Stima Sacco offices.[Photo/BusinessDaily]
Stima Sacco has established an agency targeting commissions from the over Sh700 million insurance business it outsources annually for its clients.
According to the sacco, the unit will service all insurance needs of the 100,000 members.
At the same time, the sacoo will seek g to use it to lure insurance agency business from external sources.
“Insurance premiums for our loan-guard stand at Sh60 million, deposits (Sh60 million), group medical insurance (Sh30 million) and car loans last year amounted to about Sh520 million. We have been sourcing brokerage services from other agencies and this is a business line we are keen on harnessing to build our members’ earnings,” corporate communications manager Jack Kulova said.
Stima Sacco on Friday advertised for an insurance officer to drive the new business line as well as guide future plans by the deposit-taking organisation with an asset base of Sh27 billion and a Sh22 billion loan book.
Mr Kulova added that the wholly-owned subsidiary, Stima Insurance Agency, will attend to all insurance agency needs for members in a one-stop shop arrangement.