Wednesday 17 August 2016

Pan Africa Insurance Holdings Limited has rebranded to Sanlam Kenya

Pan Africa Insurance Holdings rebrands to Sanlam Kenya

  Rose Welimo , , , , , 3
By Nicholus Nduati
Pan Africa Insurance Holdings Limited has rebranded to Sanlam Kenya, a financial services group currently listed on both the Johannesburg and the Namibian Stock Exchange.
Sanlam Kenya CEO Mugo Kibati says the rebrand has positioned the firm to offer Kenyans greater access to a comprehensive and tailored range of insurance and investment financial solutions.
The rebrand according to Kibati aims to offer Kenyan shareholders, clients and other stakeholders the added comfort and security of doing business.
Currently, Sanlam Kenya enjoys an estimated market share of 8 percent in the Kenyan life insurance industry.
The move sees Pan Africa Insurance Holdings subsidiaries, Pan Africa Life, Pan Africa Asset Management, Gateway Insurance and PA Securities also rebrand to Sanlam Life Insurance, Sanlam Investments, Sanlam General Insurance and Sanlam Securities respectively.
Sanlam Kenya has lined up a variety of general insurance and investment financial products to be launched soon.
The Sanlam Group currently has businesses in 33 countries across Africa and first acquired a stake in Pan Africa Insurance Holdings Limited in 2006, following Sanlam’s acquisition of African Life Assurance Group.
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Pan Africa Life Insurance/Assets now Sanlam Kenya set to offer products through Mobile Phones

Sanlam Kenya, formerly Pan Africa Life Insurance, has disclosed plans to offer insurance products through mobile phones in an effort to boost uptake. 
By GEORGE NGIGI


Posted  Wednesday, August 17   2016 at  18:19  http://www.businessdailyafrica.com/Sanlam-Kenya-plans-insurance-products-through-mobile-phones/539552-3348240-item-0-nh24stz/index.html 
IN SUMMARY
  • The system upgrade by the insurer was, however, problematic resulting in the loss of clients and intermediaries following delays and inaccuracies in premium calculation.
  • Linda Jamii is a micro-health cover that was launched in January 2014 together with Safaricom and Changamka Microinsurance targeting the underserved low end of the market.
Sanlam Kenya, formerly Pan Africa Life Insurance, has disclosed plans to offer insurance products through mobile phones in an effort to boost uptake.in
The insurer last year upgraded its systems to support introduction of new technology-driven services.
Insurance penetration in the country has remained low especially in life business, which is viewed as a preserve of the wealthy.
“The only way to increase penetration of insurance is to use different means away from the traditional agency operation to include digital operations and partnerships,” said Mr Ian Kirk, the chief executive of Sanlam Group.
He, however, declined to disclose the time-lines in which the company is expected to launch the mass market products.
Insurance agents and brokers are the source of 83 per cent of business booked by insurers in the Kenyan market.
The system upgrade by the insurer was, however, problematic resulting in the loss of clients and intermediaries following delays and inaccuracies in premium calculation.
Sanlam’s new life business sales for last year declined by 19 per cent leading to shrinkage of its market share to eight per cent at the end of 2015 from 9.8 per cent a year earlier, according to data from the Insurance Regulatory Authority.
Rebranded
“What hit us were the initial implementation challenges where there were mismatches but now we are optimising the system,” said Sanlam Kenya Group chief executive Mr Mugo Kibati.
The insurer has rebranded to Sanlam Kenya to identify with its South Africa-based parent Sanlam Group.
Sanlam Group owns 56.3 per cent stake of the listed company, which recently added general insurance to its mainstay life insurance products.
The multinational has made known ambitions to raise its stake in the subsidiary to 60 per cent.
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