15 April 2014

Kenya: Insurance Brokers Told to Adopt Technology

INSURANCE brokers have been urged to uphold ethics and adopt new technology to help the industry grow. Association of Insurance Brokers Kenya chairman Muchemi Ndung'u said brokers - whose role is to sell covers on behalf of various underwriters -should critically relook at their strategies as they are partly to blame for low penetration of insurance in the country.

"Undercutting, individualism, lack of sufficient training of personnel and a poor adoption of technology are just some of the reasons why an industry that should be thriving continues to stagnate," said Muchemi.

He was speaking at the AIBK annual general meeting held recently where he was re-elected for a second two-year term. Newly elected officials include Nelson Omolo (vice chairman), Amina Ismail (secretary) and Dennis Nyongesa (treasurer). Kenya's insurance penetration stands at 3.2 per cent of gross domestic product.

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