The insurance industry in Kenya is at a turning point, with new technologies and changing customer expectations reshaping the landscape. To remain competitive, insurance agents must understand and embrace these changes, and be prepared to adapt to new realities.

Are you an insurance agent in Kenya? Do you run an insurance business? Do you want to stay ahead of the curve and build a successful career in the Kenyan insurance industry? Then read on. This article will give you the insights and knowledge you need to thrive in the world of insurance in Kenya, which is continuously evolving.

These are the new realities and how to adapt to them:

1. Increased emphasis on digitization

The insurance industry adopting digitization has significantly impacted the role of insurance agents. With the shift towards online services, agents must adapt to new technologies to meet customer demands. The availability of digital insurance policies and certificates, for instance, has enabled agents to provide faster and more convenient services to customers, improving their overall experience.

In Kenya, the Association of Kenya Insurers (AKI) launched the Digital Motor Vehicle Insurance Certificate (DMVIC) system, which has allowed the issuance of motor insurance certificates digitally. This system has streamlined the insurance process, reducing turnaround time and enhanced the efficiency of insurance agents.

A number of insurtech companies have also integrated into the DMVIC system, allowing insurance stakeholders who use their insurance management platforms to instantly generate certificates for their clients. Our mobile app, Agencify, has not been left behind on this development. Our platform issues insurance agents and their clients with instant DMVIC certificates once the agents have completed their motor insurance transactions on the app.

Therefore, as the industry continues to evolve, agents must continue to keep pace with technological advancements to remain competitive and meet customer expectations.

2. Increased Automation

According to McKinsey, automation is transforming the way insurance agents work by automating routine tasks such as data entry, customer communication, and lead generation. This increased efficiency not only saves agents time but also allows them to serve their clients better by providing more value-added services.

Furthermore, automation creates more time for agents to follow up on leads. It also speeds up the process of looking for suitable products suitable for their prospects, ultimately increasing their chances of closing more deals.

Forbes also highlights that automation can change the insurance industry. In this article, it is highlighted that increased automation provides insurance agents with a competitive edge by enhancing their productivity, efficiency, and ability to provide personalized services to their clients.

Therefore, agents who are looking to simplify their business processes need to adopt tools that can help them implement automation in their businesses.

3. Expansion of Digital Channels

Digital channels, such as social media and mobile apps. are becoming increasingly important in the insurance industry. Insurance agents need to be able to leverage these channels to connect with potential clients and provide a better customer experience.

Social media platforms such as Facebook, Twitter, and LinkedIn are powerful tools for insurance agents. By creating engaging content and participating in online communities, insurance agents can build their brand and connect with potential clients. For example, Kenyan independent insurance agents can join an online community like Independent Insurance Agents in Kenya on Facebook to network with their fellow agents, share insights, and advertise their services.

Mobile apps are also becoming increasingly important in the insurance industry. Insurance agents can now provide their clients with instant services through mobile apps that enable them to access their insurance policies, file claims, issue instant certificates and get real-time updates on their policies. A good example of such a mobile app is the Agencify app. Agencify is a simple and responsive insurance management mobile app for independent agents.

4. Focus on Customer Experience

The insurance industry has started to shift its focus towards providing an exceptional customer experience. This change is due to the realization that customer satisfaction plays a critical role in the success of an insurance company.

Insurance agents, in particular, have felt the impact of this shift as they are the first point of contact for customers seeking information or assistance. By providing excellent customer service, agents can build long-lasting relationships with their clients and increase customer loyalty.

Insurance companies are, therefore, ensuring that their agents give the best customer service by equipping them with platforms that streamline customer service. For example, platforms that agents can use to generate instant insurance quotes improve customer experience because they enable; speed and convenience, accuracy, and quick personalization. This also makes the process of selling insurance more accessible and convenient for agents.

5. Data Protection Regulations

The Kenya Data Protection Act (DPA) of 2019 is the primary data protection regulation in Kenya, which imposes obligations on companies that collect and process personal data to protect customer privacy and ensure that data is handled in a secure and transparent manner. These regulations are significantly impacting the way the insurance industry conducts business in Kenya. It has changed the way industry stakeholders handle and process customer data.

Insurance stakeholders must comply with these regulations by implementing appropriate data protection measures, such as collecting only necessary data, obtaining customer consent for data collection and processing, and implementing appropriate security measures to protect customer data. Failure to comply with these regulations can result in significant fines, legal action, and damage to the agent’s reputation.

Insurance agents must, therefore, be knowledgeable about these changes and incorporate them into their day-to-day business. This not only applies to their traditional way of doing business, but also to the digital way. That’s why new insurtechs for agents are ensuring that they’re compliant with the DPA regulations – to ensure that the agents operate within the parameters of these regulations.

For example, the Agencify app has met the DPA requirements and received approval and a permit from the ODPC – Data Controller. This approval and permit was acquired upon thorough evaluation to ascertain that the customer data that agents sync on the platform would be safe, secure, and protected.

6. Rise of Insurtech Startups and Collaborations

Insurtech startups are disrupting the traditional insurance model by leveraging technology to provide innovative products and services to customers. To keep up with the competition, traditional insurers are partnering with insurtechs to offer new solutions that meet the changing needs of customers. Industry collaboration among insurers and insurtechs is significantly impacting insurance agents by changing the way they work and compete in the market.

The collaboration between insurers and insurtechs is resulting in the development of new digital platforms and tools that provide agents with better customer data, streamlined workflows, and enhanced analytics capabilities. This has made it easier for agents to personalize their services, meet customer needs, and compete with other players in the market.

A good example of such a partnership is the recent partnership between Agencify and APA Insurance to offer independent agents in Kenya a mobile app, Agencify. This mobile app will simplify the agents’ insurance processes by allowing them to access their businesses on their phones and work on the go.

Conclusion

In conclusion, the insurance industry in Kenya is undergoing a significant transformation, and insurance agents must keep up with the changes to remain competitive. These 6 new realities are essential elements that will drive the industry forward.

To stay ahead of the curve, insurance agents must embrace these new realities by adopting innovative technologies and working with insurers who are building strong partnerships with other players in the industry. By doing so, agents can provide better products and services to their clients, enhance their customer experience, and ultimately improve their bottom line. By embracing the new realities, they will undoubtedly thrive in this rapidly evolving industry.

Are you an independent insurance agent and would like to stay ahead of the curve in the evolving Kenyan insurance industry? Agencify is a free mobile app that has been specifically designed for you to help you stay ahead of the curve. It has features that empower independent insurance agents to streamline their workflow, improve customer experience, and increase profitability. These features include; real-time policy management, quote generation, in-app premium payment capabilities, DMVIC certificate generation, and comprehensive commission statement reporting.

To start using the Agencify app, please send us your full name, phone number, and email address to contact@agencify.insure or 0706 78 78 78 and we will get back to you.

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Sharon Nasiombe

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