Consumers will now be able to shop online and compare insurance products and services from various companies across the region.
This follows the launch of PESABAZAAR.com, a web portal that allows consumers to compare premiums and features of similar insurance products and services at a glance. The portal, whose initial investment is Sh 40 million, will enable customers to freely and conveniently compare and purchase a wide range of insurance products at the click of a button.
Commenting on the new development, the company co-founder Calleb Karegyesa said: “The insurance market in Kenya is highly fragmented and it is difficult for the insured to find the right product that offers the best coverage for the best price.”
He further explained: “We are partnering with leading insurance companies in Kenya to ensure that we offer the widest selection of insurance products in the simplest form so that customers can easily and quickly compare plans using the most significant benefits or cover metrics for each class of insurance.”
Up to the time PESABAZAAR.com was launched, about 10 of the leading insurance companies in the Kenya had already signed up partnership with them. It is continuing to on board more providers and products in general insurance and life insurance.
The insurance products on the platform bouquet incinclude Comprehensive Motor Insurance, Third Party Only Motor Insurance, Individual and Medical Insurance, Travel Insurance, Golfers Insurance, Mobile, SME and Corporate Insurance.
On his part, Prashanth Srinivas, one of the co-founders said: “We want to make buying insurance as hassle-free as possible by giving the customer the option to purchase cover instantly.”
“The entire search, comparison and purchase experience has been brought at the convenience of the customer and is available on desktop, tablet and mobile. This, coupled with our experienced customer service team, will ensure timely service delivery to our customers countrywide.”
Despite its low penetration levels, Kenya is one of the largest insurance markets in Africa. There are currently over 40 insurance companies, four re-insurance companies ; Kenya Re, CICA Re, Zep Re and Africa Re, which are regional bodies, 200 insurance brokers, 250 service providers and about 4,000 insurance agents.
Currently, the annual growth rate of insurance premiums is pegged at 20 per cent. In 2014, Kenya generated insurance premiums amounting to $1.8 billion, which is the largest in sub-Saharan Africa outside of South Africa. Kenya’s growth in premiums is contrasted with the Africa-wide growth of only 4.2 per cent.