Understanding Cytonn Insurance Agency

28 May, 2024 / Articles

Insurance is a contract between an individual or a business and an insurance company, whereby the insurance company agrees to cover the insured, through a policy, against the risk of loss, damage or theft. Insurance not only protects against risks and uncertainties, but also provides a savings and investment channel. Life insurance, for instance, facilitates a savings culture through regular contribution of premiums while also acting as a mode of investment since the insured gets the lump sum amount at the maturity of the contract. Insurance is also a crucial aspect of financial planning since it provides stability and peace of mind to the insured. However, it is important to note that not all risks can be insured. The three major types of insurable risks are;

  1. Personal Risk - This is any risk that can affect the health or safety of an individual,
  2. Property Risk - This is any risk that can result in partial or total loss to property, and,
  3. Liability Risk - The personal or business risk resulting from being found liable to another party due to negligence or intentional actions which lead to loss to another person.  

Given the complex nature of insurance contracts and products, it is sometimes difficult for the insured to understand the specific type of policy they need and also understand the scope and nature of the policy. This is where an Insurance Agent comes in. An insurance agent is an entity that is authorized by an insurer to act as an intermediary between the insured and the insurer. Insurance agencies are majorly categorized as either Captive/Inclusive agents who represent a single insurer or Independent agents who can represent more than one insurer. Cytonn Insurance Agency (CIA) is an independent insurance agency that was formed with the aim of providing a one-stop financial solutions shop to our clients through the provision of a the most in-demand insurance policies including; Motor Insurance, Medical Insurance, Workers’ Compensation Benefit (WIBA), Property Insurance, Fire Insurance, Burglary Insurance and Life Insurance. CIA aims to become a lifetime partner for all the insurance needs of its clients through fostering a client-oriented approach that will enhance long-lasting relationships with clients. CIA aims to provide a differentiated insurance experience to clients through:

  1. Provision of a variety of insurance options - Cytonn Insurance Agency provides a variety of options for clients by availing different insurance companies that offer different policy options and price points for clients to choose from,
  2. Professional advice - Complex insurance contracts that clients may find difficult to understand can be broken down into simpler terms by an insurance agent so that the insured can make informed decisions. CIA, in its capacity as an independent insurance agent, provides impartial professional advice and matches a client’s needs to the insurer best equipped to meet those needs at a favourable price point,
  3. Claims assistance – Cytonn Insurance Agency is focused on assisting its clients with the process of preparing and settling claims when they arise, to ensure the clients get quick, fair, and efficient service from the insurance companies,
  4. Convenience - CIA shall provide insurance solutions through its USSD, mobile App and web portal to help increase the ease of Kenyans securing their assets, and,
  5. One-stop-shop - CIA is an affiliate of Cytonn Investments Management PLC, and as such, shall help the Group offer investment solutions, real estate offerings and insurance options for Kenyans all through joint platforms that are easy to navigate.

Insurance acts as a safety net for your property and provides security and stability for you and your family. This helps reduce stress and enhance peace of mind. While money cannot replace the presence of a family member, taking covers such as life insurance can help in ensuring that even after one is gone, the family and dependents have some funds left to endure any financial hardship. Cytonn Insurance Agency helps provide unbiased support to ensure clients are partnered with suitable insurers at the best price, thereby eliminating the stress of moving from one insurance company to the other comparing insurance policies.

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