Insurance firm targets low income earners

NAIROBI, KENYA: Kenindia Insurance is tapping into counties to grow its market share. The insurer says it is launching products for low-income earners in its bid to gain larger market share and help more Kenyans access affordable insurance services.

The company has embarked on a plan to open branches in all the 47 counties beginning with Machakos, Meru and Nakuru counties. Speaking during an event to award its agents and brokers over the weekend, the firm’s Managing Director Vinod Bharatan said they will target farmers, laborers, small traders, market vendors, fishermen, rural men and women engaged in marginal livelihood occupations.

Quality of life

“We have all heard the tired song of low penetration by the insurance industry and we have become like a stuck gramophone record yet we can change our ways of operations by embracing technological innovations to increase our market access,” he said.

“We have opened branches in three counties and this is a process set to be completed in three years’ time.” Kenindia Insurance Company which was formed from the merger of Indian Insurance companies operating in Kenya in 1978 has recently paid Sh600 million to compensate the victims of the last year’s Westgate attack and the rebuilding of the mall.

“At Kenindia, we believe greater financial inclusion will improve the country’s economy as more and more people will get engaged in income generation activities, which in turn means better savings and improvement in the quality of life of people,” he added. During the event which was attended by insurance experts and businessmen from Kenya and India, Mr Stephen Muhanji and Amos Mbala won top agent ward and top broker ward, respectively.