Access Bank (Kenya) PLC has partnered with Fidelity Insurance to launch a competitive Insurance Premium Financing (IPF) product to provide affordable financing options for insurance premiums.
The executive director of wholesale banking signed the agreement, Lillian Odhiambo at Access Bank Plc, the managing director of Fidelity Shield, Richard Marisin, and other stakeholders were present to witness the event.
This new IPF product allows customers to finance their insurance premiums in up to eight instalments, with interest rates ranging from 1% to 4%. These rates are significantly lower than typical market rates, making it a more accessible option for Fidelity's customers. The product was developed in response to current market conditions and customer needs, emphasizing a commitment to customer-centric services.
The application process for this financing option has been streamlined and will soon be available digitally, enhancing the overall customer experience. This partnership reflects the shared goal of Access Bank Kenya and Fidelity Shield Insurance Company to deliver exceptional services tailored to their clients' needs.
In the broader context of the insurance market in Kenya, such partnerships are becoming increasingly common as financial institutions seek to provide innovative solutions that address the financial challenges faced by customers, particularly in managing insurance costs effectively.
