BANCASSURANCE IN KENYA PDF

November 22, 2020   |   by admin

Kenya joins Uganda, which has also enacted laws to streamline the operations of bancassurance to drive penetration of insurance. I&M Bancassurance offers both General and Life insurance. By choosing I&M Bancassurance as your preferred insurance partner, you will enjoy the following . Banking institutions and insurance companies have found banc assurance to be an attractive and profitable complement to their existing activities. The Kenyan.

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Contact us at Finaccord. Banc assurance has been identified as one of the distribution channels through which insurance penetration can be enhanced.

Inthere were new registered agents down from 1, new agents registered in In many countries bancassueance the world, India being a great example, the distribution of insurance by banks using their branch network has proven to be a very effective channel of increasing insurance penetration. And even if bancassurance ends up with a commanding market share, the kenyx for the traditional intermediaries will still be considerably larger compared to the cumulative business they previously managed.

Your browser does not support iframes. Finaccord and other Aon group companies will use your personal information to contact you from time to time about other products, services and events that we feel may be of interest to you. There is still considerable room kdnya the market for the professional intermediary.

If one considers this low penetration, then it is prudent to say that there is still a lot of ground to be covered and development of alternative distribution channels such as bancassurance catering to the untapped market segments must be encouraged rather than vilified. All prospects shall be allowed to decide out of their own volition, which insurance product they wish to buy and from which insurer. Over 1, agents dropped out of the industry in up from agents who dropped out in Currently, there were 26 bancassurance insurance agents in upon from 19 the previous year, according to the Annual Insurance Report.

Insurance in Kenya is mainly sourced through agents, brokers or directly by insurance companies with agents taking the lead by Partner with intermediaries to tap into their expertise in servicing complex insurance product tapping into the agency distribution channels a sub-agent portfolio is critical for banks to ensure both their insurance and banking products reach a wider market beyond their current customer base.

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Finaccord – Bancassurance in Kenya: Current State and Future Perspectives to

In addition bajcassurance offering a review of key macro-economic metrics in Kenya, the research also provides a background to the banking sector through the following information: Moreover, traditional intermediaries still have a pivotal role to play especially when it comes to servicing complex insurance products. The research then focuses specifically bancassirance bancassurance with commentary in several areas: Bancassurance…the new opportunity; Growth, Differentiation and Disruption While other factors including financial constraints, pressure to banczssurance targets and low commissions, might have also contributed to the declining numbers, the main threat being alluded to by many agents is bancassurance.

For further information about this research, please access the table of contents and series prospectus by clicking on the corresponding links above, or e-mail info finaccord. Strategic partnerships — banks must ensure that they get the right kind of insurance partner who will among other things give them the flexibility to create the right kind of products while maintaining their existing customer relationship intimacy.

Bancassurance as a penetration strategy used by Insurance Companies in Kenya. Operating model — the bank must have clarity on the model they will function within and what success looks like in that context. One bancwssurance the most significant changes in the financial services sector over the past few years has been the appearance and development of banc assurance. By definition, bancassurance is simply the offering of insurance products by banks, and as per banking regulations, banks can only act as agents of insurance companies and not underwriters or providers of insurance.

Bancassurance the future for banks, insurance firms – Manjang – Capital Business

Please enter a user name. Metadata Show full item record. The insurance companies have also gained a competitive edge kwnya tapping into existing bank customers’ database in the various branches as well as using the well trained staff and innovative marketing channels such as online marketing and e-sales.

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Since the agent and broker led channels have failed to achieve significant penetration of insurance; there is need for the insurance industry players to adopt new and more efficient channels. Study findings show that banc assurance has increased insurance jn by increasing its distribution channels, attracting new customers while retaining the old and winning the customers trust unlike the traditional agents since most customers trust banks and they frequently visit.

According to the Insurance Regulatory Authority, the insurance sector in Kenya has, in the last 5 years, witnessed an increase in dropout of agents and a considerable reduction in new agent registrations.

Bancassurance the future for banks, insurance firms – Manjang

Descriptive statistics was used to analyze the data; frequencies, percentage relative frequencymean and standard deviation Presentation was in form of table, charts, graphs and explanation presented in prose.

Agents also see bancassurance as the main reason why insurers are reviewing commissions and customers are getting a raw deal, with the banks not giving them a choice on which policy to buy and where to do it. The draft guidelines, though still in the pipeline, come with stricter rules for the banks with such clauses kfnya The research design used in this study was cross sectional descriptive survey of a defined population as it involved a study of all the eighteen insurance companies which use banc assurance as a channel of distribution.

Bancassurance…the new opportunity; Growth, Differentiation and Disruption.

Bancassurance Not the End of Insurance Agencies

Leave a Reply Cancel reply Your email address will not be published. The Kenyan insurance industry has been relying heavily on agents and brokers to sell insurance products.

Please check box if you do not wish to receive these communications. Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services. Trade Credit Insurance in Spain.