NCBA Group has expanded its digital financial services offering with the launch of a fully integrated private motor insurance solution on the LOOP App.
The new service allows eligible customers to complete the motor insurance process through a single digital platform, including comparing insurance quotes, completing underwriting, purchasing cover, renewing policies and accessing policy documents.
The solution has been developed through a collaboration between NCBA Group subsidiaries LOOP DFS and NCBA Insurance, as the financial services group continues to expand the range of products available through its digital ecosystem.
NCBA Insurance Managing Director and CEO Stella Njung’e said the integration is part of the Group’s broader digital transformation strategy aimed at making financial services simpler and more accessible.
“At NCBA Group, our digital transformation journey is centred on delivering solutions that make financial services simpler, faster and more accessible,” Njung’e said.
She said bringing insurance onto the LOOP platform would reduce the number of touchpoints traditionally involved in purchasing and managing motor insurance.
“By enabling customers to complete the entire private motor insurance journey within the LOOP App, we are simplifying a process that has traditionally required multiple touchpoints and significant paperwork,” she added.
The service is available to eligible LOOP customers with a valid motor vehicle logbook.
Customers can choose from three motor insurance options, depending on their protection needs.
The Third Party Cover protects against third-party injury or property damage.
The Standard Comprehensive Cover provides third-party protection while also covering the insured vehicle against risks including accidents, theft and fire.
The Premier Comprehensive Cover builds on the standard comprehensive package by providing additional convenience features and value-added services.
The integration comes as insurers and financial institutions increasingly turn to digital platforms to improve access to insurance products and simplify customer experiences.
NCBA said the initiative also supports efforts to increase insurance uptake in Kenya, where insurance penetration remains relatively low at approximately 2.4 per cent.
By embedding insurance within an application already used by customers for financial services, the Group expects to make protection products more accessible while reducing some of the administrative processes associated with traditional insurance transactions.
LOOP has recorded more than one million app downloads and has continued to expand beyond its initial digital banking proposition.
The platform provides access to services including payments, savings and credit, with the addition of motor insurance broadening its role as a digital financial services platform.
The latest offering also brings together different capabilities within the NCBA Group, combining its banking, technology and insurance businesses on one platform.
The Group said the approach is intended to create a more seamless customer experience while expanding access to financial protection products through digital channels.
The motor insurance launch forms part of NCBA’s wider digital transformation efforts, with the Group increasingly using technology to integrate financial services and provide customers with products through channels they already use.
For LOOP customers, the integration means that obtaining and managing private motor insurance can now be handled alongside other financial services without leaving the application.