Standard Chartered Bank and Prudential Life Assurance have teamed up to launch a high-value life insurance cover aimed at the country’s wealthy elite, offering payouts of up to Sh500 million.
The move is part of the lender’s strategy to diversify its bancassurance portfolio.
Dubbed LivLife, the product has been in pilot phase for the last six months, though officially launched yesterday, LivLife surpassed Sh2.6 billion in sum-assured sales, with the banks terming it a signal for a strong demand.
“The LivLife solution offers clients high-value life insurance tailored for intergenerational wealth transfer, legacy planning, and long-term financial security,” Stanchart Chief Executive Officer Kariuki Ngari stated.
The six-month pilot highlighted a growing appetite for financial protection and future-proof savings among Kenya’s affluent class, marked by a shift from traditional endowment products to whole life solutions and a needs-based approach to insurance.”
Following their pact, Stanchart and Prudential have also unveiled another savings-oriented cover plan named Future Ready that is designed to aid policyholders in achieving specific goals, including education funding and other retirement goals.
The partners said that the bank will serve as the primary distribution channel for both products and others that are currently under development, while Prudential will bring on board insurance expertise and product innovation.
Prudential Life Assurance Kenya CEO Gwen Kinisu said the launched covers will, in the coming days, be rewired for suitability to other market segments away from the affluent.
“While our initial focus is on the affluent segment, our broader ambition is inclusive. We are intentional in designing products that are accessible, understandable, and valuable,” she said.
This is even as Kenya’s insurance sector has witnessed rising momentum in the bancassurance business which has surged 79.5 percent over the past five years to hit Sh35 billion in annual premiums, according to data from the Association of Kenya Insurers.
