Equity Group receives licence to offer life insurance in Kenya

Equity Group has diversified to insurance business with the launch of Equity Life Assurance Kenya Ltd (ELAK).

ELAK is fully owned by Equity Group Insurance Holdings Limited (EGIHL), a subsidiary of the Group.

This is part of Equity Group’s vision to expand its revenue stream.

Group CEO and Managing Director James Mwangi said ELAK is a fully-fledged business with separate structures and commercial arrangements in line with the Insurance Regulatory Authority (IRA Kenya) regulations.

Dr Mwangi said ELAK will ensure that the insurance solutions are easily accessible using technology thus giving Kenyans the freedom to access, pay and receive the 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.

Covid-19 has been the greatest set back to many households in their pursuit for economic independence.

ELAK is pledging to invest heavily on consumer education to equip Kenyans with knowledge to make the right decisions regarding insurance for themselves and their businesses, and to embrace insurance as a key component to reliably grow their wealth, health, and livelihoods by protecting it.

Angela Okinda, the managing director and principal officer of ELAK, said their aim is to provide consumers with freedom and ease of access to insurance solutions, payment and placement of their insurance coverage, as well as support and advice during the life of the policy.

“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.

Also speaking while handing over the licence, IRA Chairman Abdirahin Haithar Abdi expressed optimism that ELAK would play key role in the sector considering its past business history noting that Equity group has instilled confidence to many Kenyans.