Nairobi: 2nd August 2021
ICEA LION General Insurance Goes into Telematics For Motor Insurance
- ICEA LION’s SecuDrive is the first Mobile Application-based telematics motor insurance solution in Kenya
- SecuDrive will use real time data to coach the customers to adopt better driving behaviour, reap attractive rewards for it and reduce accidents and the customer cost of insurance.
Insurance and Investment Company ICEA LION Group has launched a mobile phone application-based platform that will enable motor insurance customers to determine their premiums based on their driver behaviour. The platform, dubbed SecuDrive, uses telematics – a technology that captures and transmits specific data that helps to indicate how well or poorly a vehicle is driven.
Speaking during the launch:
Evelyne Musunzar, the Business Development Manager, ICEA LION General Insurance for Retail said:
“We have developed this solution with our partner, Swiss Re. The solution is built on the Coloride app, which runs on a Swiss Re cloud based IoT platform. What is unique about this solution is that it offers drivers coaching using international benchmarks to help improve one’s driving behaviour. We expect that Secudrive will reduce accidents and specifically benefit our customers in terms of premium discounts and rewards on points accumulated out of taking up good driver habits.”
Secudrive is set to continue the growth of customer-focused insurance models, which focus on ensuring that the cost of insurance is determined by an individual’s scores as opposed to uniform pricing. Individual drivers are set to enjoy up to 15% discounts on their premiums at the end of the policy period depending on their scores. The customer driving behaviour will also attract points, which can be redeemed for a variety of services at selected service providers
“We have made the process very simple. All our clients have to do is downloads the app on IOS or App Store, sign up for our motor insurance and switch on that app when driving. The App then collects and transmits driving behaviour relating to one’s acceleration, braking, cornering and phone usage all of which are key in rating the driver.” Evelyn Musunzar added
Paul Muthaura, the Chief Executive Officer, ICEA LION General Insurance observed:
“We are happy that we bring yet another solution that makes the customer take back control. Our journey to making solutions of this nature will continue on to other products and services. Secudrive will potentially result in reduction of accidents as drivers improve their behaviour on the road. It will also mean faster claims settlement for the customer as one is able to report a claim straight from the scene of accident. It is a critical delivery of our promise to ensure we bring to market sustainable, customer-focused insurance and investments solutions”
According to the Association of Kenya Insurers ( AKI) Report 2020, Industry gross written premium stood at KES 232.95 billion as at end of Q4 2020 representing an increase of 1.8% from KES 228.80 billion in Q4 2019. General insurance business underwriting results improved from a loss of KES 2.97 billion in Q4 2019 to a loss of KES 1.18 million in Q4 2020. This could be due to decrease in incurred claims and management expenses during the lockdown due COVID-19.
General insurance business remained the largest contributor to industry insurance premium contributing 56.2% of the total premium. Motor insurance and medical insurance classes of business account for 67.4% of the gross premium income under the general insurance business.
The high premium volume classes of general insurance business contributed the largest proportions of incurred claims; medical (36.7%), motor private (27.2%) and motor commercial (24.1%). Motor classes of insurance business comprised of 51.3% of total claims incurred compared to their contribution of 33.0% of the total premium under general insurance business. Motor claims decreased with the highest amount compared to the rest of the classes. The decrease in claims under motor classes of business is mainly attributed to the travel restrictions put in place during the year due to the COVID-19 pandemic
ABOUT ICEA LION GROUP
ICEA LION Group is a one-stop-shop for insurance and related financial services with roots dating back to 1895. Its heritage of providing innovative and award-winning products and services in insurance, pensions, investments and trusts continues to this day. The Group is a member of the First Chartered Securities Group (FCS), a leading regional investment and trading group controlling major business enterprises in diverse sectors of the economy such as banking, insurance, logistics, manufacturing and agriculture.
ICEA LION Group’s strengths lie in their strong heritage; excellence in service delivery; quality and innovative product and service design; highest levels of professionalism and integrity; excellent technical expertise; award winning track record; solid financial backing; and their East African presence.
The Group in Kenya comprises four companies, each one a market leader in its field:
- ICEA LION Life Assurance is the largest guaranteed fund manager in Kenya with the largest insurance company balance sheet in Eastern and Central Africa. As at December 31 2020, the Company’s Gross Premium and Contributions totaled to Kes 14.82 Billion, Total Assets stood at Kes 103.6 Billion and Capital & Other Reserves closed the year at Kes 13.36 Billion. The Company is humbled to have been awarded Life Assurer of the Year for 6 years in a row that is 2013-2018.
- ICEA LION General Insurance is amongst the leading insurance companies in the region. The Company’s gross written premium in 2020 was Kes 6 Billion and its total asset base and shareholders funds were in excess of Kes 13.5 Billion and Kes 5.4 Billion respectively as at December 31, 2020. ICEA LION General Insurance is delighted to have been awarded General Insurer of the Year in 2014 and 2017.
- ICEA LION Asset Management is a research-driven investment manager, delivering superior returns for both its retail and institutional clients. It offers investment opportunities in Kenya as well as offshore. They are the oldest Investment Manager and the only Fund Manager that demonstrates a 37-year track record of property development & investment management in Kenya, with a property portfolio currently valued at Kes 22 Billion. We also actively participate in seeking alternative investment opportunities, including Private Equity, for its Clients. As at May 31 2021, the Company holds Kes 228 Billion in assets under management. ICEA LION Asset Management (ILAM) is currently the REIT Manager of the ILAM Fahari I-REIT, the only listed Real Estate Investment Trust in East Africa, which currently owns Kes 3.8 Billion in assets including retail, office and industrial properties. The primary objective of the REIT is to democratize property ownership, provide unit holders with stable annual cash distributions with from investment in a diversified portfolio of income generating real estate assets. The Company is humbled to have been awarded Fund Manager of the Year (Overall) for 3 years in a row.
- ICEA LION Trust Company offers pension fund administration and trustee services providing scheme administration, corporate trusteeship, trust and related financial solutions in Eastern Africa and beyond. The Company seeks to preserve the wealth of its customers in accordance with their wishes for their organization, estate or beneficiaries.
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.