In a move to support the resilience and growth of Small and Medium-Sized Enterprises (SMEs), Absa Bank Kenya and Old Mutual Kenya have partnered to launch Linda Biz, a comprehensive insurance solution tailored specifically for SMEs. This new offering provides affordable insurance services to protect business assets, manage risks, ensure employee health, and support seamless business continuity.
Linda Biz encompasses a range of insurance products, including coverage for business assets, medical and life insurance. It addresses various risks faced by SMEs, such as losses due to fire, political violence, riots and strikes, floods, business interruption, burglary, loss of money, and theft by employees. Additionally, it covers employee injuries, disablement, or death under the Work Injury Benefits Act (WIBA).
Absa Bank Kenya MD & CEO Abdi Mohamed and Old Mutual East Africa Group CEO Arthur Oginga officially launch the Linda Biz SME bundled insurance solution that offers a comprehensive suite of insurance products including general, health and life insurance uniquely tailored to meet the specific needs of SMEs
Absa Bank Kenya’s Managing Director, Abdi Mohamed, highlighted the strategic importance of the partnership, stating, “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 customers while also supporting efforts to drive insurance penetration in the country.” Mahamed said
Linda Biz also offers comprehensive medical insurance with inpatient, outpatient, dental, optical, and maternity cover options. The plan includes attractive benefits such as hospital cash benefits and lifetime cover. For life insurance, the solution provides a lump sum payment to the insured in the event of death, disability, or diagnosis of a critical illness.
Absa Bank Kenya, Managing Director, Abdi Mohamed and Old Mutual East Africa Group CEO Arthur Oginga sign an MoU to launch the Linda Biz SME bundled insurance solution. Looking on are (L-R) Absa Bank Kenya Business Banking Director Elizabeth Wasunna, Old Mutual Investment Group, Managing Director, Anthony Mwithiga, Absa Bank Kenya, Legal and Compliance Director, Kenneth Kanyarati, Old Mutual Life Assurance Kenya, Managing Director, Loreen Makwanya and Old Mutual General Insurance Kenya, Managing Director, Japheth Ogalloh.
Arthur Oginga, CEO of Old Mutual Group, emphasized the significance of SMEs in the economy, stating, “SMEs form the backbone of our country’s economy and as such, need enhanced support from financial service providers to derisk their businesses. Linda Biz introduces a comprehensive suite of insurance products uniquely tailored to meet the specific needs of SMEs, ensuring they can thrive in today’s dynamic business landscape. Among many other benefits, this seeks to address issues affecting SMEs including asset protection, employee health, and business continuity.” said Oginga
According to the World Bank, SMEs account for most businesses worldwide and are crucial to job creation and global economic development, representing about 90 percent of businesses and more than 50 percent of employment worldwide. Formal SMEs contribute up to 40 percent of emerging economies’ national income (GDP).
The launch of Linda Biz is a significant step towards providing SMEs with the necessary tools to build resilience and thrive in the ever-evolving business landscape