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 The State Of Customer Experience & Digital Disruption In The Insurance Industry In Kenya

The State Of Customer Experience & Digital Disruption In The Insurance Industry In Kenya

In Kenya, the insurance business is highly competitive, with very little product differentiation amongst insurance companies. This means the insurer’s main competitive edge is in product pricing and customer experience. Many Kenyan underwriters have since believed that insurance customers make purchasing decisions based on amounts of premiums charged.

This has led to aggressive undercutting in the industry as insurers struggle to retain and attract new customers. Underwriters find it challenging to differentiate themselves in the eyes of the customer ,especially when they interact so irregularly with their clients. In an era when consumers have access to multiple digital devices and expect high-touch personalized service, Insurance by its very nature remains a low-touch industry. This is not only a Kenyan problem. In developed countries, just half of the customers have had any contact with their insurers for any reason in the past 12months. Insurers are quickly discovering that the best way to best way to engage and interact with their customers is to offer them non-insurance services—such as home security,car maintenance, health monitoring, financial planning and much more Customers actually need some of these services and information as would be seen later in the report.

Loyalty is good for business. Loyal customers are easy and cost effective to retain, engage in advocacy on various media and recommend their insurers. We shall benchmark this customer loyalty across different insurance companies in Kenya to see which companies are most likely to be recommended by their clientele.

Some Kenyan Insurers have made concerted efforts in recent years to build customer loyalty.