[dropcap]W[/dropcap]hile working for an insurer for nearly four years, Kenneth Kioko got very concerned at how clients faced challenges in assessing insurance products.
Kioko, a tech enthusiast with actuarial science training from Jomo Kenyatta University of Science and Technology (JKUAT), was convinced a digital solution would remove the hustle from buying and selling of insurance.
So he established My Insure, a startup tech company that uses mobile applications to enable users buy insurance, manage their portfolio and lodge claims. The biggest catch in the service is the application that enables prospective insrance cover buyers to compare prices and quotes from different insurance companies
“With the rising insurance demands, many companies have invested in creating awareness about their products but little has been achieved since many clients do not know the right channel to get such information,” says Kioko.
Turns out many people who buy insurance do not understand the policy documents, let alone the long term benefits of the cover. “The whole idea behind My Insure is to improve efficiency, customer experience, enhance market awareness and make insurance simple by integrating all the financial systems,” he says.
Since its inception in 2017, My Insure has partnered with five insurance companies and negotiations with three more are at advanced stages. According to Kioko, this is their first operational model that purely seeks to give clients a platform for comparing prices and quotes from different insurance companies.
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Away from the collaborative model, My Insure also has a disruptive model where it operates as an independent insurance agent to sell products online.
“At My Insure, we don’t just sell insurance, we go over and beyond to give people ability to access and manage their own portfolios. For instance, instead of going to an insurance office to report an accident, a user can just log onto the platform, give details and even attach documents from police and photos taken at the scene. All these data is then relayed to the insurance company via the App,” says Kioko.
With 2.7% market penetration, the company has reached out to 200 clients who have bought insurance directly through its App. He says over two million people can access insurance information on its platform.
“Our goal is to improve insurance products and visibility and make the paperless experience real for people who want to self-manage their services in the digital space,” says Kioko.
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