Kennedy Kioko, the CEO of MyInsure studied the African insurance market and concluded that it lacks transparency. Besides, he criticized African insurance saying that he witnessed poor management of most companies. Additionally, he said that the insurance companies and consumers face other challenges that require immediate solutions. Moreover, he said that fraudulent claims and other bad practices continue dominating African insurance sector. Some of the bad practices he pointed out include non-compliance with documented regulatory requirements and premium undercutting.
Determined to wipe the mess, Kioko decided to develop strategies that he would employ. He began MyInsure which offers a new way of buying, comparing, servicing, monitoring and underwriting insurance to its clients.
According to Kioko, this approach would give the buyer an easy way to manage insurance policy. The company employs a holistic approach to its operations since they intend to retain the customers. Therefore, they not only focus on the clients to buy but also retain them in their company. Moreover, the management engages their customers during renewal.
He sought funds from friends and family members amounting to $100,000. In June 2017, Kioko launched MyInsure which has since attracted 180 users. Presently, the company has received revenue of $10,000 as commission and also its BB partnership with insurance companies.
Kioko also agrees that the market has other competitors, but MyInsure allows customers to access services on websites and mobile apps. Moreover, their new platforms enable the buyers to monitor and manage the policies themselves.
The company intends to explore East African markets in a couple of years and delivers their services in Africa.