Here are the top six challenges that have faced the insurance sector in Kenya, ones that have led to serious loses and winding up of insurance firms, creating a worse perception in the market for clients.
- False claims being pushed by fraudulent people to defraud the insurance firms
- Refusal by the insurance firms to honor genuine claims hence killing the little existing client confidence
- Poor marketing and PR strategies that have failed to reach out to the potential market for insurance subscribers
- Failure by insurance firms to do research to be able to understand the dynamics needs by the target market
- Brokers and middle men have contributed significantly to the stagnation of the insurance sector
- The issue of price undercutting in the sector is a significant issue that’s being perpetrated by the brokers/middlemen
InsureAfrika has a solution to all these challenges.