AKI launches portal to help consumers understand insurance
AKI has launched a website named https://www.understandinsurance.co.ke/ to help consumers learn more about insurance.
The website breaks down insurance concepts, terms and products in in simple and clear language. The content in the site is presented in both text and video format to cater for different information consumption preferences.
This website is part of the various initiatives the Association and other players in the industry including the Insurance Regulatory Authority (IRA) are undertaking to increase knowledge and understanding of insurance so that consumers can make informed choices.
“Borrowing from other services and products, the more you know about it the better you interact and benefit from it. We want consumers to be able to appreciate the value of insurance by first understanding it, then they can make the right choices”, said Mr. Tom Gichuhi, AKI Executive Director when launching the site.
Consumers often term insurance as difficult and complex to understand. This sentiment has been established through various studies carried out to establish reasons for low uptake of insurance, the latest being the 2021 FinAccess Survey. The survey found that there has been growth of insurance understanding with only 14.3% citing lack of understanding in 2021 compared to 40.9% in 2016.
“As an industry, we have improved in our communication to consumers, both current and potential, but we still have a lot more work to do in educating consumers”, said Mr. Gichuhi.