Kenya has an economy that is leapfrogging traditional economies in the use of mobile technology. This has created a lot of ingenuity and innovation. Foreign investors hope that this, can be taken to mature markets. This, exact sentiments of Oliver Baete, Board Chairman of Allianz SE, arguably the largest general insurance company in the world.
He added that East Africa is on the rise, particularly Kenya, with the middle class growing fast which has served to attract Foreign Direct Investments.
“We are very optimistic about our prospects here in Kenya. The population is evolving very quickly because of positive steps made in education and the strong entrepreneurial spirit which is a prerequisite for a successful insurance industry,” said Baete explaining why Allianz Group set up an office in Kenya.
Allianz Group, founded 127 years ago launched their motor and home insurance in Kenya with an aim of leveraging on their global experience. The company is looking to partner with local firms to cater not only for the affluent but also localizing the products.
This, the company says is because of Kenya’s modern technology base giving credit to products like M-Pesa and huge leaps and innovation giving it a whip hand over other countries that depend on the physical insurance structure.
He added that Allianz has a very strong digital agenda. “We want to develop products for the digital age. Since most of Kenyans have a phone and many are now acquiring smartphones, this provides an excellent infrastructure for services we would like to offer across the space. We want to grow with the economy and grow with the population as well.”