Association of Insurance Brokers Kenya (AIBK) and Birdview Microinsurance Partner to Expand Microinsurance in Kenya

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Association of Insurance Brokers Kenya (AIBK) and Birdview Microinsurance Partner to Expand Microinsurance in Kenya

The Association of Insurance Brokers of Kenya (AIBK) has announced a strategic partnership with Birdview Microinsurance Ltd to significantly increase microinsurance penetration in Kenya. This collaboration aims to achieve this by focusing on underserved niche markets, making insurance more accessible and relevant to a wider segment of the Kenyan population.

Mr. John K. Arap Lagat, AIBK National Chairman, emphasized the importance of such collaborations in expanding the insurance landscape. He stated, “This partnership with Birdview Microinsurance is a significant step towards expanding access to insurance in Kenya. By focusing on specific, often overlooked segments, we can ensure that more Kenyans have access to essential financial protection, fostering greater resilience within our communities.”

Microinsurance is seen as a key driver for increasing insurance penetration in Kenya, with immense potential for growth. Industry reports indicate a large untapped market among low-income earners, small and medium enterprises (SMEs), and individuals in the informal sector. Experts believe that targeted initiatives and innovative product offerings in microinsurance could significantly boost overall insurance penetration in the coming years.

Mr. James Kimani, CEO and Principal Officer of Birdview Microinsurance, highlighted the company’s commitment to reaching the unreached. He noted, “Birdview is deeply committed to restoring dignity to our clients and believes in meaningful relationships. With a controlling share of almost 40% of the underwritten premiums, brokers still control a large portion of the market, and we believe they have a significant part to play in advancing microinsurance. Our aim is to build meaningful relationships and deliver impactful products, and ensure microinsurance, which remains largely underserviced in Kenya, truly flourishes.”

Mr. Richard Muiru, Founder and Director of Birdview Microinsurance, elaborated on tailoring solutions to specific needs. He mentioned, “Kenyans, especially those in the diaspora, often face unique challenges. We are dedicated to creating products that cater to their specific needs, providing accessible, affordable, and comprehensive microinsurance solutions for people abroad, enabling them to purchase medical care for their families back home. We leverage technology to ensure accessibility and relevance for all micro-businesses.”

Mr. Eliud Adiedo, AIBK CEO, reiterated the Association’s dedication to fostering a robust and inclusive insurance sector. He stated, “Our partnership with Birdview Microinsurance aligns perfectly with our vision of a more accessible and relevant insurance industry. By focusing on niche markets and leveraging technology, we can break down barriers and bring the benefits of insurance to those who need it most, ultimately contributing to the economic stability and growth of our nation.”

This partnership is expected to usher in a new era for microinsurance in Kenya, offering innovative products and services designed to meet the diverse needs of Kenyans, both domestically and abroad. The collaboration aims to contribute to a more financially secure future for all Kenyans and foster sustainable economic development.

About The Association of Insurance Brokers of Kenya (AIBK)

The Association of Insurance Brokers of Kenya (AIBK) is the umbrella body for all Insurance Brokers in Kenya, established in 1970. Its mandate includes promoting and protecting the common interest of its membership, promoting and protecting consumers of insurance products and services, and fostering mutually beneficial relationships with stakeholders. AIBK also hosts the Annual Regional Conference, a premier insurance sector event in East Africa that gathers over 500 delegates for strategic dialogue and collaborative problem-solving.

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