The Kenya Insurance Regulatory Authority has granted a license to Kenya Orient Life Assurance, to operate life assurance business in the country.
The life insurance firm operates as a sister company to Kenya Orient Insurance, which has been offering general insurance, reported standardmedia.co.ke.
Kenya Orient Life Assurance general manager Tom Omiti was quoted by the news agency as saying that the company would offer both individual and group based products ranging from School Fees Policy, pure Endowment Policy, Group Life, Group Credit Life Policy and Mortgage Protection Policy.
The firm is also developing micro-insurance policies and will use bancassurance as the main distribution channel, according to the publication.
"We have developed other technology driven products that offer easier, affordable and convenient access, ‘do-it-yourself’ to cater for the largely uninsured low end market segment.
"We are also focusing on the pensions business and we are in the process of registering as a pensions administrator with the Retirement Benefits Authority," Omiti added.