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OMK plans to design products that are consistently affordable and that meet the biggest needs of the masses, such as for education and funerals. The financial firm is experimenting with three to four modules for mobile transactions in insurance among other financial products.
The launch of the IRA is a big step forward for the insurance industry, which will promote proper regulation and growth of the industry. The raising of capital requirements for investing firms will go a long way to strengthening underwriting companies.
Some provisions in the Insurance Act, however, need to be amended in order to stimulate further growth of the industry and economy.
While the IRA is promoting more interaction among insurance companies, the Association of Kenya Insurers (AKI) has issued new guidelines and is first seeking feedback before implementation of new measures, which is a good development for fledgling companies.
The adoption of a risk-based solvency analysis model where the capital requirements depend on the risks the companies intend to cover is progressive for the industry. Advances in ICT have been characterised by a very high penetration of mobile payments; Kenya has one of the highest penetration levels in the East African region.
OMK has to constantly think smart on how to reach clients with its products message and how to access customers’ feedback; this is especially critical now that almost 50 per cent of the population is under 18 years of age. With regards to pension and retirement benefits payments, companies and organisations cannot operate as they did before. Where companies have high turnover, it is pertinent that they adopt and adapt innovative pension schemes since traditional vehicles are no longer relevant.
Insurers and financial service providers must also take cognisance of recent happenings, such as HIV-AIDs and how the scourge is affecting current demographic trends in society now and into the future; huge epidemic levels and deaths are affecting pricing of products. There is the need, therefore, for a common approach in dealing with life policies and the HIV-AIDs effects.
OMK has been looking forward beyond short-term politics and economic shortfalls in the country. It is confident in the projected growth of the population and economy as envisioned in Vision 2030 Blueprint.
The group has been focussed on the East Africa Community (EAC), a big and positive economic hub with a population of approximately 120mn people.
Madzinga observed, “The EAC region is the right place to be. I urge investors and citizens not to be disturbed or distracted by short-term challenges. Moreover challenges are not unique to Kenya and occur in every society in the world.
“Nevertheless, it is pertinent for institutions to design and produce products that are meaningful for every given society.”
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