PesaBazaar.com has launched a Sh 40 million insurance price comparison web portal to the Kenyan market, the service allows consumers to compare premiums and features of similar insurance products and services at a glance.
The portal will enable customers to freely and conveniently compare and purchase a wide range of insurance products at the click of a button.
The company’s co-founder Calleb Karegyesa said that the insurance market in Kenya is highly fragmented and it is difficult for the insured to find the right product that offers the best coverage for the best price.
“We are partnering with leading insurance companies in Kenya to ensure that we offer the widest selection of insurance products in the simplest form so that customers can easily and quickly compare plans using the most significant benefits/cover metrics for each class of insurance”. he said
So far, PesaBazaar has signed up with 10 of the leading insurance companies in Kenya. It is continuing to onboard more providers and products in general insurance and life insurance.
The insurance products on the PesaBazaar bouquet include Comprehensive Motor Insurance, Third Party Only Motor Insurance, Individual and Medical Insurance, Travel Insurance, Golfers Insurance, Mobile, SME and Corporate Insurance.
On his part, Prashanth Srinivas, one of the co-founders that they want to make buying insurance hassle-free as possible by giving the customer the option to purchase cover instantly.
“The entire search, comparison and purchase experience has been brought at the convenience of the customer and is available on desktop, tablet and mobile. This, coupled with our experienced customer service team, will ensure timely service delivery to our customers countrywide,” he added
Despite its low penetration levels, Kenya is one of the largest insurance markets in Africa. There are currently over 40 insurance companies, four reinsurance companies (including Zep Re and Africa Re, which are regional bodies), 200 insurance brokers, 250 service providers and about 4,000 insurance agents.
Currently, the annual growth rate of insurance premiums is pegged at 20 per cent. In 2014, Kenya generated insurance premiums amounting to $ 1.8 billion, which is the largest in sub-Saharan Africa outside of South Africa. Kenya’s growth in premiums is contrasted with the Africa-wide growth of only 4.2 per cent.
PesaBazaar is Kenya’s premier comparison website for insurance products and services. The company was established in 2015 to help customers make informed choices when looking for financial services like insurance. The portal caters for all segments of the market from personal, commercial to corporates.
The insurance products on the portal Comprehensive Motor Insurance, Third Party Only Motor Insurance, Individual and Seniors Medical Insurance, Travel Insurance, Golfers Insurance, Mobile, SME and Corporate Insurance.