The deal will see UAP Insurance develop products that will be distributed to the FEP membership through their branch network in 44 counties and the Diaspora where FEP is represented.
UAP Insurance Head of Retail and Mass Distribution George Kuria says the deal will see UAP Increase its membership in the counties as well as tap into the Diaspora market.
“In the First year we are looking at about getting 10,000 members accessing insurance through UAP and growing that so that we get to 50 percent coverage. We have a Diaspora strategy but it’s not been easy for us to penetrate but we believe now through FEP we can grow our numbers in the Diaspora much faster,” Kuria says.
FEP has over 30,000 investors from more than 40 counties across Kenya and another 5,000 Diaspora investors from the United States of America, United Kingdom, Canada, Australia, the United Arab Emirates and South Africa.
Kuria says UAP will also ride on FEP membership to offer consumer education through the counties in bid to increase consumer awareness on the benefits of Insurance products.
“Insurance is largely misunderstood in Kenya. When you work with FEP which has already a loyal membership we believe that they will be more receptive than they would if we went directly to them,” he said.
He also said that the company has also just finished developing a claims tracking online portal which enables one to follow a claim process which is also tied with a customer service chatter set to be launched soon to help their medical insurance access their membership details online.