Explico and Amaco Report Highest Number of Customer Dissatisfaction

Customer grievances against insurance companies in Kenya went up from 1,082 in 2016 to 2,126 in 2017 with Explico and Amaco having the highest number of customer dissatisfaction in the insurance industry.

This is according to the latest data from the Insurance Regulatory Authority (IRA) which disclosed that of the 96.49 percent complaints, 56 percent of them which represents 1,190 cases were settled in which 202 cases were resolved by Xplico and 148 cases settled by Africa Merchant Assurance Company.

Reason for customer dissatisfaction was majorly linked to delayed settlement in dealing with claims, rejected claims, incorrect claims, and unsatisfactory claim settlements.

The Authority reports further that 20 percent of customer dissatisfaction complaints were on life insurance policies while the rest 75 percent were on motor insurance policies.

“In 2017, the authority continued to monitor the implementation of Treating Customers Fairly (TCF) framework as part of its Consumer Protection Strategy. Thus, the authority is continuously engaging industry stakeholders’ in order to address the ever-pressing concern of delayed claims settlement and prompt resolution of complaints,” said IRA.

Xplico company has been facing legal challenges arising from management wrangles, a matter that has interested IRA to conduct research on its operations.

IRA data records that Xplico’s market share was at 0.65 percent, accumulated assets were at 2.28 billion shillings as of December 31, 2017, while its gross premium stood at 804 million shillings.

There are 52 licensed insurance companies in Kenya, and out of these 27 recorded more than 12 complaints with the remaining registering less than that.

Other top companies which had the highest number of complaints included, Invesco (137), Madison (137), Capex (135) and Pioneer (124).