Market News

Online agent inks deals with insurers

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Bismart Insurance chief executive Eunice Maina. FILE PHOTO | NMG

An online insurance agency has signed distribution deals with 12 insurance companies, opening a new front in the struggle to raise the insurance penetration in the country above a paltry three per cent.

Bismart has set up a portal that allows customers to compare and buy insurance products from the different companies. It has partnered with Jubilee, APA, Britam, Heritage, Resolution Insurance, Pacis, Madison, First Assurance, CIC, Old Mutual, Kenya Orient and ICEA Lion.

The firm, which commenced its operations in June 2017, is currently serving over 3,000 clients. “We are currently covering motor (both private and commercial covers), health, travel, home and mobile phone insurance covers,” said Bismart Insurance chief executive Eunice Maina.

In April, the company received a capital injection of Sh1 million from Standard Chartered Women in Tech programme. Last month, it inked a deal of a disclosed amount with a Germany-based venture capital firm GreenTec Capital Partners, to enable it expand its platform to connect more customers to insurance solutions.

IRA data shows that are about 8,123 insurance agents in the Kenyan market, 55 insurance companies, three reinsurance firms and 206 brokers.

Industry players target to grow the penetration rate to six per cent in line with the global average.