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Insurers urged to tap tech innovations

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Jamii Telecom chairman Joshua Chepkwony. FILE PHOTO | NMG

Insurance companies have been urged to partner with telecommunications firms to provide convenient solutions to tap more digital-savvy clients.

Jamii Telecom chairman Joshua Chepkwony has said consumers are changing as they have become tech savvy, more educated and have a wide array of choices for insurance service providers.

Speaking during the Association of Kenya Insurers (AKI) Agents of the Year Awards (AAYA) held in Nairobi, Mr Chepkwony noted that some firms are venturing into non-traditional markets like telcos and are now doing banking (mobile banking), and tech-firms selling insurance online.

“Major concerns for the insurance industry are expenses, how to control costs, profitability, how to attract and retain profitable customers and how to stay relevant in a competitive environment,” said Mr Chepkwony.

APA Insurance and Britam were the big winners. APA won the general insurance company of the year award, while Britam won life insurance company of the year award.