Equity Life Assurance (Kenya) Ltd (ELAK) has been recognized as the Best Insurance in sustainable CSR during the 2023 edition of Think Business Insurance Awards held in Nairobi. The awards brought together key players in Kenya’s insurance sector to celebrate the exemplary achievers and achievements of the past year. The recognition comes a year after ELAK received its official operating license to provide insurance products and solutions to underserved sections of the insurance market.
Equity Life Assurance Kenya scooped 3 awards: Winner in the Best Insurance in Sustainable CSR, 1st Runners Up in Most Customer Centric Underwriter Life & 2nd Runners up in the Life Insurer of the Year. Equity Bancassurance Intermediary Limited (EBIL) received 5 accolades: 1st Runners up in Best Bancassurance Intermediary in Life Products, 1st runners up in Best Bancassurance Intermediary Non-Life and Non-Embedded products, 1st runners up in Most Customer Centric Bancassurance Intermediary, 1st runners up in Best Bancassurance Intermediary in technology application & 2nd runners up in Overall Best Bancassurance Intermediary.
Equity Group is committed to increasing insurance penetration to underserved sections of the population in the country and across the East African Community. “This award is a special recognition to our immediate and long-term efforts to transform lives, give dignity to those we are responsible to and expand equitable opportunities for wealth creation across the region. We want to utilize our banking and subsidiary network across the region to increase the penetration of insurance services. What we have done over the past one year has laid a great foundation for insurance penetration,” said ELAK Managing Director and Principal Officer Angela Okinda during the awards ceremony.
The awards come after Equity Group Holdings received approval from the Insurance Regulatory Authority (IRA) to set up a General Insurance Company in May 2023. The Group’s focus on digitization and innovation will make it easier for majority of customers to access and leverage insurance solutions using technology which will provide for increased channels to take up insurance solutions of choice and make necessary enquiries whenever need arises.
Earlier in the year, ELAK scooped the Group Life Company of the Year award at the Association of Kenya Insurers (AKI) industry excellence awards. ELAK also garnered top position in the Innovation Award Category and the Best Minimum Loss Ratio Award Category after fulfilling the various entry criteria including effectively demonstrating consistent growth in premium volumes and number of partnerships within the industry. Additionally, Equity Life Assurance Kenya Limited recorded the highest cumulative points in terms of its loss ratio indicating a positive financial performance and the entity’s profitability within its first year of operation.
The Think Business Insurance Awards brings together the insurance industry to recognize top performing insurance companies and brokers. The awards assess, recognize and celebrate innovation, prudence and stability in the sector by recognizing outstanding performers in the insurance sector. The awards process focuses on financial stability and growth of industry players. In addition, the process seeks to celebrate players embracing innovation in product development and distribution, enhanced risk management practices, investing in the profession, adopting good corporate governance practices, as well as engaging in sustainable social corporate responsibility projects.
Equity Life Assurance Kenya & Equity Bancassurance team celebrate their wins during the 2023 Think Business Insurance Awards held at the Mövenpick Hotel & Residences Nairobi.