The bancassurance sector in Kenya has achieved an overall service compliance score of 79%, driven primarily by agents' customer service excellence (97%) and satisfactory product knowledge (78%), according to the findings of a study released by the Association of Kenya Insurers (AKI).
Gross written premiums generated from bancassurance grew to KES35bn ($270m) in 2023 from KES19.5bn in 2019, climbing by 79.4%, according to the findings of a study released by the Association of Kenya Insurers (AKI).
Bancassurance has experienced remarkable growth in Kenya, with premiums generated by the channel soaring by 79.4% in 2023, significantly outpacing the overall insurance industry's growth of 56.2% during the same period, according to a report by the Association of Kenya Insurers (AKI).
In the half year since the removal of a restriction that limited to three the number of insurers allowed to co-operate with a commercial bank branch, the structure of the bancassurance market segment has changed.
Prudential has appointed Mr Patrick van Heerde as chief partnership distribution officer, effective 4 November. In his new role, he will spearhead Prudential's bancassurance businesses across its 24 markets in Asia and Africa.
Private-sector life insurers are preparing to adjust commission structures for distribution channels, following regulations that came into effect on 1 October requiring insurers to offer higher surrender values for endowment policies.
Bancassurance sales personnel say that they encountered teething problems in the early stages of the implementation in August 2023 of rules on commission fees payable in bancassurance.
HSBC Life Singapore has appointed Mr Lu Ouling as chief product propositions officer and Mr Michael Wei as chief partnership distribution officer.
Prudential has reached an agreement to acquire the remaining shares of Prudential Zenith Life Insurance Limited (PZL), its joint venture business in Nigeria, leading to 100% ownership of the latter.
SBI General Insurance Company, one of India's leading general insurance companies, and HSBC India have entered into a bancassurance partnership for the distribution of non-life insurance products.