Industry Overview Study
Insurance is a very critical segment of any modern economy. While the Kenyan insurance industry continues to grow in terms of gross premiums, insurance penetration remains low at 2.9%. The AKI 2016-2020 Strategic Plan aims to double this number to 6% penetration and at the same time increase gross premiums to Ksh500billion within the five year period.
Numerous studies undertaken by AKI and other organizations have highlighted a number of challenges that the insurance industry faces including technology adoption, awareness levels, cost of insurance, product suitability, competition and undercutting, distribution mechanisms among others. Efforts have been made from various quarters to address some of the highlighted challenges but the issues persist.
With this in mind, AKI has commissioned an industry overview study that generally aims to address the challenges. This will be attained through looking at the insurance sector past (how we got here), present (where currently are) and project the future (where we are going).
The study will in particular investigate customer experience and perception, current business model, regulatory environment, human capacity and potential market segments. The study will also benchmark with more successful markets in Africa and beyond.
Expected output from the study include identification of key strategies that will revolutionise the Kenyan insurance industry.
Insurance Awareness Survey
AKI commissioned SBO research to undertake a survey on insurance awareness during their fourth quarter omnibus in 2016.
The objective of the survey was to determine the current level of awareness of insurance in the country. AKI intends to track the awareness levels to determine the impact of awareness initiatives being undertaken both by the AKI Secretariat and by member companies.
The survey targeted individuals over 18 years old across the country. A total of 4,500 individuals were interviewed in the survey.
Read the findings report here
Word of Mouth Information paper
Findings from the Awareness Survey undertaken in the fourth quarter of 2016 reveal that Word of Mouth is a highly effective communication channel that the insurance industry should leverage on to increase awareness levels in the country.
To this end, AKI developed an information paper on Word of Mouth as a marketing channel.
Information Paper in Word of Mouth Marketing.