The just concluded BAK Inaugural Conference Themed: “Rethinking Insurance Distribution, embracing disruptive technologies while strengthening customer technologies ” which came to a close on Friday 11th brought together all the key players in Insurance regulation (IRA), Banking (Kenya Bankers) Insurance distribution (Intermediaries), Underwriting (AKI) InsureTechs and the general consumers that was officially opened by the CEO IRA Mr. Godfrey Kiptum.
Speaking during the event the CEO confirmed the notable growth registered by the bancassurance intermediaries which is supported by the parent bank growth and acceptance he however challenged the bancassurance fraternity to create products that resonate with customer need and would transform lives as much as they accelerate insurance penetration.
The new Bancassurance guidelines 2020 recommended for the registration of all the bancassurance entities from Agency to Intermediary which are wholly owned by the parent bank.
This gave birth to a new formation in the insurance distribution namely:
- Insurance agency
- Insurance Broker
- Bancassurance Intermediary
