Revolutionary Insurtech Product To Increase Insurance Penetration in Kenyan Market

GEORGE OKORE By GEORGE OKORE, 7th Jun 2017 | Follow this author | RSS Feed | Short URL http://nut.bz/1i3mdz5r/
Posted in Wikinut>Business>Business Opportunities


The WazInsure app can be downloaded from Google Playstore and users will buy an insurance cover after they have registered their details

The partnership with various players will accelerate insurance product disbursement to Kenyans

A Kenyan insurance technology company has launched a revolutionary life insurance product as it seeks to increase insurance penetration to the largely uninsured and underinsured population.

Through a mobile application platform known as WazInsure, GrassRoots Bima will be able to reach Kenyans who have largely been neglected or ignored as "uninsurable" because of their status as low-income earners.

WazInsure, translated as ‘Transparent Insurance’, manages the entire insurance value chain from underwriting to claims paymentst simplifies the distribution, purchase and administration burden whilst simultaneously impr. Ioving customer satisfaction.

The WazInsure app can be downloaded from Google Playstore and users will buy an insurance cover after they have registered their details such as National ID numbers, date of birth, their next of kin and dependents details. Also there is a provision for agents to register details for their clients especially those who lack smartphones.

CEO and founder Winnie Badiah says: "One of the many situations that makes insurance unexciting and unaffordable is lack of transparency particularly when it comes to payment of claims. Technology affords satisfaction to both the insurer and claimant especially where fraudulence is rife in the country.”

GrassRoots Bima will initially roll out Maisha Cover on the WazInsure platform, a last-expense cover underwritten by Capex Life, a local insurance company. Kenyans will pay as low as Ksh600 annually and will receive Ksh25,000 in case of a death in their families. Other rates are Ksh1250 and Ksh2,400 for a loss of up to Ksh50,000 and Ksh100,000 respectively.

Mr. Peter Ogunniran, CEO of Capex Assurance Limited said at the launch today that the emergence of insurance technology firms such as GrassRoots Bima has opened a direct path to ample and open interaction between the consumers and underwriters. Through their more active and sophisticated use of data, they can help us underwrite products that are better tailored to an individual’s circumstances.

Mr. Ogunniran says partnership with various players will accelerate insurance product disbursement to Kenyans. Currently , insurance penetration in Kenya is about 3 per cent, of the country’s GDP compared to Africa’s 3.5 per cent - is still low and out of reach for many consumers.

“Together with Grassroots Bima and Capex, we have come together to demystify this assumption and reach out to insure the very poor of the poor on fires, death and medical, “he says.

In a country where insurance is perceived to be designed only for the high and middle class, the newly launched partnership will underwrite tailor-made products targeting millions of uninsured in a move that is expected to boost insurance uptake. The claims process, which includes notification of loss, uploading of relevant documents and claims payment will be done through the smartphone, unless further investigation is needed.

Tags

Insurance, Insurance Companies, Insurance Company, Insurance Coverage, Insurance Death Benefits, Insurance In Life, Insurance Leads, Insurance Policy, Insurance Provider, Insurance Quote, Insurance Rate, Insurance Rates, Insurgents

Meet the author

author avatar GEORGE OKORE
George Okore is an international media consultant, resource person/facilitator, projects/programs manager, community leader, negotiator, advocate and author/writer/columnist based in Nairobi, Kenya.

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