SBM Bancassurance Intermediary Limited received the Emerging Partner Award from Old Mutual Group during the 4th Annual Bancassurance Association of Kenya (BAK) Conference.
The award recognizes SBM Bancassurance’s progress in integrating banking and insurance services while strengthening access to insurance solutions for individuals and businesses. It also reflects the growing importance of bancassurance in Kenya’s financial services industry as banks increasingly leverage their customer networks and digital platforms to distribute insurance products.
The recognition followed the official launch of SBM Bank Kenya’s standalone insurance subsidiary in July 2025, which marked the lender’s strategic entry into a more structured insurance distribution model.
SBM Bancassurance and Old Mutual Partnership
The partnership between SBM Bancassurance and Old Mutual Group combines SBM’s banking infrastructure, customer relationships, and digital capabilities with Old Mutual’s insurance underwriting expertise. The collaboration seeks to deepen insurance penetration in Kenya by making insurance products more accessible, convenient, and integrated with everyday banking services.
Through the partnership, customers can access a range of insurance solutions covering personal protection, business risks, healthcare needs, and agricultural insurance. The model is designed to simplify insurance purchasing, improve premium payment flexibility, and enhance claims support.
The partnership also aligns with broader industry efforts to improve financial inclusion by offering insurance products through established banking channels rather than relying solely on traditional insurance distribution methods.
Other Winners at the 2026 BAK Bancassurance Awards
The 4th Annual Bancassurance Association of Kenya Conference, held from July 8–10, 2026, in Mombasa, focused on digital business transformation, financial inclusion, and improving customer experience across the insurance sector. The conference brought together key players in Kenya’s financial services industry to discuss how technology can improve insurance access, customer engagement, and operational efficiency.
National Bank of Kenya was named the overall winner in Integrated Execution and also received first runner-up positions in New Business Champion and Outstanding Growth Partner categories for general insurance. NBK was also recognized as second runner-up in Outstanding Growth Partner for Life Insurance and New Life Partner Award categories.
Faulu Bancassurance received recognition for its performance in life insurance growth and general insurance management. The institution won the New Business Champion award for Life Business and was named first runner-up in Outstanding Growth Partner for Life Business. It also received second runner-up recognition for Best in Loss Ratio Management in General Insurance.
CIC Group was recognized as first runner-up for Outstanding Service to Bancassurance Customers and Partners in the Life Insurance Business, highlighting its focus on customer experience and partnership delivery.
Kenindia Assurance received multiple awards, including recognition as the Most Customer-Centric Bancassurance Intermediary. The company was also recognized as first runner-up for Best Bancassurance Intermediary in Technology Application and received second runner-up awards for Risk Management and Best Bancassurance Intermediary in Life Products.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.