Innovate to grow, insurers urged

By: JAMES KARIUKI

Outgoing British High Commissioner Christian Turner yesterday challenged insurance companies to innovate products that target the majority of Kenyans who have proved to be quick learners.

“I do not like this thinking that nothing works in Kenya. I have heard it before that in Kenya nothing works even traffic jams, graft, business, but when you look at M-Pesa’s growth even my relatives back home in Britain cannot understand a thing on money flowing through a mobile phone platform.

“Kenya has great innovators who could be tasked with coming up with an insurance product that meets the need of the mass market and it is time we stopped saying nothing is possible in Kenya. I have lived here and I know Kenyans are great people when it becomes to business,” he said.

The High Commissioner spoke yesterday when he participated in a panel discussion at Serena Hotel in Nairobi where Prudential Life Insurance launched its study titled Life Insurance markets in sub-Saharan Africa – Capturing the benefits for economic development.

The report authored by Overseas Development Institute Researcher, Dr Judith Tyson, found an urgent need for addressing the poor perception of life insurance, which is associated with death, a taboo topic in most Kenyan communities.

SOURCE: DAILY NATION