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In a remarkable feat of recognition, Equity Life Assurance (Kenya) Ltd (ELAK) was recently feted as the Best Insurance Company in the Sustainable CSR category during the 2023 Think Business Insurance Awards.
This event, which serves as a convergence point for Kenya’s insurance sector, has successfully celebrated the trailblazers and their remarkable accomplishments over the past year.
ELAK’s recognition arrived just a year after obtaining its official operating license, a significant milestone that enabled the company to extend its insurance products and solutions to the underserved segments of the insurance market.
ELAK’s impressive accomplishments were not limited to a single award – they secured a triumvirate of accolades that further solidified their standing in the industry.
Alongside the title of the Best Insurance in Sustainable CSR, they achieved the esteemed position of 1st Runners Up in the Most Customer-Centric Underwriter Life category, followed by a notable 2nd Runners Up placement in the highly competitive Life Insurer of the Year category.
Equity Bancassurance Intermediary Limited (EBIL), a key partner of ELAK, equally shone at the awards ceremony, garnering an impressive tally of five accolades.
These included 1st Runners Up positions in the Best Bancassurance Intermediary in Life Products and Best Bancassurance Intermediary Non-Life and Non-Embedded products categories.
EBIL further demonstrated its excellence by securing the 1st Runners-Up title in the Most Customer-Centric Bancassurance Intermediary category, excelling in the Best Bancassurance Intermediary in Technology Application, and achieving the distinguished recognition of 2nd Runners-Up in the Overall Best Bancassurance Intermediary category.
At the core of these accomplishments lies Equity Group’s unwavering commitment to enhancing insurance accessibility among the marginalized segments of the population within Kenya and the broader East African Community.
Angela Okinda, Managing Director and Principal Officer of ELAK, expressed her pride in receiving the award, emphasizing the transformative impact their initiatives have had in improving lives, preserving dignity, and fostering equitable wealth opportunities across the region.
With a robust network of banking and subsidiary entities, Equity Group aims to amplify the reach of insurance services, building upon the foundation they have established over the past year.
The recognition comes on the heels of a significant development – Equity Group Holdings’ authorization from the Insurance Regulatory Authority (IRA) to establish a General Insurance Company in May 2023.
With a sharp focus on digitalization and innovation, Equity Group seeks to facilitate seamless access to insurance solutions for a wider customer base, harnessing technology to enhance channels for insurance adoption and inquiries.
This moment of celebration is not isolated but rather part of a continuum of achievements for ELAK. In an earlier event this year, ELAK secured the Group Life Company of the Year award at the Association of Kenya Insurers (AKI) industry excellence awards.
Demonstrating a consistent growth trajectory in premium volumes and industry partnerships, ELAK clinched the Innovation Award and the Best Minimum Loss Ratio Award, solidifying its position as an innovative and financially robust player within the industry.
The Think Business Insurance Awards stands as a testament to the industry’s commitment to recognizing outstanding performance.
Beyond its focus on financial stability and growth, the awards commend entities that embrace innovation in product development and distribution, exemplify enhanced risk management practices, uphold the tenets of good corporate governance, and engage in sustainable social corporate responsibility initiatives.
ELAK’s triumphant recognition, alongside EBIL’s outstanding achievements, serves as a testament to its dedication to excellence, innovation, and social responsibility.
As the Kenyan insurance landscape continues to evolve, these entities pave the way for a more inclusive, technologically advanced, and socially conscious industry that holds the potential to reshape lives and communities across the region.
