InsureAfrika.com is an online comparison platform which enables users to compare insurance quotes across insurance categories like car insurance, health insurance, travel insurance etc. from leading insurance providers in Kenya.
Pitching at DEMO Africa 2015 Gagan Hayer of InsureAfrika.com said that the company was looking for investors to bring in USD 1 million.
InsureAfrika.com allows users see quotes within seconds by filling a simple form. Users can also select the quotes they prefer with a simple click of a button. Insurance providers then get in touch with the consumers to close the deal.
Insurance sector in Kenya is primarily driven by intermediaries, who dont pass accurate information to both consumers and the companies thereby disconnecting consumers from the insurance companies.
Insurance sector in Kenya is targeting KShs 250 billion in premium revenues in 2015 and is growing at a very rapid pace. The commissions payable to intermediaries is 10-15% of the total premiums. This coupled with the growing marketing budgets for online medium, is the total market size that InsureAfrika.com can potentially tap into.