NAIROBI, (The Southern African Times) – Kenya plans to harness technology in order to boost insurance penetration in the country, the insurance regulator said on Monday.
Godfrey Kiptum, CEO of Insurance Regulatory Authority (IRA) told journalists in Nairobi that the use of Internet of things, blockchain, Big Data, application programming interface, machine learning and artificial intelligence can help tackle the problem of low uptake of insurance products in the country.
“Harnessing technology is seen as one of the levers we can use to boost insurance penetration in Kenya,” Kiptum said.
According to the insurance regulator, less than three percent of the population has insurance.
Kiptum noted that the government is prioritizing the increasing population with access to insurance because it is a key pillar of financial inclusion.
He said that many Kenyans believe they are not insurable, hence the need to encourage and motivate local innovators to come up with more solutions to meet the needs of low-income persons.
Kiptum revealed that providing affordable insurance is one way of lifting low-income households out of poverty through micro-insurance which is an effective risk mitigation tool and an essential component for social protection.