Kenya’s Insurance Industry Trends to Watch in 2022-Digital and talent transformation to accelerate as insurers adapt for post pandemic growth.
2021 saw worldwide vaccination against Covid-19 virus and easing of pandemic-related restrictions—Key factors that helped rebuild confidence among people and businesses alike, while stimulating economic recovery. But the fight with COVID-19 pandemic is far from over, and a level of uncertainty will likely persist— perhaps indefinitely.
Might this affect the insurance industry’s outlook heading into 2023? Recent research studies by Deloitte found that despite ongoing COVID-19 concerns globally, general insurance companies expect more rapid growth next year—although non pandemic challenges around regulation, talent, sustainability, and evolving consumer preferences may present some challenges to some insurance companies in Kenya.
A lot will depend on how effectively insurance companies in Kenya manage their investments in people and emerging technologies. Flexible work models, balancing automation with the need to maintain a human touch with customers and being more proactive in bolstering stakeholders’ trust should be among the industry’s strategic priorities.
Here are some of the Insurance Industry Trends to Watch in Kenya 2022
Insurers are projected to accelerate growth in 2022
Despite lingering concerns about COVID-19 variants, most insurance companies in Kenya expect an accelerating economic recovery and additional digital technology investments in 2022 and even beyond 2023. The demand for insurance is expected to keep rising across the country and worldwide.
Yet the Growth could be bumpy
The challenges insurance companies in Kenya face ranges from economic hurdles such as the potential for sustained inflation; to sustainability concerns including climate risk, diversity, and financial inclusion; to rapidly evolving consumer product and purchase preferences.
Attracting (and retaining) talent in an evolving hybrid work environment will be key
Future of work considerations have also multiplied as insurance companies in Kenya seek to create flexible return-to-office strategies while simultaneously struggling to retain and recruit high-level talent in a very competitive job market—particularly for those with advanced technology and data analytics skills.
Insurance Companies need to find ways to balance technology adoption with maintaining the human touch
Insurance companies in Kenya are increasingly dependent on emerging technologies and data sources to drive efficiency, enhance cybersecurity, and expand capabilities across the organization. However, most should also focus on improving the customer experience by both streamlining processes with automation as well as providing customized service where needed and preferred. This will be key parameter among the other top insurance industry trends to watch in Kenya 2022