By Amos wachira
By George Marenya
What if the biggest barrier to financial security in Kenya isn’t cost—but perception? The reality is that in Kenya and most African countries, insurance is seen as a product for the privileged few and often perceived as an afterthought rather than a necessity. Limited awareness, confusing jargon, perceived inaccessibility, and complex claims processes have kept many consumers at arm’s length. The numbers reflect this gap: according to the Insurance Regulatory Authority’s Q4 2024 report, Kenya’s insurance penetration stood at just 2.4%, far behind markets like South Africa, which average 16%. For a country with a diversified and resilient economy, insurance should be a foundational safety net—shielding communities and enterprises from natural disasters, climate shocks, medical emergencies, political instability, and the uncertainties that threaten livelihoods.One model is beginning to shift the narrative: bancassurance—the collaboration between banks and insurance companies to bring insurance directly to customers.Although agents and brokers have traditionally dominated the sector, bancassurance is rapidly reshaping consumer behaviour.Ruth Njoroge, Principal Officer of SBM Bancassurance, is confident that bancassurance is the catalyst Kenya needs.“Traditional insurance often felt distant, complex, and even mistrusted,” she says. “Banks, on the other hand, enjoy daily trust from millions of Kenyans. They are in every town, every neighborhood, and now, in everyone’s pocket. Bancassurance democratizes insurance by embedding it into people’s financial lives.”And the numbers validate her optimism. According to the Association of Kenya Insurers, gross written premiums from bancassurance rose from Ksh19.5 billion in 2019 to Ksh35 billion in 2023—a 79.4% increase. Market share grew from 8.4% to 10% in the same period. Ruth attributes this growth to trust and accessibility.Why is bancassurance gaining popularity? “Banks already serve as financial hubs. When insurance is integrated into the everyday banking experience—bundled with familiar products, delivered clearly and efficiently—it becomes accessible, relatable, and trustworthy.”For Ruth, the vision is clear: “We must demystify insurance and provide transparent advice so customers can make confident decisions.” Already, the shift is visible. Three percent of SBM customers now use insurance products, and she aims to grow this to 10% next year.Launched in July this year, SBM Bancassurance seeks to simplify insurance by innovating to create a seamless bundle that customers can access under one roof.“Our aim with SBM Bancassurance Intermediary is to demystify insurance and eliminate tedious procedures,” said Bhartesh Shah, the chief executive officer of SBM Bank Kenya, at the launch.SBM Bancassurance offers a full suite of solutions—personal, business, specialty covers, and employee benefits—all under one roof. Customers receive personalized consultations to match insurance options with their financial goals and risk profiles. SBM Bancassurance Intermediary Limited is dedicated to making insurance refreshingly uncomplicated. From safeguarding customers’ homes to covering their business or even securing a loved one’s future, customers can now manage their entire financial well-being at their local SBM branch. It’s a one-stop-shop where your financial goals and security needs meet. At SBM branches, customers can now manage both their finances and insurance needs conveniently. “Our staff are not just bankers,” Ruth emphasizes. “They are all rounded financial advisors, ready to guide customers through options tailored to their lives and businesses.”Businesses especially benefit from expert risk profiling, customized portfolios, and 24-hour support via the bank’s call centre.In an industry where competition is rife, SBM Bancassurance stands out for its commitment to the customers peace of mind. The intermediary’s application processes are straightforward, support is prompt, and claims management is fast and hassle free. As an SBM Bank customer, you enjoy preferential rates, competitive pricing and the expertise of their in-house team to ensure you get the best value. “When you choose to partner with us, you are not just buying a policy; you are buying into trust, security, and an experience designed around you. With robust digital integration, managing and monitoring your policies will be as easy as checking your account balance,” shares the SBM Bancassurance CEO.A dedicated claims support channel has been introduced to simplify documentation and ensure faster settlements. The bank has also negotiated cost-effective insurance plans to benefit its customers.As a tried and tested hand in bancassurance, Ruth knows the importance of mitigating risks and the crucial role of insurance in promoting financial stability.“Insurance is a critical part of financial planning, whether you are safeguarding a business, investing in education, or preparing for retirement. Our tailored product bundles will accommodate diverse lifestyle and professional needs,” says Ruth.A boom for businessesBusiness customers benefit from expert guidance on risk profiling and customized portfolio development.In addition, the bank is utilizing its call Centre to provide 24-hour support for claims and policy-related inquiries.Ruth’s journey to the pinnacle of SBM Bancassurance was carved through intellectual curiosity and a series of deliberate choices. “Business management presented a unique challenge, a blend of economics, finance and real-world problem-solving that appealed to meRuth’s journey to the helm of SBM Bancassurance was shaped by curiosity and intention. Drawn to the blend of economics, finance, and problem-solving, she pursued a Bachelor of Business Management at Maseno University, later earning an MBA from the United States International University–Kenya. She holds several professional qualifications including a Diploma in Insurance and most recently a certificate from Harvard Business School after completion of the Senior Executive Program- AfricaHer early career in insurance broking and later on within the Bancassurance space for leading banks in the country built the foundation for her future leadership. When the opportunity came to lead SBM Bank’s entry into the field, she recognized its transformative potential—despite the challenges. She faced a landscape of immense potential but shadowed by significant challenges including deep-seated skepticism.Her strategy was to simplify and integrate.To win over skeptical customers, Ruth focused on simplification. “We had to de-jargonize insurance,” she says. “A customer applying for a car loan shouldn’t be overwhelmed by complex insurance terminology. Our products had to be as simple as the loans they complemented.”Under her leadership, SBM introduced intuitive bundles: a car loan paired with motor cover, or Business combined solutions for Business loans. These “teachable moments” helped customers appreciate the value of insurance.Equally important was fostering collaboration between the bank and insurance teams. Known for her “inclusive yet decisive” leadership style, Ruth invested heavily in training frontline staff—not to turn them into insurance agents, but into confident advisors capable of articulating value.Her open-door policy and commitment to staff development have created an environment where innovation thrives. This human-centric approach extends to her management philosophy. She is known for her open-door policy and her genuine interest in the professional growth of her team. “I believe in giving my staff the space and support to innovate. My role is to set the vision, remove the roadblocks, and create an environment where they can thrive,” she shares.No modern financial leader can operate without a keen eye on technology, and Ruth is at the forefront of this digital transformation. “Through the SBM bank app and partnerships with telcos, we are making it possible for a small-scale trader or a farmer to purchase micro-insurance for their crop or their health with a few taps on their phone. This is financial inclusion in its truest form.”Beyond the figures and market share metrics, Ruth measures success by impact. She lights up when discussing stories of customers whose lives were protected because of a simple bancassurance product—a family whose loan was settled after the breadwinner’s untimely death, a business owner who recovered quickly from a fire because of comprehensive property insurance.For aspiring leaders, especially women in the male-dominated fields of finance and tech, Ruth stands as a powerful role model. Her advice is characteristically straightforward and profound: “Be relentlessly curious. Master your craft but never stop learning about the world around it. And most importantly, lead with integrity.”From her office, Ruth Njoroge is building a more resilient society, one bundled product at a time. Through a blend of strategic vision and a deep human touch, she is positioning SBM Bancassurance as a critical bridge, connecting the formidable power of a bank with the fundamental human need for security. She is patiently and diligently writing a narrative where risk mitigation is not a privilege but a possibility for all.
Ruth Njoroge at a glance:
Has a background in Insurance and Finance.
Enjoys the great outdoors
Is deeply rooted in faith and family values
If she wasn’t in insurance she would most likely have been a chef
Enjoys live music and theatre performances
