CIC Group and Women’s World Banking Advance Inclusive Insurance for Women

By Phyllis KONRAD

CIC Group and Women’s World Banking have entered into a partnership to advance inclusive women-centric insurance solutions.

The parties will collaborate in research, product development, innovation of aggregation models for distribution, enhance insurance literacy and increase resilience and for Kenyan women MSMEs.

Speaking during the partnership signing ceremony at CIC Group headquarters in Nairobi, CIC Group Managing Director and CEO, Mr Patrick Nyaga said: “As a leading cooperative insurer in Africa, CIC understands the principle of growing communities through inclusive insurance coverage.

This partnership will enable us to contribute to insurance penetration in Kenya which is currently below 3 percent and allow beneficiaries to grow their wealth and cushion their families through access to health insurance that is tailored to women and underserved communities.”

At the heart of the partnership will be in-depth research, through engagements with end users and customers, understanding their experiences to guide the designing of user-centric products reflecting these realities and capturing the ever-evolving risks and protection needs for vulnerable populations in areas like health and income loss, particularly for women in the lower economic spectrum.

“Inclusive and effective solutions can only result if we listen to the needs, concerns, and aspirations of the people we aim to impact. Bringing together the right data, insights, and partners will help us unlock pathways to economic resilience for previously underserved groups.

Our goal with this partnership is to co-create insurance solutions that are not only affordable and accessible but truly empowering for women and their families,” said Mary Ellen Iskenderian, CEO of Women’s World Banking.

CIC Group has, for over five decades, been a pioneer in community-based insurance and microinsurance services, making use of cooperative and locally based group models to reach the excluded and underserved communities. Joining forces with Women’s World Banking affirms the advancements in gender inclusive financial empowerment and innovation and promotes sustainable insurance in the region.