Alexander Forbes East Africa, which has now been rebranded to Zamara, has set its sights on African markets as it seeks to capitalise on the growing demand for insurance, brokerage and similar services on the continent.
Zamara Group Chief Executive Officer Sundeep Raichura said that the firm has already identified regional markets where it will expand operations.
“We are in the process of establishing a presence in Rwanda and Nigeria and will be looking at further opportunities in East, West and Southern Africa to expand our business model,” said Mr Raichura at the official launch of the Zamara corporate identity and brand.
Similar to Kenya, insurance penetration on the continent, with the exception of South Africa, is at 3 per cent of GDP giving ample room to increase coverage.
For Kenya Mr Raichura added that Zamara is exploring alternative and new long-term savings strategies that would increase uptake of products for financing home ownership, medical care, education and retirement plans.
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“We understand the importance of promoting a savings and protection culture in Africa and empowering individuals and businesses through innovative, yet relevant financial and insurance solutions that meet their needs,” said Mr. Raichura at the rebrand.
Zamara was previously known as Alexander Forbes East Africa Limited but has adopted a new corporate identity following the change of ownership that has resulted in Alexander Forbes Group of South Africa reducing its stake in the financial services provider.
The new entity is now majority owned by Kenyan investors and the Employee Share Ownership Plan (ESOP). The leadership ladder will remain unchanged led by Board Chairman Mr Michael Waweru, Group Chief Executive Sundeep Raichura and Executive Director James Olubayi.