Firms target mass market in insurance deal
: APA has tapped the network of off-grid power firm Azuri to widen insurance penetration across the country.
According to a September 2017 report by the Insurance Regulatory Authority (IRA), the industry regulatory body, insurance penetration currently stands at 2.73 per cent.
The figure dipped from 2.8 per cent in 2016.
APA said it will be launching a low-cost micro-insurance product known as HospiCash for Azuri solar power customers across Kenya.
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“We are delighted to be partnering with APA to provide consumers across Africa with products and services that have the power to improve lives,” said Azuri CEO Simon Bransfield-Garth.
“Many off-grid consumers find it difficult to access modern financial products and so combining Azuri’s reach and APA’s affordable insurance allows customers to concentrate on making a full recovery rather than worrying about the loss of income from being hospitalised,” he noted.
Apollo Group CEO, Ashok Shah said thepartnership provides a means to open up a range of financial inclusion offerings to many Kenyans.
“Off-grid consumers have been traditionally underserved by insurance providers because of the relative difficulty of access. The partnership with Azuri provides a means to open up a range of financial inclusion offerings to this important customer base.”