In less than 11 years, Resolution Health has made its mark as one of Kenya’s biggest homegrown insurance companies valued at Sh1.4 billion – an achievement that has startled even its founder and chief executive, Peter Nduati.
After working in the insurance industry for 20 years (as chief executive of Metropolitan Health Group, and managing director of AAR Health among other notable positions), Mr Nduati decided to play with luck by taking on a medical condition that other the insurance companies were running away from. He launched an insurance cover for HIV and diabetes patients.
Resolution Health also went into covering dental, maternity and optical conditions when most insurance companies were not. Patients with pre-existing conditions also got a home with the insurer.
These forays into unknown territories paid off handsomely taking Resolution Health to an average annual growth rate of 49 per cent.
The companies has also registered a loss ratio (percentage of premium that goes to pay claims) of 57 per cent compared to industry average of 82 per cent.
Outside his workplace Mr Nduati is a rugby fanatic who also owns a record label, Pine Creek Records. Oh, and he is also on twitter where some 4,800 people follow him and his tweets.
You are 6’4’’ tall; the only thing your size that you do not have to look for dutifully must be a toothbrush.
(Laughs) I’m shoe size 12 and my pants are not exactly easy to find. I can’t shop locally for my clothes because of my body size, so I shop in London, SA or the States. I also have people bring me clothes from abroad to sell.
Resolution Health was the first medical firm to insure pre-existing conditions. Was it a leap of faith?
Hardly ever. For the longest time while employed by other insurance companies, I always suggested this but not much happened. But I had confidence in its potential so when I went solo, I decided to implement it. Our Harmony package, launched in 2009, basically took in anybody who had these conditions as long as they declared it, which gave us power to manage it well.
We banked on the fact that anyone with, say, HIV, is the best person to cover because they are disciplined, they take their drugs when they are meant to do that, as opposed to someone suffering from an ailment that is not potentially life threatening. You are a single father of two. Do you feel overwhelmed by the responsibility of being both a father and a mother?
Single parenthood will constantly remind you of what you don’t know. But you will develop a rhythm over time.
I have developed a rhythm with the kids; Mondays I take them out to eat in a new restaurant and all other days, I wake up, prepare them for school and go home to receive them when they are dropped off in the evening – well, except Tuesdays and Thursdays – when I’m at the Impala Club.
My ex-wife left when my daughter was eight years and the youngest was two- years -old (they are now 17 years and nine years old respectively) and since I have learnt the delicate act of being a friend and disciplinarian.
What kind of a disciplinarian are you, Peter? Do you put them across your knees and dutifully turn their bottoms blue when they get out of hand?
(Laughs) No. Oh, no! I’m sure there are more humane and sober ways of enforcing discipline. What do you drink, not when you are disciplining them, I mean, to unwind? I was once a rum drinker, used to mix it with Coke, but the hangovers were too much. So for the longest time I tried out most drinks until I settled on gin and tonic. Great drink. I like Bombay Saphire. You will most likely find me having my drink at Mercury, ABC Place.
How much do you have in your wallet now?
I have about Sh15,000. I normally withdraw Sh20,000 at the beginning of the week to last me a whole week. Sometimes I use plastic money.
Pine Creek Records: Is it your alter-ego project or do you really believe in the potential of local musicians?
I’m big on music, love it. While I was in India for my first degree, I played in a band, so music has always been a big part of me. And Pine Creek is not doing too badly either.
Our biggest and most successful artist to sign with us has been Atemi; her last album did pretty well. We also did well with Mr. Lenny. The other notable artist in our stable is Nikki.
From your game update tweets you are a rugby enthusiast.
Oh yes, rugby is my life. For the past seven years I have been the chairman of Impala Rugby Club, the team I played for in my heyday. Every Tuesday and Thursday I am at the club watching the boys train. I also use their gym facilities thrice a week, so as you can see my life revolves around rugby when I’m not working.
What machine do you drive?
A Mercedes 350S. I also drive a BMW 328i. I’m beyond worrying about maintenance costs right now. I am driven more by aesthetics rather than power or performance. If it looks good, I will buy it. I like a car that comes with bells and whistles. My next car is definitely the BMW X6.
Oh, come on, Peter. The X6 looks like some wrecked spaceship in a sci-fi movie!
(Laughs) You sound just like my pals who have no faith in the X6. I test drove it some time back and I can report that it is a fine machine.
What are your travel and holiday habits?
My favourite destination is Singapore, which I and the kids visited mid this year. It might have a benevolent dictator but it’s a beautiful place where everything works. Locally I prefer the South Coast. I try to avoid the North Coast because it’s oversaturated with the Nairobi crowd who only want to go to Bob’s Bar.
When you travel which is your best hotel chain of choice?
I think the best resort, right now, in Kenya must be the Enashipai in Naivasha. It is a magical place. But for the longest time I was a big fan of the Serena chains of Hotels. I guess after travelling for so long and staying in great hotels worldwide, they have stopped enthralling me like they used to. I don’t know.
Maybe they should give you a call and find out why your relationship can’t be salvaged?
(Chuckling) Yes, maybe.
What are you doing right now –- outside work - - that is interesting?
I’m building a house in Hardy, Karen. Its windows are the wooden windows synonymous with French, a design, which is probably not a smart thing to do, security wise, but I love them.
Last year, I adopted a cheetah called Misty, at the Nairobi Orphanage.
How much does that set you back?
You pay a maintenance fee of Sh300,000 a year.
How tall is the woman you are dating and are there any wedding plans in the works?
She is pretty tall, 6’1’’. And yes, I will marry her as soon as the children go to the university.
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