Mombasa: Madison Life Assurance Limited is accelerating efforts to increase insurance coverage in the country, which currently stands at 2.3 per cent of the Gross Domestic Product. The company targets the informal sector by offering customised insurance products tailored to meet the needs of this segment.
According to Kenya News Agency, Madison Life Assurance Managing Director, Githua Ngaruiya, speaking during the launch of an advocacy campaign in Mombasa, said saving remains a crucial safeguard against future risks and urged coastal residents to commit to daily saving habits. He encouraged jobless youth to take advantage of sales agent opportunities at the company as a way to earn a livelihood. Ngaruiya noted that although the Port City is the fastest-growing region in the country, it still lags behind in saving culture, presenting an opportunity for the company to sensitise residents.
The insurer is intensifying its marketing efforts to persuade informal sector players to adopt a daily premium of Sh500, saying this will make saving more accessible. The firm is also complementing government efforts to entrench a savings culture and is leveraging technology to enable customers to buy insurance from the comfort of their homes. Ngaruiya stated, “Our current penetration rate is 2.3 per cent, which is still very low because we have not been able to get to the common mwanachi. We have focused mainly on corporates and parastatals, but today, as Madison, we are here to talk to the common mwananchi.”
Ngaruiya added that if the company can engage the informal sector by implementing daily transactions, the penetration rate could increase to seven per cent and above, as the informal sector has not yet been sufficiently captured. He lauded the government for introducing the Insurance Professionals Act 2025, which has strengthened the sector and will enable insurance firms to sell their products faster and also increase their ability to reach customers who are currently not reachable.
National Sales Manager, Joseph Gathogo, highlighted that the company has changed its mode of business by introducing daily premiums to cover Kenyans from all walks of life. Meanwhile, Coast region Sales Manager Monica Mitei urged coastal youth to visit the firm’s branches in Mombasa, Malindi, Diani, and Voi to explore sales agent opportunities.
The firm’s campaign caravan will engage customers at Mwembe Tayari, Mackinnon markets in Mombasa CBD, Kongowea wholesale market, Bombolulu, Bamburi, and Mtwapa, culminating in Kilifi town. “I want to urge everyone to come and visit our activation tents across the places and also to interact with our agents, because today is all about educating on what solutions we have, that is, education, retirement, and investment solutions,” said Mitei.
Madison Head of Marketing Dr Yvonne Tharau noted that the company will tailor products to be Shariah-compliant to attract Muslim customers who prefer such products, emphasizing that insurance is one of the basic needs.