Youth a new frontier for insurance products

March 9, 2014
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ssociation of Kenya Insurers Chairman Mark Obuya(left) and Safaricom CEO Bob Collymore present the New Business Production top Award to Ms Agnes Kariuki of CFC Life at the AKI Agents of the Year. Looking on is Tom Gichuhi, Association of Kenya Insurers CEO. Photo/ COURTESY
ssociation of Kenya Insurers Chairman Mark Obuya(left) and Safaricom CEO Bob Collymore present the New Business Production top Award to Ms Agnes Kariuki of CFC Life at the AKI Agents of the Year. Looking on is Tom Gichuhi, Association of Kenya Insurers CEO. Photo/ COURTESY

, NAIROBI, Kenya, Mar 9 – The Association of Kenya Insurers (AKI) Chairman, Mark Obuya claims that many youth are faced with poverty and uncertain futures due to lack of any form of social and economic protection.

Speaking at a forum of industry CEOs, he stressed that the economy would only develop if the youth have access to financial services that protect them from risks and guarantees their future.

“As an industry, we want to be part of the solutions to problems affecting the youth and there is no better way to do that than to enhance financial inclusion,” said Obuya.

According to a market survey commissioned by the association last year – which stated that insurance uptake among the youth is very low due to lack of information – limited insurance products with strong appeal to them and high premiums charged.

Obuya further stated that the AKI annual award was set up with the aim to change the negative perceptions about the industry and also encourage more youth to take up Life products and pursue careers in insurance; with this year’s theme as ‘Endless Possibilities – Breaking down Barriers and Changing Perceptions’ recognises just that.

He says that the initiative involves introducing into the market affordable premiums for products that appeal to the youth and also enhance insurance education and awareness campaigns focused on the youth.

The AKI Chief Executive Officer Tom Gichuhi highlighted that the event also recognises and motivates Life Insurance agents who have achieved greater productivity through increased volume and quality of business sold.

“The event has seen a growth trajectory of 18 percent from 418 qualifiers in 2012 to 541 in 2013 and we hope this will motivate many youth to take up careers in insurance,” he said and added: “It is great to note that the total number of policies sold has registered a growth of 34 percent growing from 23 percent, 532 policies in 2012 to 31,581 in 2013.”

The Agent of the Year New Business Production Award was bagged by third time winner Agnes Kariuki of CFC Life while Patrick Kimemia Kahinga of Pan Africa Life Assurance Ltd and Britam’s Stephen Karanja clinched second and third place respectively.

The most improved company award was bagged by Madison Insurance who registered an increase of 245 percent, Old Mutual with 122 percent came in second while Britam managed 15 percent to come in third place.

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