Equity Life Assurance joins AKI
Equity Life Assurance (Kenya) Ltd was admitted as a new member of the Association of Kenya Insurers (AKI) during the Association’s Annual General Meeting held on 24th March 2022.
“We are happy to welcome Equity Life Assurance on board. We are looking forward to Equity’s contribution in the insurance industry through providing customers with innovative, inclusive and affordable products and excellent customer experience”, said AKI Executive Director, Mr. Tom Gichuhi during the meeting. He also noted that Kenya is ranked among the top four insurance markets in Africa and many investors are interested in the sector, “We are happy to have a local company join in as the latest player”.
Equity Life Assurance, fully owned by Equity Group Insurance Holdings Limited, a subsidiary of Equity Group, was issued with a license by the Insurance Regulatory Authority in January 2022.
AKI’s membership currently stands at 56 insurance companies and four Associate Members.
During the AGM, new members of the AKI Board were elected including –Deputy Chairman, Mr. Nixon Shigholi CEO of AAR Insurance and Ms Angela Kamau, CEO of Intra Africa Assurance Ltd.
Mr. Jerim Otieno, Group MD UAP Old Mutual Life, continues to serve as the AKI Board Chairman. Other Board Members include Deputy Chairman, Mr James Oyugi, CEO Metropolitan Cannon Life Assurance; Mr. Jackson Theuri, CEO Britam General Insurance; Mr. Meshack Miyogo, CEO CIC Life Assurance; Ms Catherine Karimi, CEO APA Life Assurance; Mr. Fredrick Ruoro, CEO CIC General Insurance; Mr. D.K Ronoh, CEO Pioneer Assurance; Mr. B.S. Sharma, CEO Kenindia Assurance; and Mr. Mathew Koech, CEO Fidelity Shield Insurance.
AKI’s Chairman, Mr. Jerim Otieno, noted that the Association is keen on continuous improvement of its existing digital platforms in motor insurance and at the same time digitize other lines of business. AKI currently provides motor insurance underwriters with a platform to issue digital motor insurance certificates to customers and another platform to receive and process claims. The information generated from these platforms on underwriting and claims is resident in the Integrated Motor Insurance Database system. These systems develop insightful reports that are used to make informed business decisions.