium Enterprises (SMEs) members of the Kenya National Chamber of Commerce and Industry (KNCCI).
The reduced and installment payments are intended to help small businesses access coverages such as property and equity insurance without significantly hurting their cash flow.
Catherine Igathe, CEO of Jubilee Allianz General Insurance, said the range of discounts will depend on the risk profile of the respective SMEs.
“We want to adapt it to the needs of each company. For example, burglary-proof businesses will have different discounts than those that are not, ”said Ms. Igathe.
She added that the solution is also designed so that complaints are resolved quickly, minimizing disruption to the business of SMEs.
Jubilee Allianz has partnered with several financial companies to provide premium financing, giving SMEs the ability to pay in installments.
Kenya’s insurance law requires the upfront payment of premiums for any coverage to be considered effective, but flexible monthly payments are made possible through premium loans.
The covers will be provided as part of the SME and traders package. Other personal insurance such as automobile, home and personal accident will also be available.
KNCCI President Richard Ngatia said the coverage was timely given the negative impact of Covid-19 which has seen many SMEs experience sharp declines in income.
“Business insurance is therefore welcome to cover income in the event of an unforeseen future disruption,” said Mr. Ngatia.
SMEs will access insurance solutions through an online portal, which will facilitate the registration of over 45,000 KNCCI members.
Insurance is not popular with small businesses in Kenya due to the informal structures and the perception that it is expensive.
However, many insurance companies are increasingly adapting their products to small and medium-sized businesses.