First Assurance rolls out product targeting SMEs
From left: Eliud Adiedo, CEO, Association of Insurance Brokers of Kenya, Clifford Ochieng, CEO, Association of Kenya Professional Insurance Agents, First Assurance Managing Director Stephen Lokonyo, Tom Gichuhi, Executive Director of the Association of Kenya Insurers, Titus Osero of Insurance Regulatory Authority (IRA), First Assurance Chief Operating Officer Johannes Kitaka and Anthony Mwangi, Chairman of AIBK, during the launch of First Afya Biashara.
What you need to know:
- The product will be handy for businesses with between three to 19 employees.
- First Assurance seeks to bridge the low rate of insurance penetration in the country.
First Assurance, a provider of insurance and integrated financial services, has rolled out a comprehensive healthcare plan designed specifically for small and medium sized enterprises (SMEs).
The product, dubbed First Afya Biashara, will help to promote preventive care, early diagnosis and treatment for SME operators and their staff, thus reducing extended absenteeism due to health issues.
“Access to medical insurance boosts satisfaction and productivity by supporting employee health, reducing absenteeism and enhancing loyalty. Employers that offer medical cover are more able to attract and retain the best talent,” said First Assurance Managing Director Stephen Lokonyo.
Medical coverage
Offering flexible payment terms with up to four instalments, the product will be handy for businesses with between three to 19 employees, that have previously relied on contingency funds for unforeseen hospitalisations.
It will ensure extensive medical coverage both locally and overseas, covering a wide range of medical needs from routine check-ups to critical illnesses and emergencies.
“The good news is that this product has no waiting period. This is very good particularly for expectant women,” said First Assurance Chief Operating Officer Dr Johannes Kitaka.
The product will also cover conditions that have become synonymous with the tough economic times including mental health and substance abuse, with extensive coverage limits for specific medical services.
Insurance uptake
“To see a new wave of innovations in the industry where people can actually sit together, think and come up with a product that is authentic is very encouraging,” said Anthony Mwangi, Chairman of the Association of Insurance Brokers of Kenya (AIBK).
Through the product, First Assurance, a member of the Absa Group family, seeks to bridge the low rate of insurance penetration in the country, particularly amongst SMEs, which are most underserved.
“Part of the reason that insurance uptake has been much lower in the SME space compared to the corporate world is low consumer education, non-responsiveness to their unique needs, unaffordability and low levels of trust. This product responds to these needs,” said Tom Gichuhi, the Executive Director of the Association of Kenya Insurers (AKI).
