Cytonn Investments has launched its insurance agency arm, the Cytonn Insurance Agency (CIA) aimed at disrupting the insurance industry through innovation and automation of insurance processes including the buying and claims process. Insurance uptake in Kenya remains low compared to other key economies, with the insurance penetration as at 2019 coming in at 2.3 per cent, down from 2.4 per cent in 2018, according to 2019 annual report by the Insurance Regulatory Authority (IRA). The slow penetration level is attributable to the fact that insurance uptake is still seen as a luxury and mostly taken when it is necessary or a regulatory requirement, with the growth in insurance uptake being undermined by the high unemployment and levels of poverty. ‘’We saw there is a gap in the uptake of insurance products partly due to limited awareness of available insurance products and lack of trust of insurance players. The Cytonn Insurance Agency will help bridge this knowledge gap and rebuild trust by delivering quality customer experience and offering training sessions for all our clients,’’ Nkukuu said.

Source: The Star May 21, 2021 06:22 UTC