Madison Life Assurance Limited is accelerating efforts to increase insurance coverage in the country, which currently stands at 2.3 per cent of the Gross Domestic Product.
The company targets the informal sector by offering customised insurance products tailored to meet the needs of this segment.
Speaking during the launch of an advocacy campaign in Mombasa, Madison Life Assurance Managing Director, Githua Ngaruiya, said saving remains a crucial safeguard against future risks, urging coastal residents to commit to daily saving habits.
He encouraged jobless youth to take advantage of sales agent opportunities at the company as a way to earn a livelihood.
A small saving goes a long way,” he said, noting that although the Port City is the fastest-growing region in the country, it still lags behind in saving culture, presenting an opportunity for the company to sensitise residents.
The insurer is intensifying its marketing efforts to persuade informal sector players to adopt a daily premium of Sh500, saying this will make saving more accessible.
The firm is also complementing government efforts to entrench a savings culture and is leveraging technology to enable customers to buy insurance from the comfort of their homes.
“Our current penetration rate is currently 2.3 per cent, which is still very low because we have not been able to get to the common mwanachi.
We have focused mainly on corporates and parastatals, but today, as Madison, we are here to talk to the common mwananchi,” stated Ngaruiya.
“If we can get to the informal sector by paying daily, as they transact on a daily basis for everything they are doing. We can now increase our penetration rate to where it should be. It should be seven per cent and above because the informal sector has not yet been able to be captured,” he added.
The MD lauded the government for introducing the Insurance Professionals Act 2025, which has strengthened the sector and will enable insurance firms to sell their products faster and also increase their ability to reach customers who are currently not reachable.
The National Sales Manager, Joseph Gathogo, said the company has changed its mode of business by introducing daily premiums to cover Kenyans from all walks of life.
Coast region Sales Manager Monica Mitei urged coastal youth to visit the firm’s branches in Mombasa, Malindi, Diani and Voi to grab the Sales Agents opportunities.
The firm campaign caravan will have a whirlwind customer engagement commencing at Mwembe Tayari and Mackinnon markets at the heart of Mombasa CBD, Kongowea wholesale market, Bombolulu, Bamburi, and Mtwapa, culminating in Kilifi town.
“I want to urge everyone to come and visit our activation tents across the places and also to interact with our agents, because today is all about educating on what solutions we have, that is, education, retirement and investment solutions,” she said.
Madison Head of Marketing Dr Yvonne Tharau noted that the company will tailor products to be Shariah-compliant to attract Muslim customers who prefer Shariah-compliant products, emphasising that insurance is one of the basic needs.
By Sadik Hassan
