First Assurance feted for innovation in insurance industry

First Assurance, a Kenyan-based insurance company, has adopted innovative technologies to streamline industry processes, enhance customer experiences, and expand its service offerings.

Alongside consumer education programmes which the company has been running, the move is expected to attract more Kenyans into the insurance industry.

According to a detailed KPMG report, at only 3 per cent, Kenya's insurance penetration rate is the third lowest in Sub-Saharan Africa, with countries such as South Africa boasting a penetration rate of 17 per cent.

Insurance penetration

This discrepancy is attributed to the prevailing perception among most Kenyans that insurance is a non-essential, disposable product rather than a crucial safeguard.

“Given the Kenyan insurance industry’s complexity, prioritising the safety of our customers and their assets and minimising developing potential threats are crucial for building trust and peace of mind,” said Stephen Lokonyo, Managing Director, First Assurance Company Limited.

Stephen was speaking during this year’s Think Business Awards, where the company was feted as the Best Insurance Company in Technology Application, for its efforts in boosting insurance penetration through technology.

Transformative approach

“This prestigious award is more than an accolade; it signifies a transformative approach to the insurance industry,” said Lokonyo.

The award was one of six others that the company got during the ceremony. Others were Major Loss Award, Best Insurance Company in Sustainable CSR, Fraud Detection and Prevention Initiative Underwriters, Risk Management Award and Risk Manager of the Year for Winnie Muchomba.

The Think Business Awards annually recognize individuals and companies demonstrating exceptional customer service and a strong commitment to social responsibility. Last year, First Assurance won eight accolades.