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Insurance penetration in Kenya stands at barely three per cent, a stubborn lag that has persisted despite broader growth in financial services.
To avert the crisis, stakeholders recommend that the industry confronts three core barriers, including access, relevance and trust.
Kenya’s insurance sector has historically relied heavily on intermediaries, particularly agents and brokers, to distribute products, educate customers, collect leads and maintain client relationships.
This remains important because insurance is still a trust-based product. “We don’t see digital as a replacement; we see it as an enhancement of the agent. And with Africa being a fairly young continent, we are seeing a shift in how they access financial services. Most of our young population prefer digital firstchannels.”,” says the Managing Director for Old Mutual business unit, Dr Isaac Nzyoka.
