Ever wondered why some insurance companies manage to have low expenses ,high incomes ratios and at the same time high customer retention whereas others struggle to get to acceptable operational and profitable positions?
The answer simply lies in the business orientation of the insurance firm. Indeed low level performers tend to concentrate more on individual business areas for instance: product development, sales and marketing; Operations or IT management forgetting that all these functions must be integrated and a holistic approach applied.
Kenya’s insurance industry was worth KShs. 68 billion in 2010 up from KShs. 62 billion in 2009 in terms of gross premium earned and KShs. 236 billion in 2010 up from 181 billion in 2009 in terms of total assets leads within the East Africa Community and over the years, the sector has continued to endear itself to the existing and potential customers through new products and a significant improvement on its service delivery platforms, guaranteeing consumers of world-class services delivery.
Despite all these efforts, only 2.8 % of Kenyans are insured. Stakeholders in the sector are continuously tasked with finding new solutions to help widen the sector’s consumer base. The dynamism in the insurance sector is not confined to Kenya, it is a global phenomena. Experts assert that the way of doing business in Insurance is rapidly evolving. Not only is there increased competition, the changing face of the customer has resulted in the need to gain clearer understanding on factors that lead to satisfaction and loyalty. It is against this background that InsureTrak was conducted by Infotrak Research and Consulting in conjunction with Think Business