CIC Group and Women’s World Banking have entered into a partnership to advance inclusive women-centric insurance solutions.
The parties will collaborate on research, product development and innovation aggregation models for distribution, enhance insurance literacy and increase
resilience and for Kenyan women MSMEs.
“As a leading cooperative insurer in Africa, CIC understands the principle of growing communities through inclusive insurance coverage,” said CIC Group CEO and managing director Patrick Nyaga, during the partnership signing ceremony.
“This partnership will enable us to contribute to insurance penetration in Kenya, which is currently below 3% and allow beneficiaries to grow their wealth and cushion their families through access to health insurance that is tailored to women and underserved communities,” added Nyaga.
At the heart of the partnership will be in-depth research, through engagements with end users and customers, understanding their experiences to guide the designing of user-centric products reflecting these realities and capturing the ever-evolving risks and protection needs for vulnerable populations in areas like health and income loss, particularly for women in the lower economic spectrum.
“Inclusive and effective solutions can only result if we listen to the needs, concerns, and aspirations of the people we aim to impact. Bringing together the right data, insights, and partners will help us unlock pathways to economic resilience for previously underserved groups,” said Women’s World Banking CEO Mary Ellen Iskenderian.
“Our goal with this partnership is to co-create insurance solutions that are not only affordable and accessible, but truly empowering for women and their families,” she added.
CIC Group has, for over five decades, been a pioneer in community-based insurance and microinsurance services, making use of cooperative and locally based group models to reach the excluded and underserved communities.
Joining forces with Women’s World Banking affirms the advancements in gender inclusive financial empowerment and innovation and promotes sustainable insurance in the region.
