The Kenya Reinsurance Corporation (Kenya Re) has launched an award scheme to recognise insurance companies that remit premiums on time. This is aimed at enhancing its ability to offer reinsurance services, boost investments across sectors and meet its obligations such as timely settlement of claims.
Speaking during the inaugural award ceremony attended by 31 insurance and brokerage companies, Kenya Re Group Managing Director, Dr Hillary Wachinga, said prompt payment of premiums is key to helping the national reinsurer meet its reinsurance obligations on time as well as improve its cash flow, thereby driving profitability.
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“By contributing to our financial stability, you give us the impetus and the financial resources to invest in research, development and innovation. You also contribute to the growth of the local insurance and the reinsurance sector as well as improve the national economy since we retain more premiums locally,” he said.
Dr Wachinga observed that the publicly listed reinsurer had taken measures to enhance its relationship with local underwriters and brokerage firms like launching the Kenya Re Academy. The academy aims to help individual underwriters gain insights in product development and emerging insurance trends at no cost.
The reinsurer is also banking on technology to improve its service delivery to customers, to improve the quality of underwriting as well as enhance customer satisfaction.
“Part of what we are doing to improve the sector is to bridge information gaps and improve the proficiency of our experts to do quality underwriting. This is important for reducing losses and advancing the variety and quality of products that customers need,” Dr Wachinga said.
Through the Kenya Re Academy, the company is providing free training to support professional development and has so far conducted training for the non-life sector, the life market and another targeting the engineering technical sector.
The corporation is embarking on research aimed at supporting product development and optimising profitability through the integration of artificial intelligence and machine learning technologies. The research focuses on addressing challenges in key insurance classes such as medical, agriculture, motor, and Banks Blanket Bonds (BBB) insurance classes.
Apart from the conventional reinsurance business, Kenya Re has also expanded its business to include ReTakaful, largely rolled out in countries where the majority profess the Muslim faith and strictly align their business operations to the tenets of the Shariah law.
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