Kenyans have been urged to embrace insurance services alongside other financial products as a way of securing life, property and investments.
National data shows that insurance uptake and penetration remain low despite growth in gross premiums paid by Kenyans annually.
Speaking while celebrating Meru based award winning agent Doreen Mwendwa, Madison Life Assurance Managing Director Githua Ngaruiya said the company was demystifying insurance services as an affordable daily habit for ordinary citizens.
Madison Life Assurance is a subsidiary of the Madison Group which specializes in insurance and wealth management services.
“Majority of Kenyans are within the banking system through mobile money but they are not protecting the assets that they have acquired through insurance. We have products that can help mama mboga, bodaboda riders, shopkeepers, doctors and even CEOs to save and plan for the future,” Mr Nygaruiya said.
He said the Madison Group is encouraging flexible micro-savings tailored to daily earners to make financial protection accessible across all socio-economic groups.
“I encourage the youth to start saving little by little because this will make a big difference in the future. You can save as little as Sh200 a day with us and you’ll be able to get a good return and ensure your family is protected,” he added.
Madison Life Insurance National Sales manager Joseph Gathogo said besides marketing their products, the company is also keen on creating jobs for the young people.
“We have so many youths who are jobless. One of the reasons we are educating the public is also to remind the youth that there are opportunities in commission-based business. They can make a lot of money by selling insurance,” Mr Gathogo said.
Gathogo noted that Madison Group is striving to change how people purchase insurance products while building sustainable livelihoods for young agents.
“For many years, life insurance has been made to look like a luxury. As a company we have made insurance purchases fairly easy by allowing a daily purchase,” he said.
They also urged Kenyans to consider securing insurance against environmental and economic risks, pointing to severe weather patterns like El Niño.
“Please take up a general insurance cover on your assets and also a medical cover because you don’t know what can happen to you during tough economic times,” Mr Ngaruiya said.
Ms Mwendwa, who won the Association of Kenya Insurers (AKI) Life Insurance Agent of the Year- New Business Award, challenged the youth to join the insurance business to earn a living and help more Kenyans safeguard their health and wealth.
“My advice to the youth is as long as you believe in yourself, you can join insurance; it’s one of the best jobs that I can recommend to youth,” she said.
According to AKI, the Award went to the top agents who sold a minimum of 50 policies and achieved at least Sh3.6million annual premium income combined with a persistency of at least 85 percent in the first year, 80 percent in the second year and 70 percent for the third year.
