Joseph Gathogo, the Head of Ordinary Life Business and National Sales Manager at Madison Life Assurance, referred to the industry as a “virgin market,” urging agents to break new ground and reach a broader segment of the Kenyan population.
“The most powerful form of marketing isn’t radio or TV advertising—it’s word of mouth,” Gathogo emphasized to the agents.
Kenya’s Insurance Industry – A Market Full of Untapped Potential
Kenya’s insurance sector is still in its infancy, with low investment and minimal market penetration. This was the key message shared by Joseph Gathogo, Head of Ordinary Life Business and National Sales Manager at Madison Life Assurance, during a ceremony held in Nairobi to honor the company’s top-performing life agents.
Agents Urged to Lead the Way
Describing the industry as a “virgin market,” Gathogo encouraged agents to venture further and connect with more Kenyans, expanding the reach of insurance and financial products.
- “The most powerful form of marketing isn’t radio or television — it’s word of mouth,” he emphasized.
He praised the agents for their vital role in the company’s growth, adding,
- “Our success as a company stems from your efforts in the field — engaging with people and encouraging them to embrace insurance and investment products.”
Celebrating Dedication and Impact
Rebecca Tiba, Managing Director of Madison Investment Managers Ltd., commended the agents for their exceptional performance and unwavering dedication. She emphasized their vital role in fostering client trust and enhancing customer satisfaction across the nation.
- “Our mission is to serve, grow, and protect the wealth of our clients,” Tiba stated.
- “Their commitment is what continues to drive our growth, trust, and client satisfaction countrywide.”
With over Sh10 billion in Funds Under Management, Madison Unit Trust Funds stands out as a market leader. It offers a diverse range of products, including money market funds, fixed-income funds, and wealth funds.
Encouraging Momentum and Inspiring Growth
Lucy Mwangi, Agency Services Manager at Madison Life Assurance, urged agents to sustain their positive momentum and continue setting high standards in the industry. She also recognized their influence in inspiring newcomers to join the financial services sector.
- “We’ve witnessed significant transformation within our teams,” Mwangi remarked.
- “I’m thrilled with the sales achievements and the progress you’ve made over time.”
Celebrating Role Models Who Inspire and Empower Dreams
“You serve as role models—your actions spark inspiration in younger generations. Through your efforts, you’re not only paving the way for others but also helping customers turn their dreams into reality.”
The ceremony honored personal achievements and highlighted the importance of broadening financial inclusion.
FAQ’s
Why is Kenya’s insurance industry considered a “virgin market”?
Kenya’s insurance industry is still underdeveloped, with low penetration and limited investment. This presents a significant opportunity for growth and expansion as many people remain uninsured or underinsured.
What role do agents play in expanding insurance uptake in Kenya?
Agents are crucial in educating the public, building trust, and promoting financial inclusion. Their personal outreach and word-of-mouth efforts are vital in reaching underserved communities.
What marketing strategy does Madison Life Assurance emphasize?
Madison Life Assurance prioritizes word of mouth over traditional advertising methods like radio or TV, believing that personal recommendations are the most effective way to grow their client base.
What achievements were recognized during Madison’s ceremony?
The ceremony honored top-performing agents for their dedication, sales excellence, and impact on customer satisfaction and financial literacy across Kenya.
What products does Madison Unit Trust offer?
Madison Unit Trust Funds manages over Sh10 billion in assets and offers various products, including money market funds, fixed-income funds, and wealth management options.
Conclusion
Madison Life Assurance’s recent ceremony underscores the untapped potential in Kenya’s insurance market and the pivotal role agents play in fostering growth. By focusing on personal outreach and building community trust, the company is driving forward financial inclusion and investment awareness. The recognition of agent achievements and emphasis on word-of-mouth marketing highlights a people-centered strategy aimed at transforming Kenya’s insurance landscape. As the market evolves, dedicated agents will remain the catalysts for change, inspiring broader engagement and financial empowerment nationwide.
