Zamara's Simplifies Insurance Buying Online in Kenya

Zamara Group, a pension fund administrator, has established an online portal where consumers may purchase investment plans and insurance policies.

eZamara, the Zamara online portal, intends to make financial products like insurance and pensions accessible to a large number of people.

The site is made to make it simpler for people and businesses to find the products they need and to receive the insurance they require. The portal would speed up and enable digital and financial inclusion in Kenya by offering a single point of access.

• eZamara, the Zamara online portal, intends to make financial products like insurance and pensions accessible to an uninsured mass market
• Customers will be able to purchase products like auto insurance, retirement plans, domestic packages, travel insurance, and final expenses from the convenience of their homes and workplaces.
• Customers can use the site to calculate insurance costs, compare prices, and select policies and investment plans from various insurance companies.

Customers will be able to purchase products like auto insurance, retirement plans, domestic packages, travel insurance, and final expenses from the convenience of their homes and workplaces like golfer's insurance, life insurance on credit and loss of job insurance.

Customers can use the site to calculate insurance costs, compare prices, and select policies and investment plans from various insurance companies.

Portal to Improve Customer experience

The company hopes to elevate the customer experience by establishing an online platform, which will make it simple for customers to find the right coverage at the right price.

Accurate prices, dependable service, and simple claim administration are all included in eZamara platform.

CEO of Zamara Group Sundeep Raichura said that the new platform is aimed at young people, typically uninsured.

"Responding to the demands and needs of the technologically sophisticated generation is what e-Zamara is all about. The current insurance industry is complicated and fragmented, making it difficult for young people to obtain insurance policies.

"Customers are undoubtedly asking for more simplification, choice, accountability as well as easier access to insurance and financial products," CEO of Zamara Group Sundeep Raichura said.

The digital revolution of the insurance industry

"Insurance sales growth through the internet and other digital channels have increased dramatically over the years. By facilitating easy access to financial products like insurance and pensions at scale, Zamara is committed to advancing and enabling financial and digital inclusion in Kenya, Sundeep explained.

The debut coincides with an insurance industry shift toward digital platforms to attract underserved and unserviced customers.

The Insurance Regulatory Authority (IRA) reported in October 2021 that Kenya's insurance penetration fell to 2.43 per cent of GDP in 2019. The lowest level in 15 years, from a peak of 3.44 per cent in 2013.

According to its 2022-2025 strategy plan, the company would invest around $100 million in technology over the next three years to strengthen its digital strength.

"The digital revolution of the insurance industry will require a large number of resources to spend. However, investing in online technologies will be crucial if insurers want to stay current with consumers," Raichura added.

Zamara products target the mass-market

In June 2020, Zamara Group launched "Zamara Afya," an economical and flexible medical insurance programme geared toward people between the ages of 18 and 80.

All uninsured Kenyans are now able to purchase the comprehensive medical insurance plan known as Zamara Afya. Accessible to both inpatient and outpatient therapies.

Zamara Afya is a medical insurance product with distinctive features, including; no waiting periods, no pre-entry medical examination for the insured, an extensive provider network, free drug delivery, and a variety of wellness programmes.

In addition, Zamara Afya also caters to managing chronic diseases.

Optical, Dental, ambulance and air evacuation coverage, free last-minute expenses, and personal injury coverage with highly competitive limits are some of the other central aspects of the insurance.

Without any kind of medical insurance, most people frequently skip preventative care appointments and, in the event of chronic illnesses, lack access to adequate care for various chronic ailments.

Additionally, most of those without insurance are more likely to require hospitalisation due to health issues that may have been prevented with regular examinations. More deaths could have been avoided as a result of this. All of these issues are addressed by Zamara Afya.

eZamara will fast-track Fahari Retirement plan enrolment

In November 2021, Zamara Group and the Kenya National Federation of Jua Kali Associations (KNFJKA) signed a Memorandum of Understanding to promote financial inclusion in the informal sector to enable saving, protect against old-age poverty, and address other pertinent risks associated with the life cycle of the typical Jua Kali worker.

The partnership's first project involved distributing Zamara's Fahari Retirement product, to more than 18 million members nationwide.

The Fahari Retirement Plan is a cutting-edge individual retirement solution designed to help the youth save money for the future. It targets people who work primarily in the informal sector.

Kenya: Zamara partners with Jua Kali Players to drive financial inclusion