I probably don’t need to tell you that a broker has the potential to get you a cost-effective premium, meet your needs, and easily help you file claims.
Filing of claims is very important for investors, because if, for instance, you had car insurance and your vehicle had an accident. If the insurance company you have their premium, won’t easily process your claim then there is a problem.
If this sounds like a challenge to you, don’t worry, that’s why this guide is available, to list out the best insurance brokerage firms in Kenya.
In this guide, you’ll also learn who an insurance broker is in Kenya; the benefits of using an insurance broker to purchase an insurance policy, and how insurance brokers are regulated in Kenya.
Let’s get started!
Who is an insurance broker in Kenya
An insurance broker is a licensed company or licensed professional that helps businesses or individuals to get an insurance policy from an insurance company.
For instance, if you want to get a life insurance policy and meet one of the top insurance brokers, they will first understand your needs and the chances you have, to get an affordable insurance premium.
Then they would refer you to their best insurance company choice that can meet your needs at a lower premium.
Some brokers focus on a niche while others focus on different kinds of insurance types.
A broker works very closely with clients, unlike insurance agents who receive compensation for referring clients to their company.
A broker will make sure the company that the client meets will take care of their needs without additional stress. A broker can even recommend some riders or combinations to receive discounts.
These brokers are licensed so they can’t do anything that is against the law.
5 Benefits of Insurance Brokers in Kenya
Transparency
Because of the law guiding insurance brokers, they will want to be sincere in recommending an insurance company that meets your needs. Their primary duty is to you and not the insurer.
Best Premium
An insurance broker will assess your needs and ensure you get the best coverage at the best price.
An Advocate
An insurance broker can serve as an advocate between you and the insurer. Also, they can give you professional advice that meets your insurance needs.
Since the broker works for a range of insurance partners, they understand a lot about so many insurance companies. With this knowledge, their advice is best desired.
Easier Filing of Claims
This is another place where the broker serves as an advocate. They can speak for you and answer any question from the insurance company.
They will go further to make sure that the money you receive from the insurer is the exact money that should be given to you or your beneficiaries, and that it is delivered on time.
Policy Assessment
It’s not always easy to know which policy is right for you.
For instance, you might want to cover your physical home and the valuables in your home.
You might meet an insurance company and purchase a housing policy, not knowing the house policy doesn’t cover the valuables in your home too.
But a broker can guide you to choose properly, and even pick some riders if need be.
At first, the broker will analyze your risks and needs, then with that can decide which policy can serve you well.
However, if you choose to go all in to purchase an insurance policy on your own, you will end up comparing and reading so many policies just to find the one that fits your needs. A broker saves you from this stress.
Must I get an Insurance Broker?
The way I’ve been sounding seems like an insurance broker is necessary for everyone, right?
Not everybody needs an insurance broker, especially if you have ground knowledge of insurance policies.
But even though you don’t have ground knowledge of insurance policies, if the policy you need is not complicated, then you don’t need a broker.
If the policy you need is as simple as car insurance, which is compulsory in Kenya, then you might not need a broker.
Insurance brokers are best for;
- Those that have complicated policies like businesses that might need multiple policies.
- Individuals with multiple cars, many valuables, homes.
- Individuals who don’t have time to shop around for quotes.
- Individuals who are interested in multiple insurance policies.
- Individuals who want someone to speak for them in claim filing.
Best Insurance Brokers in Kenya
Now, let me list some of the top insurance brokers in Kenya. You can also learn about some of the top insurance companies in Ghana
1. Liaison Group
Liaison Group was founded in 1981 and they are not just insurance brokers. They also take care of non-bank financial services, healthcare, pensions, and investment advisory.
Liaison Group offers diverse insurance programs which include;
- Human Capital (Group Life, Credit Life, Mortgage)
- Assets (Property, Casualty, Financial, Automobile, Marine, and Aviation).
Liaison Group Contacts
- Address
Liaison House, State House Avenue,
- Tel
(254) 703 071 000
2. Chancery Wright Insurance Brokers
Chancery Wright is an insurance brokerage firm that was established in 1991 to make insurance services accessible to customers.
They have continuously grown to have branch offices in Nairobi, and Mombasa and now have a subsidiary in Uganda.
Chancery Wright has been a dedicated member of the Association of Insurance Brokers of Kenya (AIBK) and the Insurance Institute of Kenya (IIK). Which legally compels them always to deliver their best to clients.
Moreover, Chancery Wright is also a committed member of the British Business Association of Kenya, which makes them one of the best Insurance Brokers in Kenya.
Chancery Wright offers corporate insurance, personal insurance, and medical insurance brokerage.
Chancery Wright Contact
- Address
Crawford Business Park,
2ndFloor State House Road
- Tel
+254 (02)2721555 (pilot line)
Mobile: +254 722 209 547 / 0736 381 707
24-hour Line – +254 728 760 061, +254 738 188 449
chanceryinfo@chancerywright.com
3. Consolidated Insurance Brokers
Consolidated Insurance started operation in July 1977 as a corporate insurance brokerage firm. It has grown to become one of the top insurance brokers in Kenya
Consolidated Insurance has numerous insurance products.
Their general insurance products include;
- Motor Vehicle Insurance
- Home Insurance
- Student Accident Cover
- Travel Insurance
etc.
They also offer medical insurance and life assurance.
4. Bizsure Insurance Agency
Bizsure is one of the best insurance brokers in Kenya. They offer a wide range of Insurance products from the best Insurance companies.
Bizsure products include;
- Car insurance
- Life insurance
- Travel insurance
- Health insurance
etc
They also offer corporate Insurance products Bizsure Contacts
- Address
Ciata City Mall, Ridgeways, Block A, 2nd Floor
- O. Box 2248 00100 Nairobi – Kenya.
- Email Address
- Tel
+254 770 890 000
5. Majani Insurance Brokers
Majani Insurance Brokers is one of the oldest insurance brokerage firms in Kenya, having been established in 1976.
With their 45 years of experience, they can guide you on the best advice and recommend Insurance products and companies to you. That’s why they are one of the leading Insurance Brokers in Kenya.
Majani Contacts
- Address
5th Floor Chai House, Koinange Street
- Tel
0709619000
Conclusion
Now you’ve seen the top Insurance Brokers in Kenya and you don’t have to worry about searching the whole internet for the right broker.
However, you can still ask your co-workers, close circles, and even your financial advisor to give recommendations.
Now it’s up to you, which broker will you try out first?
Is it Majani Insurance Brokers, which is one of the oldest Brokers, or Chancery Wright which has grown so fast within little time?
Either way, let me know by leaving a comment below.
