Prudential Assurance, a subsidiary of Prudential plc, has invested over Ksh1 billion in Kenya in its first year of operation. The insurance company, launched in September last year, plans to invest significantly in expansion over the next five years.
Prudential Kenya offers a range of products such as PruEduSave for parents to save for school fees and PruCashback, which combines the benefits of a traditional life assurance policy with those of a savings fund. PruCashback allows clients to get guaranteed money back as they make their savings, while ensuring security continuity after the loss of loved ones.
Jane Kimemia, Head of Wealth Management, Kenya & East Africa, Standard Chartered Bank; Matt Lilley, CEO Africa, Prudential plc; David Idoru, Head of Retail Clients, Kenya & East Africa, Standard Chartered Bank; Charles Owaga Mang’ee, CEO, Prudential Life Assurance Kenya.
Speaking at the launch of the investment plan, Prudential plc Africa CEO Matt Lilley said the company is looking to diversify its products and services in East Africa with Nairobi as its hub. “We are excited about the thousands of jobs we will create and the positive impact our products will have on people’s lives,” Mr Lilley said.
The UK-based Prudential Plc has since September last year cleared close to 6,000 outstanding claims worth Ksh155 million since buying Shield Assurance from local investors. The company is now expanding its distribution network by increasing the agency distribution.
Prudential targets to create 4,000 high-quality jobs by 2020. Prudential has appointed Andrew Greenwood as chief operating officer for Prudential Africa, who has vast experience in life insurance.
According to recent research by Association of Kenya Insurers (AKI), insurance penetration in the country dropped to 2.93% but that is not cowing Prudential Assurance. “We are committed to investing in Kenya’s future and will also support over 200 gifted bright but needy secondary school students for five years, mentored in many cases by Prudential’s employees,” said Mr Charles Mang’ee, CEO of Prudential Life Assurance Kenya.
FACTS
• Prudential plc is establishing Nairobi as its hub for Africa.
• 25 billion is the customer base worldwide for the life insurance outlet.
• Prudential plc signed a partnership deal with Standard Chartered to boost customer service throughout the bank’s branches.
• 200 is the number of bright but needy secondary students to be sponsored by Prudential Company.
Prudential Life Assurance Kenya has partnered with Standard Chartered Bank in developing and distributing best-in-class insurance solutions to customers through the bank’s 38 branches in Kenya. “This is the most successful regional bancassurance partnership in Asia. The expansion of this relationship to Africa today in Kenya, and we are confident that our two teams will work well together to deliver value to our customers,” Mr Lilley told journalists in Nairobi.
The insurance company has since then expanded into Sub-Saharan Africa with Ugandan branch opened in July this year. It’s attraction to Kenya is mostly due to the ever-growing population of middle-income earners and innovation.
“Kenyan companies have been more innovative than those in other African countries. For example, Kenyans can pay premiums via their mobile phones through platforms like M-Pesa and Airtel Money. Middle-income earners are also on course,” Mr Lilley said.
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