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CFC Life assures clients on Sh1m rule

NAIROBI, Kenya, Oct 19 – Local life insurance firm CFC Life has assured its customers that it has put in place necessary measures for electronic money transfer to accommodate the enforcement of new regulations that abolish issuance of cheques above Sh1million.

Head of Operations Alice Kirenge assured that their services would continue unaffected since they were prepared for the switch.

“This is not likely to affect us because we have prepared. We have a magnificent system that can collect data of over one million customers,” she said.

The Central Bank of Kenya recently introduced value capping meaning that one cannot write a cheque of Sh1 million or more which in effect means that banks will no longer take advantage of their customers while activities such as forging will be significantly reduced.

Ms Kirenge was speaking during the launch of the customer service strategy. She urged the government to take a more proactive role in increasing the insurance penetration in the country.

“Already they are supporting us but we would want to see more support probably in incentives,” she said.

The Customer Service Strategy is part of efforts to boost the take-up of life insurance products thus improve on the penetration levels that are currently at about one percent.

While launching the strategy, CFC Life Managing Director Abel Munda said that once developed and implemented, the strategy will not only result to improved customer service but ultimately get more people to take up life insurance products.

“The company will roll out key initiatives that will include a customer service coordinating unit, maintain an up to date customer data base and develop and implement sustainable customer service training,” he said.

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“We identified the need for an enhanced strategy focusing specifically on the customer. Over the next two years, we will pursue key initiatives aimed at putting CFC Life ahead in life insurance business,” said Mr Munda adding furthermore plans are already underway to reduce turnaround for claims to at least 24 hours.”

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