Liberty Life and Heritage Insurance were among the main winners at the Think Business Insurance Awards 2022, taking home awards in 14 of the available categories.
The Claims Settlement prize went to life insurer Liberty Life, which settled a total of Ksh1 billion in claims last year. It was also recognized as the most customer-centric underwriter, as well as the best in product innovation and sustainable corporate social responsibility. It came in second place for product distribution and marketing, training, fraud detection and prevention initiative and was awarded third place for risk management.
Heritage Insurance Kenya came in second in the General Insurer of the Year award. It won the Risk Management award and the Training award, as well as the Fraud Detection and Prevention award.
The short-term insurer also came in third place in the categories of Major Loss, Claims Settlement (General Insurance), Medical Underwriter, Most Customer Centric Underwriter (General), Best in Product Distribution and Marketing, and Technology Application.
Liberty Life Insurance Managing Director, Abel Munda and Heritage Insurance Managing Director, Godfrey Kioi, said the awards were encouraging after a difficult year for the insurance industry.
“The awards represent a strong statement from the private sector, which accounts for a significant portion of our clients, that our work is important, heard, and seen. Internally, it provides motivation to continue translating our efficiency and expertise to our customers in terms of financial freedom, risk management, wealth creation and protection for clients and the economy as we recover from Covid-19 effects,” Munda said.
In the previous two years, the two companies have increased product innovation in the market to aid customers and the economy recover from Covid-19 effects. Heritage Insurance used their data-driven motor policy cover to issue refunds to customers who drove less as a result of the restrictions during the lock down period. Liberty Life innovated flexible life insurance solutions to protect households from large healthcare expenses, deáth, injurįes, and job losses as well as enable individuals to achieve their investment goals. The Group also expanded its financial literacy educatįon workshops across the country.
The Think Business Insurance 2022 Awards were on after a hiatus due to the Covid 19. The annual event is organized by Think Business Limited, a strategic research and publishing company specializing in financial sector data and information. It aims to assess, recognize, and celebrate financial sector innovation, prudence, and stability by recognizing individuals and organizations that have exemplified outstanding performance over the previous financial year.
Read: Liberty Kenya Issues Profit Warning For 2021
>>> Liberty Life Unveils New Critical Illness & Income Protection Plan
