Kenya Re ranked as the most attractive insurance firm for investment
Kenya Reinsurance Corporation has been ranked as the most attractive listed underwriter on the Nairobi Securities Exchange (NSE) for the first six months of this year, based upon its franchise value and intrinsic scores.
Cytonn Investments, a company that analyses Kenyan listed insurance firms, released their half-year 2017 insurance report on 16 October.
According to the report, Kenya Re held their top position in the composite score category supported by a strong franchise score.
The most improved company is Liberty Holdings, who, because of their higher potential return of 31.2% and improvement in franchise value score, have risen from position five to three.
The franchise score is determined by the broad and comprehensive business strength of the company, whereas the intrinsic score measures the investment return policy.
- Kenya tops digital and financial inclusion rankings
“The analysis aims to give a view on which listed insurance firms are the most attractive for investment by evaluating which companies are the most stable and have the best future growth potential,” stated Cytonn Investments analyst, Caleb Mugendi.
Mugendi also reported on technology and innovation, regarding them as key factors that shape the performance of the sector, and because of this, Cytonn expect improved product innovation and operational efficiency to push the sector to grow amidst the heightened regulation.
“The growth on middle class, adoption of alternative distribution channels and regional expansion are also key contributors to the growth of the sector.”
Britam Holdings dropped two places – from position two to four – and Sanlam Kenya was ranked the lowest.
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.