KENYA — AAR Insurance Kenya, a prominent player in the insurance industry, has proudly introduced its latest offering, the ShwAARi medical health cover.
The innovative product, launched not only in Nairobi but simultaneously across AAR’s nine branches in key locations like Kakamega, Malindi, Mombasa, Thika, Naivasha, Kisumu, Nakuru, Eldoret, and Nyeri, signifies a commitment to providing flexible and affordable healthcare solutions for Kenyans.
During the launch event, AAR Insurance Group CEO Dr. Patrick Gatonga highlighted the unique features of ShwAARi.
The product introduces an innovative single-limit option that is transparent and affordable, aiming to simplify the often complex world of medical insurance.
Dr. Gatonga expressed the company’s dedication to improving clients’ lives through quality healthcare services and acknowledged the collaboration with key partners and stakeholders.
He stated, “The single-limit option simplifies the coverage, making it easier for clients and intermediaries to understand and navigate. We appreciate our partners, the Insurance Regulatory Authority, Equity Bank, KCB, Kenya Women in Insurance, SNBX, M-Tiba, and our intermediaries.”
Recognizing the diverse needs of individuals and families, ShwAARi offers a range of customizable options. Clients can tailor their coverage according to their unique requirements, choosing between outpatient or inpatient care.
Premium payment flexibility is a key feature, allowing clients to pay their premiums monthly or annually, with the option for premium financing (IPF) to enhance convenience.
Pieter Prickaerts, Managing Director at M-Tiba, expressed pride in their association with AAR Insurance, emphasizing the alignment of their mission to facilitate quality and affordable healthcare.
M-Tiba will serve as the technology partner, contributing to the simplification of the insurance process and empowering individuals to manage their healthcare needs effectively.
ShwAARi addresses the healthcare coverage gap in Kenya, particularly for those aged 50 and above.
According to data from the Kenya National Bureau of Statistics (KNBS), 34 percent of Kenyans in this age group have some form of health cover.
ShwAARi aims to provide a solution to the old-age-related disease burden and safeguard households from financial strain due to healthcare costs for aging family members.
Key highlights of the ShwAARi product include a one-week waiting period and no age limit. It offers affordable annual limits ranging from Kshs. 250,000 (US$1637.20) to Kshs. 1M (US$6,548.8), with premium rates starting as low as Ksh. 1,600 (US$10.5) per month.
The product extends coverage to dental and optical services, with no waiting periods for groups of 15 and above.
The sustainability aspect is embedded in ShwAARi, with AAR Insurance pledging to plant a tree for every insurance policy issued.
This commitment reflects their dedication to mitigating environmental impacts and contributing to a more sustainable ecosystem.
The launch received positive feedback from distribution channels, including intermediaries and bancassurance partners who have tested it across the country.
Dr. Aggrey Mulumbi, Managing Director and Principal Officer at KCB Bancassurance Intermediary Limited, commended AAR Insurance for its flexibility and adaptability in creating innovative solutions.
Jane Njeru, Principal Officer at Equity Bancassurance Intermediary Limited, lauded ShwAARi as an innovation that speaks to financial and insurance inclusivity, emphasizing affordability, accessibility, and flexibility.
The ShwAARi medical health cover marks a significant milestone in AAR Insurance’s mission to enhance insurance penetration in Kenya while prioritizing the health and wealth of all.