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For two years Kenneth Kioko worked at an insurance company and got concerned that the insured got frustrated accessing services. This was the inspiration behind MyInsure, a mobile application that he founded which allows users to buy insurance, manage insurance portfolio and lodge claims.
MyInsure Limited has partnered with four insurance companies including Amaco, Jubilee, AAR and Resolution providing agency services covering an array of products. The aggregator app sells speed and convenience and the proprietor says since unveiling a year ago, it has received more than 100 registered users, 40 per cent of who are in Nairobi.
Kennedy Kioko, the CEO of MyInsure studied the African insurance market and concluded that it lacks transparency. Besides, he criticized African insurance saying that he witnessed poor management of most companies. Additionally, he said that the insurance companies and consumers face other challenges that require immediate solutions. Moreover, he said that fraudulent claims and other bad practices continue dominating African insurance sector. Some of the bad practices he pointed out include non-compliance with documented regulatory requirements and premium undercutting.
Determined to wipe the mess, Kioko decided to develop strategies that he would employ. He began MyInsure which offers a new way of buying, comparing, servicing, monitoring and underwriting insurance to its clients.
Kenyan insurance comparison platform MyInsure wants to address the challenges hindering the local and pan-African insurance markets by taking the industry online.
With insurance products currently achieving only limited traction in most African markets, Kennedy Kioko, chief executive officer (CEO) of MyInsure says there are a myriad of obstacles imposed by both consumers and providers holding back the insurance industry on the continent.
Ranging from under-education of consumers on the role of insurance and the variety of products available; fraudulent claims; to bad practices on the side of providers – such as premium undercutting, and non-compliance with regulatory requirements – Kioko says the African insurance industry is tarred by a lack of transparency and mismanagement.