Sanlam Kenya has unveiled Flexi Hela, an innovative, flexible savings solution with a guaranteed return.
To provide an end-to-end digital distribution of Flexi Hela, the insurer has partnered with mTek-Services, an online insurance platform that provides paperless ecosystem for the industry. Flexi Hela customers will use the mTek app to save and access their savings in real-time.
The life savings product features a life cover for up to four dependent children with access to accrued savings within 24 hours at a zero-surrender cost.
Sanlam Kenya CEO, Dr Nyamemba Tumbo, said the innovation is in line with the insurer’s commitment to improving its product offering, digitizing distribution channels, and delivering services more effectively to the market.
“Flexi Hela is our response to the developing needs in the market driven by customer-centricity. Through this strategic partnership with mTek, we aim to increase insurance penetration to the customer by allowing them the choice to exit at their will,” added Dr. Tumbo.
It allows customers to enjoy the policy’s benefits and continue to save as long as the policy remains active. Its flexible nature allows savings contributions to grow at the declared interest rate over time, with withdrawals viable at any time and subject to no penalties.
The product’s flexibility allows customers to adjust their savings limits and the life cover via the Sanlam customer portal, giving them the flexibility to adapt the product to their changing lifestyles.
mTek’s CEO Bente Krogmann said Flexi Hela’s digital interface will create multiple touch points, enabling ease of use and more transparency with the use of the digital system contributing to the affordability of the product.
“With mTek’s digital platform, Flexi Hela customers will be able to make affordable and, most importantly, flexible insurance payments; without having to fill in any paperwork, providing them with security and peace of mind at their fingertips. In addition, customers should expect exemplary personalized customer services with full transparency,” said Ms Krogmann.
mTek is a leading insurance platform that allows customers to purchase insurance directly from providers while offering policy comparisons and filing claims directly from the customer’s smart devices.
Sanlam Kenya joins rivals in going to the digital space as companies seek to get a bigger share of the insurance market.
In May, digital payment platform ViuPay teamed up with Directline Assurance, launching ViuPay Cashless till number for bodaboda operators.
ViuPay Cashless system provides players in the transport sector with a means to recharge e-wallets, make payments, and withdraw from agency networks nationwide.
ViuPay, Directline Assurance and the Bodaboda Safety Association of Kenya partnered to promote the uptake of the system.
To benefit from the product, Bodaboda operators must register for a ViuPay Cashless till number to which they will receive fare payments from passengers.
Bodaboda operators using ViuPay daily or those with a Kes5,000 monthly turnover will get Binafsi Bima, a Directline Assurance insurance product. The cover entails a Kes20,000 medical cashback for accident-related medical bills and Kes100,000 for permanent disability or death.