Discussions around Kenya’s insurance sector are often marred with controversy and sometimes confusion. Many Kenyans have inadequate trust in most insurance service providers, something that Xplico Insurance says shouldn’t be the case.
“In insurance, the customer should always be at the center of any innovation or any new product that a provider wants to put out there. As service providers, we are here to solve problems, not to create them,” says Xplico.
According to the insurance company, the insurance penetration rate in Kenya will rival that of South Africa if there was enough awareness about insurance and why it is important for both groups and individuals. Xplico Insurance believes that the power to change the sector lies in people understanding it.
“At 3 percent, Kenya has the third lowest insurance penetration rate in Sub-Saharan Africa with South Africa leading at 17 percent. This is due to most of Kenya’s population perceiving insurance as a “nice-to-have/easy to discard” product rather than one that is essential,” added Xplico.
Xplico Insurance is one of the few service providers in Kenya that has displayed exponential growth in retail underwriting over the past years with the company setting up a vibrant Corporate Division to cater to both SMEs and well-established companies.
“We go beyond simply providing insurance solutions that suit your business needs. We provide decisive financial solutions, cutting a niche in corporate insurance. With a team of experienced local and international staff, the Corporate Division provides tailor-made insurance policies created to protect your business and advise you on market trends and new products,” says the company.