Kenyan insurtech startup Kakbima has launched its proprietary insurance technology platform, an online Software-as-a-service (SaaS) insurance manager that tracks a user’s insurance and micro-insurance policies, claims and premiums, and simplifies access to information.
Kakbima was founded in November of last year with the aim of redefining the insurance industry, and is in the process of transitioning from prototype phase to a sellable product.
Co-founder Sam Wanekeya told Disrupt Africa the insurance market was not technologically developed, with Kakbima focused on enabling insurance agents, brokers, micro-insurers and insurers to perform more effectively by providing a simple, powerful, adaptable and robust insurance platform to enable them manage all their products and services.
“With Kenya’s insurance penetration ratio at only 2.7 per cent, we feel there’s a lot that needs to be done to help increase the penetration level,” Wanekeya said.
“We also feel that the main cause of slow penetration rate is the high use of the traditional insurance model, which is a pain to both the underwriters and the insured or to-be-insured.”
Wanekeya claims Kakbima has no direct competition, but says there are a variety of online and offline indirect competitors.
“The majority of online competitors are insurance aggregators offering price comparisons, online mobile apps developed by independent agents, and standalone software applications,” he said.
The self-funded startup has been “flying under the radar” thus far, concentrating on agents, which Wakekeya says are an important asset in the insurance industry.
“So far things have been good with both the local and international market keen on using our platform,” he said.
“Our key operations are in Kenya but plans are in place to cover the Horn of Africa.”