From working at Kenya Airways to starting my own insurance business
George Okoth is the General Manager and Operations In-charge at Fix IT Insurance Agency, a Kenyan insurance business providing all-round insurance services Photo| Pool
What you need to know:
George Okoth is General Manager and Operations in-charge at Fix IT Insurance Agency, a Kenyan insurance business providing all-around insurance services
I was in employment before I ventured out and started my own business. I worked in the aviation sector at Kenya Airways for 12 years. I started the business in the year 2016 with a start-up capital of Sh500,000. This business acts as a link between our clients and insurance companies. We basically ensure that our clients’ needs and insurable interests are well taken care of. We help our clients articulate their current and future insurance needs and negotiate policy terms and costs with insurance providers to get them the best deals in the market.
It took around six months to break even due to aggressive marketing and partnerships that paid off quickly. We came into the market when dishonesty had led to low trust. We had to confront the negative perception where clients believed that what they sign up for is never what is delivered. We also realised that there were significant workflow inefficiencies from some companies and policy cancellations.
I once received a huge payout and invested all the money into a totally new line of business without much knowledge. I leased a one-acre piece of land and opened up a fish-only restaurant in Kitengela, not knowing how to differentiate between fish from the lake and one from the pond. We were building at the same time and hoped the proceeds from the business would help in sustaining the building project. This didn’t happen and we closed shop a few months later. All that was invested was lost.
One of my biggest business milestones has been getting into a partnership with a local financial institution as its sole provider of their insurance services. This partnership was initiated by an acquaintance who referred us. I made a proposal that was accepted. This partnership has been a testament to how powerful the people around you can impact your business.
I invest a lot in the Money Market Fund. This is a saving method that also acts as an investment vehicle for people who are averse to risks. With this method, my money grows on a daily basis.
There is a lot of potential out here in the world of business. It is also limitless what one can achieve. However, I have learned that you must be patient to trust the process. It’s possible to build wealth through honest hard work and this takes time, consistency, and patience. From my networks of mentors, I have learned that social capital is a critical component of a growing business. This will take you very far if well managed. It’s also a great way to build a stable, returning client base. I have also learned that money matters require soundness, soberness and careful planning. It is very important during the bumper harvest to spare some for tomorrow.
