Jubilee Allianz General Insurance #ticket: JUB has implemented discounted insurance policies for small businesses that also allow payment of setup premiums.
The discounted covers will be available to small and medium-sized enterprises (SMEs) that are members of the Kenya National Chamber of Commerce and Industry (KNCCI).
The discounted and setup payments are intended to help small businesses access coverage such as property and equity insurance without greatly affecting their cash flows.
Jubilee Allianz General Insurance CEO Catherine Igathe 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 business. For example, companies that are burglar proof will see different discounts than those that are not, ”said Ms Igathe.
He added that the solution is also designed to resolve complaints quickly, minimizing business interruptions for SMEs.
Jubilee Allianz has partnered with several financial firms to provide premium financing, giving SMEs room to pay on premises.
Kenyan insurance law requires prepayment of premiums for any coverage to be considered effective, but flexible monthly setup payments are made possible through premium loans.
Coverage will be provided under the SME & Merchant package. Other personal insurance such as motor, home and personal accident will also be available.
KNCCI Chairman Richard Ngatia said the cover is timely given the negative impact of Covid-19 which has seen many SMEs record a sharp drop in revenue.
“Therefore, commercial insurance is very welcome to provide income coverage in the event of unforeseen interruptions in the future,” said Mr. Ngatia.
SMEs will access insurance solutions through an online portal, which will facilitate the enrollment of more than 45,000 KNCCI members.
Insurance is not popular with small businesses in Kenya due to informal structures and the perception that it is expensive.
However, many insurance companies have increasingly adapted their products to serve small and medium-sized businesses.