Get insured in your youth…it will be cheaper

BY JAMES KAHONGEH

Gideon Bii lives for a time when every Kenyan will be able to obtain an insurance cover. To the young insurer and change maker who works at Minet, health insurance is a human right.

A little over five years since he joined the insurance industry as an underwriter, the graduate of Moi University has risen through the ranks in the organisation to become a manager working with the business development team.
His role entails designing insurance policy products that are tailored to meet various needs in the market.

‘I am mostly involved in the medical aspect of insurance, but I sell covers for pension and wellness products as well,’’ he says.

Last year, he was recognised as the Young Insurer of the Year by Think Business. On what the award entails and what it means to his career, Gideon says it has elevated his profile, while setting him on the path to make his mark in the insurance world.

On where he is professionally, at the moment, Gideon uses the analogy of a plane taking off, adding that his career is cruising the runway ready for take-off.
‘‘I am not where I desire to be. There’s so much more to achieve. Thankfully, my colleagues support me in all the necessary ways.’’

Insurance did not gain traction in the country until about 15 years ago. While there is increased awareness on merits of obtaining a cover, millions of Kenyans are still not insured. Yet, somehow, Kenya is faring better than most of its African counterparts.

‘‘Majority of Kenyans are insured through employers. The working class are able to obtain either a group or individual cover. At three per cent, the uptake of private insurance covers is still very low in Kenya. South Africa has a higher penetration at 16 per cent,’’ he notes.

He goes on: ‘‘Many Kenyans still don’t understand how insurance works or what its benefits are. The regulator and players in the industry need to educate the Kenyan public on the importance of having a cover.’’

Are there covers that specifically target young people?

Gideon says that most insurance providers target older people, working professionals and retirees or business owners who have money to buy and service their covers. This, he argues, often leaves young and unemployed Kenyans unattended.

What are the benefits?

‘‘It is cheaper to buy a life cover in your youth, for instance. When you buy one at old age, it will be more expensive because you will have a shorter time to live. Young people have fewer health complication than older people.’’

A life cover, he adds, can also act as a savings plan for a young person. ‘‘The earlier you sign up for pension, for instance, the higher the benefits you will accrue when you finally retire.’’

To boost uptake, Gideon says there is need to understand customer needs. ‘‘Most policies in our country are borrowed from abroad. As such, they don’t adequately address our needs. We must tailor products to the local market.’’

Had he not been an insurer, Gideon says he would be busy farming.

‘‘I’d be involved in agribusiness. What I’m certain about is that I would be doing a different kind of farming.’’

Selling insurance covers is considered among the toughest jobs. But besides selling policies, many opportunities abound, he says.

‘‘There are many brokers, insurance agencies and reinsurers, all who hire professionals. The most important thing is to understand yourself and the career you wish to pursue.’’ There is also insurance consultancy, where one can advise companies on the existing gaps in the market.

To do this, he advises young professionals to take up short courses to boost their marketability.

‘‘Distribution of insurance covers has perhaps the most diverse opportunities. IT professionals can design products that can be sold digitally.’’

So, where is the industry going and where does he see himself in the equation? Gideon says there will be more players, including international brands, operating in the local market, thus creating a variety for Kenyan consumers.

‘‘There will also be more innovative products that address specific demands of the market. I see myself as one of the young people who will take the industry to the next level,’’ he projects.

He adds: ‘‘I wish to be in a bigger role where I’m able to influence more critical decisions and to become a change-maker.’’

But is it true that professionals in finance and insurance are antisocial?
‘‘My work as a business development manager requires me to network a lot. I also like to meet and hang out with new people.’’ Besides networking, Gideon is passionate about music and plays the piano whenever he has time.
If he could expunge a chapter in his life, Gideon would ditch the fear of the unknown.

‘‘I would put my foot forward and be bolder. I would not shy away from engaging people or asking for help. As long as something is right, go after it,’’ he says.
To young people, Gideon says: ‘‘Life is all about risks. When you stumble, get up and try again.’’

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