The Association of Insurance Brokers of Kenya (AIBK) has announced a Strategic partnership with Birdview Microinsurance Ltd, a move aimed at significantly boosting
Micro insurance penetration in Kenya by focusing on underserved niche markets.
This collaboration underscores a shared commitment to making insurance accessible and relevant to a broader segment of the Kenyan population.
Speaking at a breakfast meeting, AIBK National Chairman Mr. John K. Arap Lagat, emphasized the critical role of such collaborations in expanding the insurance landscape.
“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 has been identified as a key driver for increasing insurance penetration in Kenya,the potential for growth is immense.
Industry reports consistently highlight a vast untapped market, particularly among low-income earners, small and medium enterprises (SMEs), and individuals in the informal sector.
Experts predict that with targeted initiatives and innovative product offerings, microinsurance could contribute significantly to raising 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, “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 the importance of tailoring solutions to specific needs.
“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.”
AIBK CEO, Mr. Eliud Adiedo, reiterated the Association’s dedication to fostering a robust and inclusive insurance sector.
“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 set to usher in a new era for microinsurance in Kenya, promising innovative products and services designed to meet the diverse needs of Kenyans, both at home and abroad,
ultimately contributing to a more financially secure future for all Kenyans and fostering sustainable economic development.
