NAIROBI, Kenya – Birdview Microinsurance Ltd and the Association of Insurance Brokers of Kenya (AIBK) have launched a strategic partnership aimed at significantly increasing microinsurance penetration in Kenya by targeting underserved niche markets.
Its cooperation demonstrates a shared dedication to ensuring that insurance is within the reach and interest of a larger Kenyan population.
During a breakfast discussion, John K. Arap Lagat, National Chairman of the AIBK, stressed the importance of these partnerships in broadening the insurance market. A crucial step in enhancing insurance accessibility in Kenya is our collaboration with Birdview Microinsurance.
More Kenyans would have access to crucial financial protection if we concentrated on particular, frequently disregarded groups, which would increase community resilience.
Microinsurance has enormous growth potential and has been identified as a major factor in Kenya’s rising insurance coverage.
Why microinsurance is a major element in insurance
There is a sizable untapped market, according to industry sources, especially among low-income earners, small and medium-sized businesses (SMEs), and people working in the unorganised sector.
According to experts, microinsurance might play a major role in increasing total insurance penetration in the upcoming years with focused initiatives and creative product offers.
Birdview is devoted to helping the unreached, as stated by James Kimani, CEO and Principal Officer of Birdview Microinsurance: “Birdview is deeply committed to restoring dignity to our clients and believes in meaningful relationships.”
Brokers continue to hold a sizable market share, accounting for about 40% of underwritten premiums, and we think they can significantly contribute to the advancement of microinsurance.
What percentage do brokers hold in microinsurance
To guarantee that microinsurance, which is still mainly underserved in Kenya, genuinely thrives, we seek to establish significant connections and provide products that have an impact.
Brokers still hold a sizable percentage of the industry, controlling about 40% of the underwritten premiums, and we think they can play a big role in propelling microinsurance forward.
Our goals are to create lasting connections, provide goods that have an impact, and make sure microinsurance—which is still vastly underutilised in Kenya—really thrives.
Richard Muiru, Founder and Director of Birdview Microinsurance, elaborated on the importance of tailoring solutions to specific needs.
“Kenyans, especially those in the diaspora, often face unique challenges. We are dedicated to creating products that cater to their specific needs, providing accessible, affordable, and comprehensive microinsurance solutions for people abroad, enabling them to purchase medical care for their families back home. We leverage technology to ensure accessibility and relevance for all micro-businesses.”
How AIBK is supporting the insurance industry
Eliud Adiedo, CEO of AIBK, reaffirmed the Association’s commitment to developing a strong and diverse insurance industry.
“Our goal of a more relevant and approachable insurance sector is perfectly aligned with our collaboration with Birdview Microinsurance. We can remove obstacles and provide the advantages of insurance to those who need it most by concentrating on specialised markets and utilising technology, which will ultimately support our country’s economic stability and expansion.”
With the promise of cutting-edge goods and services tailored to Kenyans’ various domestic and international needs, this collaboration is poised to usher in a new era for microinsurance in Kenya.
In the end, it will help ensure a more financially secure future for all Kenyans and promote sustainable economic growth.
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