I recently had the honor of sitting down with the MD of First Assurance - a nearly 100 year old insurance company in Kenya!
Thank you to Lokonyo Stephen for helping me officially launch season two of The Kenyan Wall Street's 'Investing Like an Executive' series! Here's what I learned from our conversation:-
✅ 2.3% - The level of insurance penetration in Kenya among businesses. This lags behind the African average of 3% and a global average of 7%.
✅ 98% - The number of MSMEs in Kenya with little to no ability to handle risk. Stephen reiterated First Assurance's commitment to building products and services that are beneficial and affordable for MSMEs.
✅ eCommerce'd Insurance - First Assurance has become one of the first in the market to digitize its offering so customers can more efficiently pitch the products they need, file and track their claims, and communicate with their account managers more effectively.
✅ Banks - Kenyan banks now hold licenses to carry and sell insurance products. Companies like First Assurance have been better enabled through bank partnerships to drive insurance penetration and serve more customers.
Needless to say, #insurance in #kenya still has a long-way to come but players like First Assurance are taking the necessary steps forward to provide innovative products in this digital age!
In this first episode of Season Two of the Investing Like an Executive series, our CEO Andrew Barden sits down with Lokonyo Stephen, the MD of First Assurance, to learn more about Kenya's insurance industry, find out more about FA's new products, and hear the story behind Mr. Lokonyo's career which led him to where he is today.
WATCH full video below: https://lnkd.in/dVVAYeR3
Entrepreneurially creative problem solver HUB International
4moCONGRATS!! Terrific news and well deserved