The AKI Agents of the year Awards (AAYA) 2016 was held on 3rd March 2017 at a colourful gala dinner at Carnivore Grounds.
This annual event is a celebration of top performing insurance sales agents and companies for the year ended 2016. A total of 280 insurance sales agents were able to meet the rigorous prerequisite criteria and qualify as top performers in the industry. This year, for the first time, General insurance sales agents were incorporated in the competition. Of the 280 qualifiers, only 2 were general insurance sales agents. It is expected that this number will increase going forward.
The theme for this year’s event was, “The future of insurance beyond 2020” and this was incorporated in the AKI Agents Forum held on the same day. The Forum brought together all the qualifying agents for a team building and networking exercise.
Britam Life Assurance won the Company of the Year Award. This marks the fifth year in a row that Britam has been named Company of the Year. Other winners at this year’s competition were Mr. Zachary Kamau from Pioneer Assurance who was recognised as the Agent who raked in the highest number of policies and also the highest number of new business. Mr. Stephen Muhanji of Kenindia Assurance Company was presented with the Persistency Award which recognises agents with a good record of business retention.
Speaking during the event where he was the guest of honour, Dr. James Mwangi, CEO Equity Bank urged the insurance industry to put the customer first and develop innovative products that will address the customer’s issues, “this is the only way you will grow above the 3% penetration level of the insurance industry”. He further noted that convergence between the insurance and the banking industry is inevitable as can be seen by the rise of bancassurance. Dr. Mwangi made a detailed presentation where he drew parallels between the Banking and Insurance sector with a keen focus on disruption and innovation.
On his part, The Insurance Regulatory Authority Ag. CEO, Mr. Godfrey Kiptum noted that the regulator intends to grow the insurance agency workforce from the current 7000 to over 10,000 by the year 2020.
The Kenyan insurance industry recorded gross premiums of Ksh144billon as at the end of September 2016. The 2016 premiums are projected to hit Ksh2billion in line with the similar growth rate of 10% witnessed in 2015.