November 16, 2024

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Details about Equity Group life insurance policy

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Equity Group yesterday received a license to venture into life insurance business in Kenya as the company seeks growth and broadening in the financial services industry.

The Insurance Regulatory Authority (IRA) issued the licence to Equity Life Assurance (Kenya) Limited (ELAK), which will be enabled to provide life insurance solutions to the underserved.

According to Equity Chief Executive Officer James Mwangi says the move strives to bring the insurance sector a brand that can be trusted to drive inclusivity in the insurance sector.

“We felt the need to make our contribution to the Insurance industry and we believe we can make Insurance to be understood better by the ordinary person” Mwangi said.

IRA chairman Abdirahin Haithar Abdi says the insurance business relies heavily on trust and Equity has a well-defined history and support from the public which is a key aspect for success.

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Equity Group yesterday received a license to venture into life insurance business in Kenya as the company seeks growth and broadening in the financial services industry.

“We are glad that one of the leading organizations in the country has taken an interest in the insurance sector a lot of people have wanted to do what equity has done today they lack the muscle to do so, “ Haithar said.

ELAK will be headed by Angela Okinda as the Managing Director and Principal Officer while Edward Odundo will chair the board.

Okinda says life insurance will ensure easy access to insurance solutions through multiple distribution channels by providing insurance, that will be refreshingly different, innovative and very convenient.

“Our commitment is to provide consumers with freedom and ease of access to insurance solutions, payment and placement of their insurance coverage, as well as support and advice during the life of the policy,” she said.

The insurance industry in Kenya is characterized by low penetration levels, currently estimated at 2.4 per cent.

This has been attributed to a number of factors including poor or limited product portfolio, low or no awareness on available insurance products, low-income levels among the key consuming public, perceived low rate of returns for life insurance policies, cumbersome claim settlement procedures, lack of trust of insurance players, negative perception of providers/intermediaries and expensive premiums among others.