AAR Insurance has announced the launch of an Innovation Hub dubbed AAR 3.0 that will enhance customer value propositions and act as a meeting space for stakeholders and partners to harness information and ideas, thus delivering creative solutions that tap into the needs of customers and stakeholders at large.
The regional hub located at the Company’s headquarters in Upperhill, Nairobi, is the first of its kind in the insurance industry and has already produced one product with more in the pipeline.
Speaking during the launch, AAR Group CEO Dr Patrick Gatonga said, “We are deliberate about reinventing the insurance space to increase penetration, and in collaboration with various stakeholders. We believe this is achievable through the innovation of affordable and sustainable solutions while guaranteeing value for all our stakeholders. Without a doubt, this is the beginning of greater things to come. We welcome like-minded partners to journey with AAR Insurance as we continue on this customer-centric and inclusive innovation path.”
AAR Insurance Head of Strategy and Innovation, Wesly Too, said, “We are shifting gears to focus our energies on continuously delivering affordable and accessible innovative underwriting solutions conveniently to all our clients. Our focus is on underserved markets as we re-align our service offerings to meet the ever-growing needs of consumers in a heavily competitive digital market. Therefore, through our newly launched innovation hub, we will create and foster new digital automated insurance products, making insurance services accessible, easy to use, meaningful and affordable across all households in the East Africa region.”
The insurance penetration rate in Africa is less than 3 per cent, making it one of the lowest in the world. However, technology has the potential to increase insurance penetration in Africa by making insurance products more accessible, affordable, and personalized to the specific needs of different segments of the population.