Franciscah Nzanga, head of operations and Principle Officer for Kenya, recently attended the Actuarial Convention, which was held from 15th – 16th November by The Actuarial Society of Kenya (TASK). The theme of the convention was “Harnessing Opportunities in East Africa” and was attended by various leaders in the insurance space including the President of the Institute and Faculty of Actuaries (IFoA-UK), Marjorie Ngwenya.
Franciscah was selected to present as a speaker at the convention, representing the Microinsurance space and she spoke on the “Reasons why insurance companies still struggle to offer microinsurance.” Towards the end of the event, a surprise voting was done and Franciscah was voted as 2nd runner up for the best presentation.
Franciscah’s presentation covered definitions of microinsurance and the emerging market; reasons for microinsurance and common design mistakes in the design of microinsurance, such as the ‘one shoe fits all mentality’, incompatible pricing of products and complicated wording and operational processes. Success, Franciscah highlighted, can be found through understanding the market, tailoring the product to the needs of the customer and making the process as simple as possible from enrolment through to claims. Franciscah finished her presentation by showing a video featuring Fearless Health, as a sample of a successful microinsurance product.