BANCASSURANCE IN KENYA PDF

Kenya joins Uganda, which has also enacted laws to streamline the operations of bancassurance to drive penetration of insurance. I&M Bancassurance offers both General and Life insurance. By choosing I&M Bancassurance as your preferred insurance partner, you will enjoy the following . Banking institutions and insurance companies have found banc assurance to be an attractive and profitable complement to their existing activities. The Kenyan.

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For further information about this research, please access the table of contents and series prospectus by clicking bancassuance the corresponding links above, or e-mail info finaccord.

The entry of the duo into the bancassurance industry comes at a time when insurance uptake has reduced marginally which the regulator of insurance has credited to poor knowledge of the products.

This site uses cookies. Finaccord is also able to undertake bespoke research and consulting assignments about this and other subjects. And even if bancassurance ends up with a commanding market share, the portion for the traditional intermediaries will still be considerably larger compared to the cumulative business they previously managed.

Inthere were new registered agents down from keyna, new agents registered in Please enter a user name. In my opinion the three key areas that I believe banks ni to focus on are: Bancassurance business has become a very key pillar in terms of our income diversification strategy.

The Kenyan insurance industry has kkenya relying heavily on agents and brokers to sell insurance products.

Standard Chartered Bank CEO Lamin Manjang says the companies will need to work together to offer their services driven by the need of a one-stop shop by the widening middle-class. Insurance in Kenya is mainly sourced through agents, brokers or directly un insurance companies with agents taking the lead by If one considers this low penetration, then it is prudent to say that there is still a lot of ground to be covered and development of alternative distribution channels such as bancassurance catering to the untapped market segments must be encouraged rather than vilified.

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Consequently, it makes more sense to put aside the current rivalry and focus on harnessing the collective experience, strategic creativity and innovation of insurers, banks, brokers and agents towards solving our persistent penetration challenge.

One of the most significant changes in the financial services sector over the past few years has been the appearance and development of banc assurance. Stay informed with Finaccord insights Sign up to receive offers, news and information via email. The draft guidelines, though still in the pipeline, come with stricter rules for the banks with such clauses as: Bancassurance as a penetration strategy used by Insurance Companies in Kenya.

In many countries around the world, India being a great example, the distribution of insurance by banks using their branch network has proven to be a very effective channel of increasing insurance penetration. Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services.

Finaccord – Bancassurance in Kenya: Current State and Future Perspectives to

Bancassurance…the new opportunity; Growth, Differentiation and Disruption. Abstract The entering of the banking institutions on the insurance market can be seen as an effort of modernizing the sector of financial services, for satisfying the diversifying needs of the consumers. Current State and Future Perspectives to By definition, bancassurance is simply the offering of insurance products by banks, and as per banking regulations, banks can only act bancassuarnce agents of insurance companies and not underwriters or providers of insurance.

Currently, there were 26 bancassurance insurance agents in upon from 19 the previous year, according to the Annual Insurance Report.

Bancassurance in Kenya: Current State and Future Perspectives to 2020

In addition to offering a review of key macro-economic metrics in Kenya, the research also provides a background to the banking sector through the following information: Banc assurance has been identified as one of the distribution channels through which insurance penetration can be enhanced.

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Initially, traditional brokers and agents were not comfortable with the idea of having to share their space with banks. All prospects shall be allowed to decide out of their own volition, which insurance product they wish to buy and from which insurer.

Standard Chartered has been in the bancassurance industry for two years following its entry into the sector through its subsidiary Standard Chartered Insurance Agency Limited.

Bancassurance Not the End of Insurance Agencies

Author Ombonya, Erick O. Operating model — the bank must have clarity on the model they will function within and what success looks like in that context.

Currently, insurance penetration in Kenya stands at 2. Technology as a Driver for Special Risk Bancassurance In many countries bancassurane the world, India being a great example, the distribution of insurance by banks using their branch network has proven to be a very effective channel of increasing insurance penetration.

Since the agent and broker led channels have failed to achieve significant penetration of insurance; there is need for the insurance industry players to adopt new and more efficient channels.

Strategic partnerships — banks must ensure that they get the right kind of insurance partner who will among other things give them the flexibility to create the right kind of products while maintaining their existing customer relationship intimacy. Bancassurance…the new opportunity; Growth, Differentiation and Disruption While other kdnya including financial constraints, pressure to meet targets and low commissions, might have also contributed to the declining numbers, the main threat being alluded to by many agents is bancassurance.

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