Equity Life Assurance Kenya; Equity acquires licence to offer life insurance policy
Equity Life Assurance Kenya Ltd; Equity Group has diversified to insurance business with the launch of Equity Life Assurance Kenya Ltd (ELAK).
Equity Group Insurance Holdings Limited (EGIHL), a subsidiary of the Group, owns 100% of ELAK.
This is part of Equity Group’s strategy to diversify its revenue.
ELAK is a fully-fledged firm, according to Group CEO and Managing Director James Mwangi, with separate structures and commercial arrangements in accordance with Insurance Regulatory Authority (IRA Kenya) laws.
Dr. Mwangi stated that ELAK will ensure that insurance solutions are freely accessible through technology, allowing Kenyans to access, pay for, and receive insurance solutions of their choice.
“The ELAK licence comes at a very critical time when the economy is recovering from the impact of the Covid-19 pandemic. Our inspiration is to offer insurance to all categories of consumers and make insurance accessible, affordable, and inclusive in line with our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation,” said Dr. Mwangi.
Equity Life Assurance Kenya Ltd has pledged to invest heavily in consumer education in order to equip Kenyans with the knowledge they need to make informed insurance decisions for themselves and their businesses, as well as to embrace insurance as a key component in reliably growing their wealth, health, and livelihoods by protecting it.
The goal of ELAK, according to Angela Okinda, managing director and principal officer, is to give customers flexibility and convenience of access to insurance solutions, payment and placement of insurance coverage, as well as support and guidance during the policy’s life.
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“ELAK will also ensure easy access to insurance solutions through multiple distribution channels. ELAK’s provision of insurance will be refreshingly different, innovative, and very convenient,” Ms. Okinda said as she received the licence from the IRA in Nairobi.
While handing over the license, IRA Chairman Abdirahin Haithar Abdi expressed confidence that ELAK would play a vital role in the industry, citing the company’s historical business history, as well as the fact that Equity Group had inspired faith in many Kenyans.
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