Policyholders set to benefit from Kenyan disruptor?
The Cytonn Insurance Agency (CIA) has been launched by Cytonn Investments with the aim of disrupting the Kenyan insurance industry through innovation and automation of insurance processes, including the buying and claims processes.
The company pointed to the low insurance uptake in Kenya compared to other key economies, with the insurance penetration in 2019 coming in at 2.3%, down from 2.4% in 2018, according to the 2019 annual report by the Insurance Regulatory Authority (IRA).
CIA believes the low penetration level is attributable to the fact that insurance uptake is still seen as a luxury and mostly taken when it is necessary or a regulatory requirement, with the growth in insurance uptake being undermined by high unemployment and levels of poverty.
Elizabeth Nkukuu, an investment coach at Cytonn, said: “Cytonn is always keen to serve the interest of our clients and Kenyans in general by creating innovative and differentiated financial solutions that speak directly to their needs.
“We saw there is a gap in the uptake of insurance products, partly due to limited awareness of available insurance products and lack of trust of insurance players. CIA will help bridge this knowledge gap and rebuild trust by delivering a quality customer experience and offering training sessions for all our clients. We believe it is going to be a superior intermediary service as the main focus will be on relationship building, after-sale services and provision of digital solutions to help Kenyans safeguard their assets.
“Kenyans, both individuals and organisations, will benefit from CIA through a wide variety of insurance offerings. CIA intends to focus on WIBA, motor, fire, burglary, life, medical, and property to suit different clientele needs and to increase convenience, where our agency shall provide insurance solutions through its US dollar platform, mobile app and web portal,” added Ms Nkukuu.
