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Isaac Maluki, OMK’s Research and Development Manager, said since the launching of the company’s mobile-phone powered investment platform, i-Invest in June 2012, there has been an increment in the number of customers previously not reached by any insurance services.
Speaking during the just-concluded Mobile Web East Africa 2013 conference, Maluki said mobile phone technologies could help inspire the growth of the insurance sector and enhance its penetration to the 97 percent of the people currently not reached by any insurance services.
Old Mutual’s experience with i-Invest, is a demonstration that companies using technology that is appealing to the youth are already reaping the fruits of their creativity.
Research by the company shows 53 percent of the subscribers on the country’s first ever mobile powered unit trust-linked investment scheme are aged below 35 years.
Comparatively, 25 percent of those who have subscribed to the product are aged between 35-44 years while another 14 percent are aged 18-24 years. Those aged between 45-54 number about 7 percent of the customer base while the 55-64 years age category accounts for 1 percent of the investors.
“We are talking to all Kenyans with a cellphone. We are trying to reach 97 percent of the market that do not currently benefit from insurance products,” Maluki added.
Mobile Web East Africa is the leading mobile-focused conference in East Africa. The third edition of the event took place at the Southern Sun Mayfair from February 19th through 21st and brought together 140 leading players in the mobile technology industry.