Small and Medium-Sized Enterprises can now access affordable insurance services for business assets, mitigation of risks, employee health and seamless business continuity, following the launch Linda Biz, through a partnership between Absa Bank Kenya and Old Mutual Kenya.
Linda Biz, offers assets, medical and life insurance in a holistic solution, while addressing specific risks faced by SMEs, ensuring they can build resilience and continue thriving in today’s dynamic business landscape.
Among other benefits, Linda Biz offers insurance for losses against fire, political violence, riots and strikes, floods, business interruption, burglary, loss of money and theft by servants.
It also covers employees of the business against injury, disablement or death (WIBA).
Absa Bank Kenya, Managing Director, Abdi Mohamed, said: “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 customer while also supporting efforts to drive insurance penetration in the country.”
The solution also features comprehensive medical insurance with inpatient, outpatient, dental and optical and maternity cover options with attractive benefits such as hospital cash benefits and lifetime cover.
Additionally, Linda Biz offers holistic life insurance cover that pays a lump sum to the insured following death, disability or diagnosis of a critical illness.
Old Mutual Group, CEO, Arthur Oginga, said: “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.”
According to the World Bank, SMEs account for most businesses worldwide and are important contributors to job creation and global economic development, representing about 90% of businesses and more than 50% of employment worldwide.
Formal SMEs contribute up to 40% of emerging economies’ national income (GDP).
This Linda Biz product is what I have been looking for because it takes care of my business, employees, assets and gives us assurance that we are in good hands and look forward to getting more business. I am interested in knowing how it works and the premiums attached to the product.