Equity Bancassurance Intermediary Ltd and Equity Life Assurance (Kenya) Ltd emerged as top achievers at the prestigious 2024 Insurance Awards, held at the JW Marriott Hotel in Nairobi. Organized by Think Business Limited, this event celebrates excellence and innovation within Kenya’s insurance sector.
Equity Bancassurance Intermediary Ltd: Leading the Way
Equity Bancassurance Intermediary Ltd was recognized as the Overall Best Bancassurance Intermediary Ltd, clinching multiple accolades that reinforce its leadership in the industry:
- Overall Best Bancassurance Intermediary Ltd – Winner: Celebrated for its comprehensive approach and outstanding performance across various metrics.
- Most Customer-Centric Bancassurance Intermediary – Winner: Honored for its unwavering commitment to customer satisfaction and enhancing the client experience.
- Best Bancassurance Intermediary in Technology Application – Winner: Acknowledged for leveraging technology to innovate and improve service delivery.
- Best Bancassurance Intermediary in Life Products – Winner: Commended for excellence in developing and offering life insurance products that meet diverse customer needs.
- Best Bancassurance Intermediary in Non-Life and Non-Embedded Products – 1st Runners Up: Recognized for excellence in non-life insurance products and services.
Equity Life Assurance (Kenya) Ltd: A Rising Star
Equity Life Assurance (Kenya) Ltd was also celebrated at the Think Business Awards. The company has achieved remarkable growth, increasing its insurance assets by 288% to KSh 20.8 billion and growing its Profit After Tax by 108% within 21 months of operations as of December 31, 2023. These achievements have positioned ELAK in 4th place in market share, earning them the following honors:
- Chief Executive Officer (CEO) of the Year – Winner: Angela Okinda, Managing Director of Equity Life Assurance (Kenya) Limited, was recognized for her business excellence, outstanding performance, leadership, corporate governance, innovation, and strategy execution.
- Life Insurer of the Year Category – Winner: Equity Life Assurance (Kenya) Limited was celebrated for its industry leadership through innovation in product offerings, thought leadership, financial soundness, strong risk management policies, and good corporate governance.
- Most Customer-Centric Underwriter – Life – Winner: This award recognized Equity Life Assurance (Kenya) Limited for its unique and relevant product innovation, customer-centric service excellence, and seamless use of technology and digital applications.
- Best Insurance Company in Corporate Social Responsibility Category – Winner: Awarded for its impact on people and communities through diverse and innovative corporate social activities, delivered in a sustainable manner through a well-organized foundation.
- Claims Settlement Award – Life Assurance Category – 1st Runner-Up: Recognized for its ease and customer-centricity in the claims management process, speed of settlement of claims, and governance.
Celebrating Excellence and Innovation
The awards ceremony, now in its 14th year, highlighted the pivotal role of thought leadership, innovation, stability, and customer focus within the insurance sector. Entries were rigorously evaluated by a panel of expert judges, assessing financial performance, innovation in product development, risk management practices, corporate governance, and social responsibility initiatives.
The success of Equity Bancassurance Intermediary Ltd and Equity Life Assurance (Kenya) Ltd at the 2024 Insurance Awards showcases their dedication to excellence, innovation, and customer satisfaction in Kenya’s dynamic insurance landscape.
