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Madzinga appreciates the many new developments in the legislative environment that have guided the capital market and the insurance sectors. The Insurance Regulatory Authority (IRA) has, for instance, devised and designed new guidelines that protect both the market and consumers and, therefore, impacted positively by boosting consumers’ confidence and growth.
The Insurance Act has also largely improved the sector, although legislation is still required in order to modernise the sector and adopt new ideas that take account of new developments not just in the sector, but in the country’s overall economy.
A few years ago OMK piloted a project that involved using more than 100 Postal Corporation of Kenya post offices across the country to sell its products and services. The programme was later suspended due to obstacles on how to collect premiums for life products.
After required restructuring, the post office points can still be used to market and sell investment products, because they remains ideal for marketing products due to their good human traffic inflow and the countrywide accessibility.
OMK’s main products include financial solutions for corporate businesses, small and medium enterprises (SMEs) and individuals.
The institution remains keen to continue providing its services in more palatable ways and is researching not only how different people and different cultures view insurance, but also how to make insurance and all financial services more accessible and affordable.
Modern IT systems, including the internet and cloud computing, are enabling easier integration of insurance firms with banks, while mobile networks are enabling faster and easier payments of claims.
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