DISTRIBUTION & TECHNOLOGY - Munich Re …...platform for distribution and customer service in...

GENERAL•LIFE •HEALTH • ASSET

DISTRIBUTION & TECHNOLOGY

MR. JACK KIONGA

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GENERAL • LIFE • HEALTH • ASSET

Landscape for Using The mobile Phone Phone fThe following factors provide the basis for using the mobile phone as a platform for distribution and customer service in Kenya• Over 90% penetration rate with about 38 Million users• Smartphone penetration rate is at 50% of all adults with the youth as a

majority regardless of economic status. This has increased internet use and accelerated social media usage

• Cheap internet affordable bundles especially for social media users• Heavy promotion of affordable smart phones ($30) among the informal

sector by telcom giants. This has increased adoption• Over 26 M mobile money subscribers transaction approximately

$4Billion a quarter from over 230 Million transactions• Mobile money as a popular tool also for commercial transaction for

paying bills and buying goods

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GENERAL • LIFE • HEALTH • ASSET

Distribution Using Mobile Application

CIC Insurance distributes all its retail life insurance products using a mobile app none as CIC M-Bima. The contracted agents download the app from Google Playstore. Policy then issued on premium receipt

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GENERAL • LIFE • HEALTH • ASSET

Leveraging on E-Government

Among the database accessible to the public is the Integrated Population Registration Services (IPRS). We have integrated with the database. Once the National ID# is entered, the bio-data is auto-populated as indicated below

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GENERAL • LIFE • HEALTH • ASSET

Payment Options

Payments can be made using conventional channels (except cash), online and using mobile money. For simple savings products, mobile money is used using a Till Number. Premiums are flexible and can be paid any time.

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GENERAL • LIFE • HEALTH • ASSET

Customer Journey

Besides the agent being able to view his portfolio and commissions, the client can also log into their account. Client app is under development to make claims and customer service/client initiated processes easier/faster.

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GENERAL • LIFE • HEALTH • ASSET

Referral System – Future Potential

Platform allows the use of aggregators to sell simple products where the aggregator is paid a one-off fee. A happy client gets rewarded using the referral system. We expect to leverage on this to sell simple savings products to the youth and informal sectors. Social media referrals expected to play a big role?

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GENERAL • LIFE • HEALTH • ASSET

Conclusion

Mobile and web technology has widened the space for insurance penetration. What could not be achieved before is now attainable especially:• Ease of distribution. Provides opportunity to broaden distribution

base including aggregators and referrals;• Reduced cost of acquiring business• Reduced infrastructure • Reduced wage bill operations and customer service • Greater transparency etcThis has also increased pressure for simpler products

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Thank You.

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