CIC Insurance Group, a member of the International Cooperative and Mutual Insurance Federation (ICMIF), based in Kenya has been awarded the title of Group Life Company of the Year in the Association of Kenya Insurers Group Life Best Practice Awards. This annual event is a celebration of top performing insurance companies and sales agents in Kenya for the year just ended. The purpose of the awards is to recognise life insurance companies which are underwriting group life lines of business in keeping with industry best practice.
The award parameters for life insurance companies that embrace industry best practise for group life products are:
- Adherence to a prescribed standard quotation form
- Adoption of the minimum recommended premium rates
- Update of the AKI Group Life Listed Risks Register
- Innovation – new products & new distribution channels
- Company with the lowest portfolio loss ratio
CIC Group met all the above criteria. CIC Group’s premium growth in group life products alone improved from Kshs. 2.8B in 2016 to 3.0B in 2017. The Group’s total life business grew from 3.8B in 2016 to 4.1B in 2017. For new business, CIC Group recorded 80 new group life schemes. The company’s loss ratio was at an improved 60% in 2017 compared to 71% in 2016. In terms of compliance to the monthly reports, CIC Group issued timely reports to AKI by the 15th of every month. CIC Group also had new partnerships especially with banks and we rolled out new products with these partnerships.
Tom Gitogo, CIC Group CEO and Vice-Chair of the ICMIF Board of Directors, told ICMIF: “The award is a big achievement for CIC Group. In a very competitive insurance industry which is driven by price, CIC is able to underwrite quality business thereby creating sustainable solutions for the industry. It pays to do the right thing! We are also making significant inroads into the micro market as more than 80% of the numbers of new schemes being micro groups and SMEs”.
CIC Insurance Group is ICMIF's project partner for the ICMIF 5-5-5 Mutual Microinsurance Strategy in Kenya.