Actuary targets fast services with new insurance application
4 months ago, 3 Jan 17:39
For two years Kenneth Kioko worked at an insurance company and got concerned that the insured got frustrated accessing services. This was the inspiration behind MyInsure, a mobile application that he founded which allows users to buy insurance, manage insurance portfolio and lodge claims. MyInsure Limited has partnered with four insurance companies including Amaco, Jubilee, AAR and Resolution providing agency services covering an array of products. The aggregator app sells speed and convenience and the proprietor says since unveiling a year ago, it has received more than 100 registered users, 40 per cent of who are in Nairobi. “For us the idea is to make it easy for people to access the service by integrating all the financial systems on the platform and give people access to the policy documents and application forms,” says the 28-year old Actuarial Science graduate from Jomo Kenyatta University of Agriculture and Technology. MyInsure is operated by a team of 11 partners with background in finance, IT, actuarial science, human resource management and business analysis. Categories on the platform include health, travel, and motor insurance, with plans to grow this list through inclusion of more service providers on it. “The platform gives people the ability to compare prices and quotes from different insurance companies but on top of it all we are trying to create a paperless system,” Mr Kioko, the CEO of MyInsure Limited. Conventionally getting a response from an insurance service provider may take up to two days, but, the firm says, MyInsure does it minutes. To report an accident, a user logs onto the platform, gives details of the crash, and can attach documents like police records, witness report, photos of the scene, as well as dates. After making the entries, the app either saves the data or it is relayed to the insurance company. Similar insurance aggregators in the Kenyan market are Pesabazzar, WazInsure and GrassRoots Bima.
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