Tamika Credit offers a specialized loan product known as Insurer’s Loans that targets individuals employed in the insurance industry. These include principal officers, underwriters, business developers, claim administrators, accountants, finance managers, care managers, human resource personnel, actuaries, risk assessors, and IT specialists who have worked in the insurance sector for at least one year.
To qualify for this loan, an individual must provide proof of employment with an insurance company and meet other requirements outlined in Tamika Credit’s framework. The loan amount offered will depend on the individual’s net salary and credit history, and repayment is made through check-off or other agreed-upon repayment methods.
Tamika Credit’s Insurer’s Loans product offers a unique opportunity for individuals in the insurance industry to access affordable financing and improve their financial well-being.
The product will be guided by the following framework as discussed in this document.
Market
Our target market is the staff in insurance companies only. This eliminates the individuals in brokerage and in insurance agencies.
We have identified the following underwriting insurance companies for consideration as the main potential clients;
- CIC Insurance, ICEA Lion, Britam Insurance, Jubilee Insurance, Geminia Insurance, Madison Insurance, MUA, Sanlam, First Assurance, G.A insurance, Liberty Insurance, UAP, AIG, AAR
The geographical location to be considered for piloting this product is within Nairobi with a gradual progression to its environs.
Eligibility Criteria
The individuals eligible for this loan must meet the following criteria
- Must be working in any of the insurance companies listed above
- Must be permanent employees
- Must have worked in the company for a minimum of 1 year
- Must be Principal officers, underwriters, business developers, claim administrators, accountants and finance managers, care manager, Human resource personnel, actuaries, risk assessors and IT specialists
Requirements
1. Personal Identification documents
- Passport photo
- I.D copy
- KRA P.I.N
- Next of kin ID copy
- Relevant training qualification certificate e.g. ACII, COP, AIIK, CPA
2. Income supporting documents
- Employment letter
- 3 months recent payslips
- 12 months Mpesa statement
- 12 months’ salary account Bank statement
3. Loan security guarantee
- 2 referrals must be provided and one should be a colleague.
- The client must fill in the chattels form.
- The client must provide post-dated cheques.
- The client must provide proof of address i.e lease agreement or utility bill copy.
