Partner with regulators to build trust, insurers told

Financial and audit advisory firm, KPMG Monday urged insurance companies to jointly work with regulatory agencies

Monday February 22 2016

Insurance Regulatory Authority CEO Sammy Makove at a past event. FILE PHOTO | DIANA NGILA

Insurance Regulatory Authority CEO Sammy Makove at a past event. FILE PHOTO | DIANA NGILA | NATION MEDIA GROUP  

By JAMES KARIUKI
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Financial and audit advisory firm, KPMG Monday urged insurance companies to jointly work with regulatory agencies to boost trust of their products among East Africans.

Mr Reader said all insurance companies must stop seeing government regulatory agencies as obstacles but partners in boosting confidence among locals on the need for insurance cover.

''Regulatory agencies must never be fought but embraced to help improve services to people and deepen penetration. Engage them often to keep abreast with technology challenges or risk being swept out of business,'' said Mr Reader.

KPMG's Kenya Chief Executive Mr Josphat Mwaura and KPMG's Global Head on Insurance Mr Gary Reader said insurance business enjoyed a huge chance to penetrate via the internet technology but urgently needed to adopt to the changing times.

"Customers now have more say than before. Stop introducing products to push down your clients' throats but listen and formulate products as per a client's needs," said Mr Mwaura.

The KPMG Senior Partner spoke when he gave his inaugural opening remarks on East Africa's Insurance Risk Conference at Hotel Villa Rosa Kempinski in Nairobi.

KPMG's Global Insurance Head said that companies must take client data seriously to boost business. This could see them employee analysts to guide product innovation.

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