A ROAD MAP ON HOW TO OFFER THE BEST CUSTOMER SERVICE

Table of Contents

1.0 Executive Summary

2.0 Composition of an Ideal Insurance Firm

3.0 Budgeting

4.0 Target Markets

5.0 Centre's of Influence

6.0 Resources Required

7.0 Appendix/Conclusion

1.0 EXECUTIVE SUMMARY

Mission Statement

As an insurance professional one should be committed to offering the best service to clients to ensure that their Insurance needs are adequately met and that the perception of insurance services by the general public receives a major facelift.

Overview

For any Insurance Firm to offer the best quality services, adequate Manpower is required bearing the following traits.

• Proper and thorough knowledge of the various products on offer, achieved through continuous training.
• Team work, self discipline hard work, commitment and integrity are core values.
• Focus on Service Delivery is the Key (Customer Centric).
• Good Communication and Presentation Skills.
• A keen focus on the emerging markets.
• Innovation and adaptability.

2.0 COMPOSITION OF THE INSURANCE FIRM

• Full Professional and academic Qualifications in the Insurance Profession for the smooth operation.
• Motivated, Self driven, ambitious and a self starters.
• Customer Centric.
• Good grasp of the Operations within an Insurance organization.
• Good communication and presentation skills.
• Ability to work with minimal or no supervision.
• Be team Players.

3.0 BUDGETING

For any commercial venture to be measurable, budgets are essential as they enable us plan and even monitor the progress of the said venture.

Notes:

• The budgets shall be subject to review and adjustment as and when the need may arise but in consultation with management.
• Under general business Motor Insurance is the foundation of the Insurance Industry (especially due to its being mandatory under the laws of Kenya). However for it to be profitable it should comprise of all classes of motor i.e. private & commercial with an emphasis on heavy commercial vehicles due to their more favorable loss ratios.
• Non-motor business being mainly comprised of property insurance i.e. Fire industrial product, burglary, WIBA, personal accident and other products suitable for a business ventures should also be actively sold so as to cushion the motor portfolio which tends to have higher incidences of losses. Best described as low frequency risks but with high severity when they do occur, the low frequency allows us more time to invest the premiums and thus generate Investment Income.
• To achieve the above one has to first identify the major activity within the target region so as to best utilize the best niche marketing strategy by coming up with suitable products. Illustration of a simple budget

4.0 TARGET MARKETS

With virtually all of Kenya’s 47 Counties being major commercial centers' the potential for business is virtually unlimited as new residential, commercial buildings are being constructed fortnightly some potential may clients include:

• Importers of motor vehicles; so as to fully tap into the motor Insurance niche especially for those based at the Coastal Region.
• Schools and other learning institutions.
• Restaurants, Hotels and other Entertainment spots (Tourist Attractions).
• The various Industries within the particular town.
• Existing clients to convert their policies once they become due for renewal.
• Building owners, contractors and the engineers who are involved with the various constructions.
• Participating in Tenders when they become available (with adequate market intelligence).

5.0 CENTRES OF INFLUENCE

• Good knowledge of the regions Insurance Market gained through active market research and reconnaissance.
• Excellent Customer Service.
• Excellent product knowledge will be a great asset when selling to prospects.
• Good communication and presentation skills.
• Ability to train members of my team to ensure that all are properly equipped.
• Extensive experience in underwriting, claims and business development procedures will ensure that the prospects are advised correctly.
• Ability to work under pressure and to meet deadlines.
• Active market intelligence gathering from competitors so as to offer solutions that are better than what is on offer.
• Good company Image and presence in the target Region.
• Growing of clients already in the Company Books.

6.0 Resources Required

• Skilled, experienced and motivated members of staff.
• A dynamic marketing team.
• Empowerment of the team to make day to day decisions without having to always refer to management.
• Financial Resources.
• Satellite offices (if need arises) to allow for increased market share.
• Participation in the local social activities to maintain and improve brand visibility i.e. sports/CSR.
• Suitable working conditions to improve on efficiency.
• Adequate Infrastructure i.e. Technology, Stationary, Offices etc.
• A mechanism of appreciating clients and other stakeholders so as to retain and grow the existing business and improve brand loyalty.

7.0 APPENDIX/CONCLUSION

With Kenya’s Insurance Penetration still being at a mere 2.78% (as of 2021). I see vast potential for growth in the sector, this can be trigged by coming up with new and innovative products aimed at capitalizing on each of our 47 county’s major natural and economic resources.

Prepared by:

Charles Tanu Githinji.

20th November 2023.

Associate of the Insurance Institute of Kenya