CIC Insurance Group has joined forces with CARD Mutual Benefit Association (CARD MBA), the Philippines' leading microinsurance provider, to enhance its micro-insurance offerings in Kenya. This move aims to reinvigorate CIC's presence in the low-cost insurance segment it pioneered over two decades ago.
Having launched its first micro-insurance product in 2000 and expanded with the ‘Bima ya Jamii’ package in 2007, CIC seeks to regain momentum amid competition from firms like Britam and APA, which have developed dedicated micro-insurance units.
Strategic Partnership Goals
- Leverage CARD MBA’s expertise in product development, governance, actuarial sustainability, risk management, and IT systems.
- Expand CIC Impact’s product range to better serve Kenya’s informal sector, which constitutes the majority of employment.
- Improve claims processing efficiency, inspired by CARD MBA’s model of settling claims within four hours.
Patrick Nyaga, CIC Insurance Group CEO, emphasized the importance of creating affordable products that reach underserved populations, stating, “The future of insurance will not be defined by how we serve those who have access but how we effectively reach those who have been historically left behind.”
CARD MBA insures over 25 million members in the Philippines, holding an 83% market share in the microinsurance segment. Jaime Alip, founder and chairman emeritus of CARD, noted that their focus is on strengthening community resilience through technology and rapid claims management.
Nelson Kuria, CIC Group chairman, highlighted the need to close Kenya’s insurance protection gap, which remains below 3%, by developing simple, affordable, and accessible insurance solutions tailored to the informal economy.
