Last week, the Corporation hosted a team from Ethiopia on a bancassurance benchmarking mission. The team, a duo comprising of Mr. Deresse Berhanu - Head of Systems & Improvement and Mr. Firafis Dejene - Manager Research and Product Development from Awash Insurance were received at the Corporation offices on Wednesday 4th December 2024 by Alice Mbutu- Ag. General Manager Reinsurance Operations and Lucy Kagwiria – Manager Marketing, Business Development & Kenya Re Academy Coordinator for a brief familiarization meeting.
Awash Insurance is one of the largest insurance companies in Ethiopia and a key Kenya Re business partner and client for many years. The team had earlier requested the Corporation to secure key business meetings with bancassurance intermediaries as it seeks to enter the new line of business. The duo managed to meet the following CEOs during the market visit carried out from Wednesday, 4th December to Friday, 6th December 2024 through the collaborative effort of the Bancassurance Association of Kenya (BAK).
1. Aggrey Mulumbi, Managing Director and Principal Officer – KCB Bancassurance
2. Alois Wafula, Principal Officer – Faulu Microfinance
3. Hellen Mwikali, Managing Director and Principal Officer – Rafiki Bancassurance Intermediary
4. Maureen Wairimu, Managing Director and Principal Officer – Housing Finance (HF) Bancassurance Intermediary
5. Julia Shisia, Managing Director and Principal Officer – Absa Bancassurance Intermediary
6. Samuel Odhiambo, Managing Director and Principal Officer – NCBA Bancassurance Intermediary
During the exposure visit, the team was given an industry overview, different bancassurance models implemented, technological plans and the clientele interface between the banks and the bancassurance teams, regulatory framework, and the challenges experienced since the onset of bancassurance in the country. The team gained a wealth of knowledge, best industry practice as well as goodwill from the CEOs.
The duo was accompanied by the Marketing and Business Development team during the meetings.
