Monday , 18 December 2017

by: Category: Banking & Finance, East Africa, Economy & Politics, Energy, Featured, In Focus, Industry A+ / A-

Kenyan insurance providers have been asked to aggressively pursue ways to enhance insurance inclusion and penetration, which still stands lowly at 3 per cent to the country’s GDP.

In a two-day conference held in Nairobi’s Crowne Plaza Hotel, delegates were urged to fully take advantage of technology to augment their traditional distribution channels in order to reach the largely untapped market of low-income consumers.

The 7th annual Africa Insurance and Reinsurance conference, organised by Aidem Business Solutions, saw local and global speakers tackle the challenges facing low insurance update under the theme: ‘Roadmap for Insurance Inclusion and Penetration’.

“The product design and distribution need to be in tandem with the customer demand so that everyone feels included. We should come up with products that will not make one feel neglected,” said Caroline Munene, AAR Insurance Kenya’s Managing Director during her presentation.

“Distribution needs to be in such a way to reaches the common man. This includes packaging of the information about the product, and how it addresses the common mwananchi,” she added.

Speakers touched on the need to adopt technology in order to curb cases of fraud, keep tabs on agents and policyholders, control their operation costs and effectively manage the distribution process.

“These developments can only be good for a competitive market and the health of the Kenyan industry and, most importantly, for customers who should, over time, find a more dynamic underwriting, claims and engagement process than they get or want at the moment”, Winnie Badiah, GrassRoots Bima’s chief executive said.

According to Naomi Njoroge, Aidem Business Solutions Managing Director, the Kenyan technology space has increased, which has provided a fertile ground for innovation, “We see it as a roadmap given the demands and the crucial long term commitments by all stakeholders.”

Kenya is home to 55 underwriters, 7 reinsurance brokers, 29 Medical Insurance Providers, 186 brokers and 6481 insurance agents

987 total views, 2 views today

Comments

Related Posts Plugin for WordPress, Blogger...
Reviewed by on . Kenyan insurance providers have been asked to aggressively pursue ways to enhance insurance inclusion and penetration, which still stands lowly at 3 per cent to Kenyan insurance providers have been asked to aggressively pursue ways to enhance insurance inclusion and penetration, which still stands lowly at 3 per cent to Rating: 0

About Admin

Business Journalist since 2009, has worked for Financial Post, Standard Media Group, Business Journal and People Daily.

Chief Editor at The African Business Fortune Magazine.

Email: umidhasteve@gmail.com
Cell: 0726879488

scroll to top

Subscribe to our latest updates

Signup for our newsletter and get notified when we publish new articles for free!




Social Media Auto Publish Powered By : XYZScripts.com
Read previous post:
Stanbic Bank targets workers with new insurance-linked salary account

Stanbic Bank Kenya has launched a new insurance-linked transactional salary account dubbed Smart Direct, targeted at salaried individuals.  This is...

Close