A report released by Africa’s first Integrated Customer experience company, Ajua, has shown that insurance brokerage firms are the key contributors to Kenyans’ terrible experience when it comes to insurance.
According to Ajua, the complexity associated with the payment of claims and limited information on the policies is mainly propagated by insurance brokers and agents who are intermediaries between insurance companies and policyholders.
Customers reported that insurance brokerage firms often mislead people into buying policies that they don’t need resulting in non-payment of claims.
Data from the Insurance Regulatory Authority (IRA) has revealed that Kenyans pay 43 billion shillings for non- existent insurance.
Consequently, this money is lost because brokers fail to remit the money to the insurer on behalf of the policyholder and with this, they cannot be compensated. Insurance companies also lose money as a result of insurance fraud.
A debate, The Amended Insurance Act of July 2019, is currently in Parliament seeking to bar brokers and agents from handling cash on behalf of insurers.
Top Insurance Companies
The report by Ajua ranked Britam the best insurance company in customer experience with a Net Promoter Score (NPS) of 28.
Britam excelled due to their quick responses in case of accidents/ death/ emergency, fast payment of claims, great customer service, affordable premiums and reliability.
“They have good premiums package, they respond immediately after one has had a vehicle accident or incident that involves the insurance, they have good customer service,” one customer shared.
Jubilee came in at second place. Customers gave them a high score for good customer service, reliability, affordable premiums, provision of a wide range of covers and fast payment of claims.
“Their premiums are affordable to low income earners and their offer best quality services which are readily available and accessible.” One customer shared.
However, some customers complained about slow payment of claims and poor customer service at Jubilee insurance. Other customers said that they were not available all over the country.