In late May 2021, Cytonn Investments Plc launched an insurance agency arm targeting first time buyers, existing clients and tech savvy users.
The Cytonn Insurance Agency’s (CIA) key objective is 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 of 2019 coming in at 2.3 percent, down from 2.4 percent in 2018, according to the 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.
Speaking at the launch, Elizabeth Nkukuu, an Investment Coach at Cytonn said, “Cytonn is always keen to serve the interest of our clients and Kenyans in general by creating innovative and differentiated financial solutions that speak directly to their needs.
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.
The Insurance Agency intends to provide the following core policies to clients in the first phase: 1 Motor Insurance 2 Medical Insurance 3 Property Insurance 4 Education Insurance 5 Credit Insurance 6 Life Insurance 7 WIBA 8 Fire & Burglary Insurance
We believe it is going to be a superior intermediary service as the main focus will be on relationship building, after-sale services, and provision of digital solutions to help Kenyans safeguard their assets.”