Eagle Africa Insurance Broker is one of the largest insurance brokers in the country with a strong base in the East African region and with a turnover of almost Sh6 billion last year.
The company has launched what can be dubbed as the cheapest insurance cover for students going for as low as Sh2 per day which means that every parent can afford.
The students accident cover is a comprehensive cover specifically designed to cushion parents and learning institutions against financial inconveniences usually experienced when students are injured while in the hands of learning institutions. Based on the increasing road accidents involving school going children, the company started this product to solve these problems.
It basically offers cushion of accidents ranging from road accident as kids go to and from school, school trips, accidents during play, school strikes and any other risk of injury and accident to children.
It has been designed to cater for primary, secondary, colleges, university and other tertiary institutions going children and students. A parent is only required to pay Sh700 for a cover of upto Sh500,000 with an option for higher cover as per ones interest. This basically translates to Sh2 per day which makes it affordable to anyone.
Eagle Africa Insurance Broker chief executive Sam Ncheri was recently interview by Star writer Peter Kiragu about the cheap cover and other industry related issues. Who is Sam Ncheeri?
Sam Ncheeri is a career professional insurance broker and business leader who has also been actively involved in community work and leadership. I lead Eagle Africa business in Kenya, Uganda and Tanzania. I am also involved at board level in an insurance broking firm in Malawi. Briefly explain who Eagle Africa is?
Eagle Africa is one of the old professional insurance brokers in East Africa having started operations in 1951. Eagle Africa is a retail insurance consultancy in general insurance, healthcare, life insurance, pension administration and risk management services. Please brief us about Eagle Africa Students Personal Cover. What does it cover?
Eagle Africa launched a students cover to provide insurance for students who may unfortunately be injured or even suffer fatal accidents. This cover is structured in a manner that is affordable at Sh2 per day.
Some of the benefits of the cover include medical expenses following accident worth Sh 500,000, permanent total disability of upto Sh200,000, temporary total disability and weekly tuition following accident of Sh10,000 per week to a maximum of 16 weeks, funeral expenses of Sh100,000.
Others are accidental death of Sh50,000, artificial limbs of Sh50,000, dental treatment of Sh20,000 and loss or damage to personal effects following accident of Sh20,000. But not many parents know about this unique cover despite it being so affordable.
Many parents have not been aware of this facility and we are now making every effort to bring it to their attention so that they can ensure they purchase this peace of mind. What is the role of a broker in insurance business as opposed to visiting underwriters or agents?
The insurance broker is a consultant in insurance. It is their role to advise their customers on the best products and programmes that will respond to their needs. The insurance brokers are also the ones who should design new products. Having been there for over 60 years, what distinguishes Eagle Africa from the rest
Eagle Africa has been in business for over 60 years. The company endeavours to understand their customers' needs and ensure they are met to their satisfaction. We also seek to ensure that not only is the customers' needs met but we offer advice beyond what the client is asking.
Eagle Africa is also quite active in products development as demonstrated in the various products rolled out in the recent past e.g. Afya Milele healthcare products, unique floriculture products, students accident cover just to mention a few. Why is hindering the penetration of insurance uptake in Kenya?
Insurance penetration in Kenya is currently at 3 per cent. It is this low due to lack of knowledge on the benefits of insurance. The insurance fraternity of Kenya has a duty of educating the general populace to understand why they need to have insurance cover. What is Eagle Africa doing to change this state of affairs?
Eagle Africa is active in propagating insurance through client seminars and bulletins in the media. In terms of insurance regulation, is Eagle Africa happy with the current status? If not, what would you want to see chanaged?
The regulator listens to the views of the industry quite keenly and this is greatly helping in shaping the direction this critical sector. What can you attribute the collapse of many insurance companies to?
The companies that collapsed in the industry were mainly due to mismanagement and undercapitalisation. The regulator is now quite vigilant particularly on governance issues and solvency margins such that it is very unlikely there will be another collapse in the near future. Going into this year, what do you see as the main threat for insurance sector players?
The economic activities slowed down towards the end of last year and beginning of 2013 due to electioneering. This obviously negatively impacted on the performance of the insurance industry.
There is a shift now taking place and as the economy is getting quite vibrant. We expect an upswing to be quite noticeable in the last quarter of this year and next year to be of a great economic performance. And what are the biggest opportunities?
Discovery of oil and gas, the major projects like Konza City, Lapsset, Gauge Rail, bubbling real estate, increase in tourists coming to Kenya all create great opportunities for business growth in Kenya.
The new government has struck a positive cord. They are creating a great business environment which should lead to fantastic economic growth to the benefit of all. Eagle Africa expects to benefit tremendously from that growth. What opportunities do you see being presented for insurance sector players in the new county governments?
We recently opened three branches; Kisumu, Kitengela and Meru to take advantage of the devolved zonal growth. We plan to open three more branches next and this trend shall be continued until we cover the entire country. What opportunities is the company pursuing in the East African region if any?
We are also looking at opportunities in other regions and Zambia and Malawi are currently on our radar screen for 2014.