Insurance companies have made plans to roll out new services amid the rising number of policy holders in the country. The Association of Kenya Insurers (AKI) has announced that organizations are facing stiff competition as the sector continues to expand.
According to AKI, policy holders paid 15.9% more premiums in 2011 up KES 90.6 billion from KES 79 billion the previous year. In light of these developments, some insurers have decided to keep their customers satisfied while attempting to draw in new subscribers.
For instance, Jubilee Insurance was among the first to diversify by offering a funeral cover earlier this year. On the other hand, APA added a flexible installments option for one of their motor insurance services. This comes shortly after Gateway unveiled a new service that lets drivers control their premiums based on the kilometers they cover.
In other respects, the National Social Security Fund (NSSF) is in the process of passing a bill that will create a variety of new services including life insurance for the unemployed.
AKI Chairman, Mark Obuya said that the industry’s outlook is positive. He noted that major players would continue to adopt new strategies in order to attract potential clients.