Kenya-based Jubilee Insurance has inked a bancassurance deal with Rafiki Microfinance Bank to distribute life insurance products in a bid to further boost its presence in the country.

Jubilee Insurance CEO Patrick Tumbo said the partnership with Rafiki will help in improving access to life insurance products among Kenyans.

"This partnership will enable Rafiki Microfinance Bank customers to access our life products with ease from their banker across the country," Tumbo added.

Jubilee Insurance delivers an array of tailored products and services that best suit the diverse needs of clients.

Rafiki Microfinance Bank managing director Ken Obimbo said the institution is eyeing huge opportunities in Kenya’s under-penetrated insurance market.

"The insurance penetration in Kenya is currently below four per cent signifying massive headroom for growth and entry of new players like microfinance institutions," Obimbo expained.

Founded in August 1937, Jubilee Insurance serves more than 450,000 clients. The company maintains its presence across Kenya, Uganda, Tanzania, Burundi and Mauritius.