
Absa Bank and Old Mutual Kenya have introduced Linda Biz, a collaborative insurance product aimed at small and medium-sized enterprises (SMEs). This offering includes asset protection, medical coverage, and life insurance.
Linda Biz will issue extensive medical insurance with options for outpatient, inpatient, dental, optical, and maternity care. It will also provide valuable benefits such as hospital cash payouts and lifetime coverage.
During the Linda Biz launch event, Absa Bank Kenya’s Managing Director and CEO, Abdi Mohamed, highlighted the significance of Linda Biz for SME clients.
“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. 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.” Abdi Mohamed said.
Linda Biz will offer coverage for monetary loss, political violence, floods, riots, strikes, business interruptions, burglary, employee theft, and fire damage. It will further protect business employees against injury, disability, 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 mentioned.
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Arthur Oginga, CEO of Old Mutual Group, emphasized the product’s role in helping SMEs mitigate risks.
‘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.