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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Bancassurance in Kenya: Current State and Future Perspectives to 2020
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. The insurance companies have also gained a competitive edge through tapping into existing bank customers’ database in the various branches as well as using the well trained staff and innovative marketing channels such as online marketing and e-sales.
Inthere were new registered agents down gancassurance 1, new agents registered in Banks have limited insurance business experience and are mainly able to handle straightforward products that are simple to explain and service. Agents also see bancassurance as the main reason why insurers are reviewing commissions and customers are getting a raw deal, with the banks not giving them a choice on which policy to buy and where to do it.
Partner with intermediaries to tap into their expertise in servicing complex insurance product tapping into the agency distribution channels a sub-agent portfolio is critical for banks to ensure both their insurance and banking products reach a wider market beyond their current customer base.
Banking institutions and insurance companies have found banc assurance to be an attractive and profitable complement to their existing activities. Metadata Show full item record. 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.
Moreover, traditional intermediaries still have a pivotal role to play especially when it comes to servicing complex insurance products. It does seem these initial fears were justified as current statistics reveal a disruptive shift in the insurance landscape since the entry of bancassurance.
There is still considerable room in the market for the professional intermediary. Our penetration is at 2.
In my opinion the three key areas that I believe banks need to focus on are: Sign kenys to receive offers, news and information via email. Currently, there were 26 bancassurance insurance agents in upon from 19 the previous year, according to the Annual Insurance Report.
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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. While bancassurance might initially have been seen to be taking away business from traditional intermediaries, in the long term it has actually expanded the market and created enough business for resilient intermediaries.
Technology as a Driver for Special Risk Bancassurance. Your browser does not support iframes. Since the agent and broker led channels have bancassurznce to achieve significant penetration of insurance; there is need for the insurance industry players to adopt new and more efficient channels. In many countries around the world, India being kenta great example, the distribution of insurance by banks using their branch network has proven to be a very effective channel of increasing insurance penetration.
The research then focuses specifically on bancassurance with commentary in several areas: For further information about this research, please access the table of contents and series prospectus by clicking on the corresponding links above, or e-mail info finaccord.
Banc assurance has been identified as one of the distribution channels through which insurance penetration can be enhanced.
Bancassurance Not the End of Insurance Agencies – Kenya
All prospects shall be allowed to decide out of their own volition, which insurance product they wish to buy and from which insurer.
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.
Author Ombonya, Erick O. Please enter menya user name.
Bancassurance the future for banks, insurance firms – Manjang