Insurance management principles from reknown Managing Director

William Maara is the Managing Director of Barclays Life Assurance Ltd.

Barclays Life Assurance Kenya which is majorly owned by Barclays Africa Group has diversified into life insurance to offer products such as education, credit life and personal accident products as well as funeral cover for immediate and extended family. Business Beat talked to William Maara on the prospects of the bancassurance model.

What does your job at Barclays Life Assurance Kenya (BLAK) entail?

I am responsible for leading the execution of BLAK’s strategy and programmes in Kenya and soon, the region. This involves driving category growth, creating a culture of excellence and collaboration, growing distribution channels and most importantly, developing a love for our products amongst our customers.

One of your biggest projects this year was the launch of Barclays Life Assurance Kenya. How did it start and how has the response been like since the launch?

The project started last year and culminated in the launch of BLAK in this market last month. It was an elaborate process with rigorous regulatory requirements, which traversed two regulators - the Insurance Regulatory Authority and Central Bank among other stakeholders who included the Association of Kenya Insurers, insurance brokers and agents.

Since the launch, the responses have been encouraging and people are intrigued by the fact that banks are now entering the insurance space. Potential customers are keen to explore the provision of all their financial needs from under the Barclays roof.

What is the overall goal of BLAK?

BLAK is driven by two core goals. To drive insurance penetration in Kenya by employing regular consumer awareness campaigns aimed at creating a higher appreciation of the role of insurance amongst Kenyans and by introducing innovative and affordable propositions that are easy to access.

The second one is to become one of Kenya’s top three players within the next five years and eventually the region when we venture into the greater East African market. To achieve and support our goal, we have put in place a strategy and invested heavily in both human resource and distribution channels which we view as two key components for an insurance provider seeking market leadership. I am confident we are heading there. It is critical for us to understand what our insurance consumers need because that is how we will achieve growth and market leadership in Kenya and the region.

How has been the level of interaction between the products and the consumer so far?

We are going through the communication phase of introducing our products through various channels. Our products are tailored for all tiers of the pyramid and respond to the specific needs of our clients.

What do you consider to be Barclays’ role in Kenya’s insurance sector?

Our role is to drive consumer awareness and appreciation of the important role of insurance in the country to increase the number of Kenyans covered by insurance from the current 7.6 per cent of the population.

What are some of your biggest challenges?

Bancassurance is the new frontier for the financial services sector. We are seeing increased interest from local and international players in this market, which has led to the bancassurance sector becoming more competitive. Having been in the industry for over 20 years, getting people to appreciate the importance of insurance as a planning tool is a key challenge. Other challenges include generating interest in the subject of insurance and regaining the trust of the insurance buying public, given the legacy of mistrust emanating from failed insurance institutions in the past. Our awareness campaign intends to solve this cross-industry problem as we move along.

What do you consider your strongest qualities as a project leader?

The ability to build divergent but strong teams. The other one is excellence and timely problem solving and the ability to build enthusiasm among my team members when developing and marketing insurance propositions in this market.

What legacy would you like to leave in the life insurance market?

I would like to be remembered as having made a significant contribution to the simplification and demystification of insurance in this market and ultimately to increased uptake. I am a strong advocate of the empowering role of insurance and its contribution to peace of mind, particularly when one is facing a personal crisis such as a health issue, the demise of a loved one or an accident.