Heritage Insurance has signed a deal with CMC Motors Group as it banks on growing demand for new cars in Kenya to increase its share of the motor insurance market.
The partnership signed today in Nairobi will see Heritage target CMC’s growing pool of customers to sell its motor insurance packages in the showroom, a strong point of sale for an insurer targeting car buyers. Al-Futtaim Automotive Group executive team from Dubai was present.
For its part, the auto dealer will be seeking to increase vehicle sales by providing clients with competitive car insurance products offered by Heritage thus saving them the hustle of shopping around for such policies.
Speaking at the signing ceremony, Heritage Insurance CEO, Godfrey Kioi, said his firm was fully focused on growing its market presence and product portfolio as part of an expansion strategy focused on the domestic and regional markets. “Our partnership with CMC Motors Group is part of our strategy to exploit emerging growth opportunities across our business portfolio. Tapping into the rising demand for new cars lends traction to our ambitions for our motor insurance business,” said Kioi.
CMC Motors Group CEO,Mr. Mark Kass, said the growing demand for new cars has also created a discerning customer category seeking one-stop experience. “We are not just keen on selling the car but the whole package which includes after-sales service and insurance. It’s about giving our clientele value beyond the actual sale,” said Mr. Mark Kass.
Industry data shows that demand for new cars in Kenya grew by 18 per cent in 2014 compared to the previous year on the back of an expanding middle class and growth of key sectors of the economy such as construction. Commercial vehicles including light trucks and mini-buses form the bulk of the new demand. With Kenya’s economy poised to grow by six per cent in 2015, new vehicle sales are expected to hit 18,000 units.
Heritage has over the last one year expanded its footprint in the country targeting key strategic economic zones in the country. Currently, it has fifteen branches across the country. It also has offices in Tanzania and plans to expand into other countries in the Eastern Africa region.
The insurer has consistently been awarded an A+ Rating on claims settlement by Global Credit Rating Company (GCR). GCR is the leading rating agency in Africa, with particular expertise in claims paying ability ratings. This is one of the highest international ratings awarded to a Kenyan insurance firm.
Besides motor insurance, Heritage also offers travel, agricultural, medical, terrorism, domestic, personal accident, professional indemnity and sportsman insurance policies.
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