Cytonn Investments is venturing into the insurance business. The firm has launched its insurance agency arm, the Cytonn Insurance Agency (CIA) whose key objective it says is to disrupt the insurance industry through innovation and automation of insurance processes including the buying and claims process.
The insurance uptake in Kenya remains low compared to other key economies, with the insurance penetration as at 2019 coming in at 2.3%, down from 2.4% in 2018, according to 2019 annual report by the Insurance Regulatory Authority (IRA). The slow penetration level is attributable to the fact that insurance uptake is still seen as a luxury and mostly taken when it is necessary or a regulatory requirement, with the growth in insurance uptake being undermined by the high unemployment and levels of poverty.
Speaking at the launch, Elizabeth Nkukuu, an Investment Coach at Cytonn said, “Cytonn is always keen to serve the interest of our clients and Kenyans in general by creating innovative and differentiated financial solutions that speak directly to their needs. We saw there is a gap in the uptake of insurance products partly due to limited awareness of available insurance products and lack of trust of insurance players. The Cytonn Insurance Agency will help bridge this knowledge gap and rebuild trust by delivering quality customer experience and offering training sessions for all our clients. We believe it is going to be a superior intermediary service as the main focus will be on relationship building, after sale services and provision of digital solutions to help Kenyans safeguard their assets.”
“Kenyans, both individuals and organizations, will benefit from CIA through; (i) a wide variety of insurance offerings – CIA intends on focusing on WIBA, Motor, Fire, Burglary, Life, Medical, and Property to suit different clientele needs, (ii) increased convenience where our Agency shall provide insurance solutions through its USSD platform, mobile app and web portal, and (iii) a one-stop financial shop as CIA is an affiliate of Cytonn Investments Management PLC, and as such shall help the Cytonn group offer investment solutions, real estate offerings and insurance options for Kenyans all through joint platforms that are easy to navigate,‘’ she stated.
The Cytonn Insurance Agency partners with different well-known and established insurance companies in Kenya and shall work hand in hand with the firms to provide efficient insurance processes.