Faulu posted a Ksh327 million increase in income and commissions from its bancassurance agency.
Faulu Microfinance Bank has seen significant growth in its bancassurance business following successful automation of its insurance sales last year owing to the Rensoft system. The Rensoft system facilitates quick quotations and faster processing of insurance covers as well as processing of insurance products underwritten by UAP Old Mutual Group and other licensed insurance companies in Kenya.Allowing the bank to shrugg off a tough operating environment due to the coronavirus pandemic, and record an increase in uptake of insurance products through its bancassurance unit.
CEO Appolo Njoroge said "Our decision to automate our bancassurance operation is finally paying off. Our customers can access a wide range of insurance products through a simple but efficient process. We are now able to issue motor certificates in less that ten minutes at many of our branches and will soon rollout this out to all our branches countrywide,"
Faulu is banking on digital innovation, expanding client base and higher uptake of insurance to strengthen its bancassurance business. They are confident that they will get there thanks to the Rensoft bancassurance system.