Consumers will now be able to shop online and compare insurance products and services from various companies across the region.
This follows the launch of PESABAZAAR.com, a web portal that allows consumers to compare premiums and features of similar insurance products and services at a glance.
The portal will enable customers to freely and conveniently compare and purchase a wide range of insurance products at the click of a button.
“We are partnering with leading insurance companies in Kenya to ensure that we offer the widest selection of insurance products in the simplest form so that customers can easily and quickly compare plans using the most significant benefits or cover metrics for each class of insurance,” said company co-founder Calleb Karegyesa.
Insurance products on the portal include Comprehensive Motor Insurance, Third Party Only Motor Insurance, Individual and Medical Insurance, Travel Insurance, Golfers Insurance, Mobile, SME and Corporate Insurance.
“We want to make buying insurance as hassle-free as possible by giving the customer the option to purchase cover instantly,” said Prashanth Srinivas, one of the co-founders of the company.
Despite its low penetration levels, Kenya is one of the largest insurance markets in Africa. There are currently over 40 insurance companies, four re-insurance companies (including Zep Re and Africa Re, which are regional bodies), 200 insurance brokers, 250 service providers and about 4,000 insurance agents.
Currently, the annual growth rate of insurance premiums is pegged at 20 per cent.
In 2014, Kenya generated insurance premiums amounting to $1.8 billion, which is the largest in sub-Saharan Africa outside of South Africa.
Kenya’s growth in premiums is contrasted with the Africa-wide growth of only 4.2 per cent.