Cytonn Investments Management Plc, an independent investment management firm, has launched its insurance agency as part of a diversification strategy.
Dubbed Cytonn Insurance Agency (CIA), its key objective is disrupting the insurance industry through innovation and automation of insurance processes including the buying and claims process.
The agency focus on Work Injury Benefits Act (WIBA), motor, fire, burglary, life, medical, and property to suit different clientele needs.
Elizabeth Nkukuu, an Investment Coach at Cytonn said Cytonn has always been keen to serve the interest of Its clients and Kenyans in general by creating innovative and differentiated financial solutions that speak directly to their needs.
“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,” she said in a statement.
“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. We believe 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.”
“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,” Nkukuu stated.
Insurance uptake in Kenya remains low compared to other key economies, with the insurance penetration as at 2019 coming in at 2.3%, down from 2.4% in 2018, according to the 2019 annual report by the Insurance Regulatory Authority (IRA).