Insurance technology represents key opportunity for the Kenyan market

AI and digital technology could boost insurance uptake in Kenya by improving trust, efficiency and access. [iStockphoto]

The financial landscape in Kenya presents a striking disconnect around digital adoption.

While the country’s banking sector has rapidly evolved into an emerging market benchmark for fintech integration, mobile banking, and agile consumer lending, its insurance counterpart has historically lagged. According to data from Kenya’s Insurance Regulatory Authority (IRA), penetration rates have hovered around 2.5 per cent of gross domestic product for the past five years, burdened by legacy systems, product complexity and low levels of trust.