Investment firm Cytonn ventures into insurance business

KENYA – Investments management firm Cytonn Investments, has launched its insurance agency arm, the Cytonn Insurance Agency (CIA), aimed at disrupting the insurance industry through innovation and automation of insurance processes including the buying and claims process.

According to 2019 annual report by the regulator Insurance Regulatory Authority (IRA), insurance uptake in Kenya remains low compared to other key economies, with the insurance penetration as of 2019 coming in at 2.3 per cent, down from 2.4 per cent in 2018.

The slow penetration level is attributable to the fact that insurance uptake is still seen as a luxury and mostly taken when it is necessary or a regulatory requirement, with the growth in insurance uptake being undermined by the high unemployment and levels of poverty in Kenya.  

Speaking at the launch, Elizabeth Nkukuu, an Investment Coach at Cytonn said the firm is always keen to serve its interest and Kenyans in general by creating innovative and differentiated financial solutions that speak directly to their needs.

“Cytonn Insurance Agency will help bridge this knowledge gap and rebuild trust by delivering quality customer experience and offering training sessions for all our clients’’

Elizabeth Nkukuu – Investment Coach, Cytonn

‘’We saw there is a gap in the uptake of insurance products partly due to limited awareness of available insurance products and lack of trust of insurance players. The Cytonn Insurance Agency will help bridge this knowledge gap and rebuild trust by delivering quality customer experience and offering training sessions for all our clients,’’ Nkukuu said.

The investment company said it believes it is going to be a superior intermediary service as the main focus will be on relationship building, after-sale services, and provision of digital solutions to help Kenyans safeguard their assets.

According to the firm, Kenyans, both individuals and organizations, will benefit from CIA through; a wide variety of insurance offerings as CIA intends on focusing on WIBA, Motor, Fire, burglary, Life, medical, and property to suit different clientele needs.

“Increased convenience where our Agency shall provide insurance solutions through its USSD platform, mobile app and web portal, and a one-stop financial shop as CIA is an affiliate of Cytonn Investments Management PLC, and as such shall help the Cytonn group offer investment solutions, real estate offerings and insurance options for Kenyans all through joint platforms that are easy to navigate,‘’ she stated. 

She added that it partners with different well-known and established insurance companies in Kenya and shall work hand in hand with the firms to provide efficient insurance processes. 

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