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Kenya: Trends in Kenya’s Insurance Demand Rapid Change By Players

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In the last two decades, the insurance industry has been playing catchup with others in financial services. For example, when banks were shifting to 24-hour customer contact centres, insurance companies held on tight to their switchboards.

Players in insurance remained cautious even as InsurTech made headway in some parts of the world. In Kenya, they often passed blame to regulatory requirements.

However, I believe that the Covid-19 has fast-tracked the focus on new trends and digital transformation in the insurance sector is happening.

The insurance customer requires a different approach. While speaking at the 35th annual Insurance Institute of Kenya conference last week, I described today’s insurance customer.

The insurance customer has high expectations. This customer is not only well informed and more demanding but is also less loyal than ever before.

Today’s client has access to lots of information. At the click of the mouse, they can find data about different insurance services on offer globally. Further, many customers today do not mind managing their risks under different insurance providers.

These customers are not too quick to sign on the dotted line as their parents did; they seek full disclosure on what is covered and not covered.

Additionally, these customers do not mind experimenting to figure out what works and what does not. Some are especially keen on services custom-made to meet their unique needs.