Old Mutual Health, the health insurance arm of leading financial services provider, Old Mutual Group, has revamped its SME Health insurance product, taking into consideration the distinct needs of small and medium-sized enterprises (SMEs).
The enhanced solution marks a significant step forward in providing comprehensive healthcare coverage with unmatched benefits to SMEs and their employees.
The revamp was guided by findings from the Old Mutual Financial Services Monitor (OMFSM), revealing a strong entrepreneurial culture among Kenyan consumers. Many are self-employed or run small businesses with few employees. Starting a business ranks second in savings goals, especially among those under 50, and 22% are “Polyjobbers” earning extra income alongside their main job.
With over 70% being informally employed, most working Kenyans lack employer-provided products like health covers, leaving many to resort to personal loans for unexpected expenses like medical costs.
The revamp aimed to meet the changing demands of healthcare and business while also enhancing support for SMEs to foster their growth and inclusion. The new product targets SMEs with 3-100 employees aged 18-65, offering lifelong coverage upon onboarding for long-term security and support.
