How data-driven personalization is rewiring the insurance industry
With consumers now accustomed to the instant, personalized service of platforms like Netflix or Amazon, the insurance industry is undergoing a significant transformation. Kenya breaking news | Kenya news today |..
✨ Key Highlights
The Kenyan insurance industry is rapidly transforming from a transactional model to a data-driven, personalized approach, driven by evolving consumer expectations and the rise of platforms like Netflix and Amazon.
- Over 70 percent of customers now expect intuitive and tailored insurance experiences.
- Nearly 80 percent of insurance companies are leveraging Artificial Intelligence (AI) to personalize offerings and improve efficiency.
- Companies like First Assurance are introducing tailored products, such as First Afya Biashara for SMEs and customizable health plans like First-Med Cover.
- A significant "data gap" exists, with 81 percent of insurers having access to data but only 12 percent possessing advanced analytics capabilities.
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