Faulu Bank has invested Sh20 million in a new paperless platform that automates bancassurance offered within its 60 branches.
The platform will automatically issue quick quotations, facilitate cover processing and administer all insurance products underwritten by UAP Old Mutual Group and other licensed insurance companies in Kenya. Speaking when he launched the automated platform, managing director Apollo Njoroge said they expected a Sh70 million rise in revenues by year-end.
“Bancassurance is an important part of our service offering because it helps our customers access a wide range of insurance products, helping them protect the wealth that they work so hard to create,” he said.
Mr Njoroge said the system improves decision-making at the bank owing to data received enabling them to understand customers better. Saying it will be integrated with the third tier lender’s core banking system, the MD said their half a million customers will benefit from the service also available via their 500 agents strewn across the country.
He said they had also launched an Insurance Premium Financing (IPF) product enabling customers to service their premium bills in a timely manner.
“With this new system we will collect data with greater scientific precision. This will enable us to improve the customer experience by delivering what our customer want, how they want it, when they want it and where they want it,” Mr Njoroge noted.