EQUITY LIFE ASSURANCE LAUNCHED

Equity Group Managing Director and CEO Dr. James Mwangi (right) receives the Equity Life Assurance (Kenya) Ltd operating license from Godfrey Kiptum, IRA Commissioner of Insurance(2nd left). [PHOTO COURTESY]
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 A life insurance license has been issued to Equity Life Assurance (Kenya) Ltd (‘ELAK’) which is fully owned by Equity Group Insurance Holdings Limited (EGIHL), a subsidiary of Equity Group. The license will enable ELAK to provide life insurance solutions to an underserved market and contribute towards the vision of Equity Group to transform lives and expand opportunities for wealth creation. Speaking while receiving the licence from Commissioner of Insurance, Insurance Regulatory Authority (IRA) Godfrey Kiptum , Ms. Angela Okinda, the Managing Director and Principal Officer of ELAK said :  “ Our commitment is to provide consumers with freedom and ease of access to insurance solutions, payment and placement of their insurance coverage, as well as support and advice during the life of the policy. ELAK will also ensure easy access to insurance solutions through multiple distribution channels. ELAK’s provision of insurance will be refreshingly different, innovative and very convenient.”

 Dr. James Mwangi, Equity Group CEO and Managing Director said :  “ Our inspiration is to offer insurance to all categories of consumers and make insurance accessible, affordable and inclusive in line with our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation.”  By the same token, while handing over the license Mr.  Kiptum said:  “As the regulator, we are delighted to see Equity Group adapt to the changing demands of the market and responding to the needs and aspirations of the customers. The insurance business in Kenya is still heavily driven by the general business class and with the entry of Equity Life Assurance into the industry, this is likely to enhance the value and distribution of life insurance in the country.”

The insurance industry in Kenya is characterized by low penetration levels, currently estimated at 2.4% This has been attributed to a number of factors including poor or limited product portfolio, low or no awareness on available insurance products, low-income levels among the key consuming public, perceived low rate of returns for life insurance policies, cumbersome claim settlement procedures, lack of trust of insurance players, negative perception of providers/intermediaries and expensive premiums among others.  Also speaking at the event, IRA Chairman Hon. Abdirahin Haithar Abdi said:  “The insurance business relies heavily on trust and Equity has a well-defined history and support from the public which is a key aspect for success in the industry.”

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