Liaison Group takes insurance contracting online

By Winfrey Owino

Players in the insurance industry have attributed the poor performance of insurance companies in the country to mistrust by potential customers.

Addressing the press on Tuesday, Liaison Group Managing Director Tom Mulwe said the insurance industry has been lagging behind as a result of the long processes involved when applying for a compensation.

The long process of verification which involves tedious processes has made a number of clients halt their pursuit for compensation which translates to companies shutting down or being placed under receivership.

According to the group’s chair, the insurance penetration in Kenya has reduced significantly from 3% in 2018 to 2.5% last year.

His statements come at at time when the Liaison Group is launching an online insurance platform that is aimed to increase its market reach to the young generation which they argue make up a large percentage of consumers.

Mr. Mulwe also called on other insurance players to come up with more innovations in the sector  as he says it is the only way to revive the otherwise dying sector.