Sidian Bank Bags Three Bancassurance Awards

NAIROBI, Kenya, June 27 – Sidian Bank’s insurance intermediary has won three accolades at the 16th Think Business Insurance Awards, underscoring the growing importance of bancassurance as Kenyan banks increasingly use their branch networks and digital platforms to expand insurance uptake.

The lender emerged as the first runner-up in the Overall Best Bancassurance Intermediary category and secured second runner-up positions in the Technology Application and Non-Life and Non-Embedded Products categories.

The recognition comes at a time when banks are intensifying efforts to diversify non-funded income while helping address Kenya’s persistently low insurance penetration through bancassurance partnerships.

Industry players view bancassurance as an increasingly important distribution channel, allowing customers to access insurance products alongside traditional banking services.

The model has gained traction as lenders invest in digital platforms to simplify policy purchases and claims processing while expanding access for households and small businesses.

The awards, which are independently audited by PKF, recognise performance in innovation, customer service, business growth and market impact across Kenya’s insurance industry.

A bancassurance principal officer at Sidian Bank said the awards reflect the institution’s focus on integrating insurance into its broader financial services offering.

“Bancassurance plays a vital role in bridging the protection gap by making insurance products more accessible through trusted banking relationships.”

“We remain focused on delivering solutions that address evolving customer needs while leveraging technology to enhance convenience and service delivery.”

Kenya’s insurance sector continues to face low penetration levels compared with more developed markets, prompting insurers and banks to seek alternative distribution channels beyond traditional agency networks.

Bancassurance has emerged as one of the fastest-growing models, supported by banks’ extensive customer bases and digital banking platforms.

For lenders, the business also provides an opportunity to generate fee-based income while complementing lending, trade finance and transactional banking services with insurance products that help customers manage financial risks.

Sidian Bank, a Tier II lender regulated by the Central Bank of Kenya, has been expanding its bancassurance business as part of its broader strategy to offer integrated financial services to retail, SME and corporate customers.

Its latest recognition reflects the increasing convergence of banking, insurance and technology as financial institutions compete to broaden customer offerings and strengthen non-interest revenue streams.