Enwealth: Scaling Heights in Insurance and Pension Schemes

By Mourice Seretta

Enwealth is looking to grow its portfolio to get into the top tier insurance and pension service providers in the next five years.

This is after the firm revealed that it is targeting to get into more than 20percent of the working population in the country largely attributed to the gradual resumption of the economy.

The firms’ Chief Executive Officer Simon Wafubwa says that Enwealth prides itself in their ability to provide a service built on expertise and responsiveness to clients’ needs.

Enwealth has so far recorded a growth of Ksh8 billion in its portfolio from the beginning of this year.

“As we talk, we are in excess of Ksh1.4 trillion in the whole sector. This is a commendable growth considering that our economy at some point has not been resilient,” said Wafubwa.

According to the CEO Investment income continued to do very well even during the Covid-19 pandemic times.

“Our products as of now have averaged 12% in 9 months.”

He said that despite setbacks brought about by the Coronavirus pandemic, the industry continued to grow.

Wafubwa maintains that the flexibility and adaptability of their systems gives them a unique cutting edge specialty and focus that enabled them cater better for their clients even during the difficult Covid-19 times.

“We blend a variety of skills and talents to provide excellent service to our clients. Our system enables us to mitigate data related risks that are associated with the scheme processes and operations.”

The development of Fintech in the country and its disruption to the market, has afforded convenience, eased access to information and that it has enabled them easily access their clients.

“We seek to safeguard the credibility and integrity of members’ data through these systems, we are able to run clients reports and maintain historical data through our system. For instance one can open an account digitally and do transactions including contributing digitally,” he added.

He further said that Fintech has reduced the cost of management of pension schemes and enhanced efficiency.

Pension

Their services include but not limited to Pension for retirees, a medical cover, home ownership solutions amongst many other services.

He reckons that Covid-19 pandemic awakened the need for Kenyans to save for the future.

‘When you eat your future now, the future will eat you,’ he philosophically stated.

Wafubwa outlined that they are flexible and highly adaptive in meeting their client’s needs and they always seek to build long-term relations through partnership building initiatives for the mutual benefit of their clients.

‘We constantly seek to develop and maintain mutual relationships with fellow service providers with the underlying objective of meeting their clients’ needs.

Asked on what unique product they offer, he said that as at now it is post-retirement medical cover. This enables one to enjoy medical cover until age 90.

‘Having a product that covers you medically is a huge relief. It has a huge impact on lives especially now it covers one until the age of 90,’ he outlined.

On legislations, Wafubwa offered that the shift in it has continued to create an enabling environment for business to drive.

Wafubwa has worked in several countries including Nigeria, Tanzania and Uganda. Asked how the market is in those countries as compared to the Kenyan market, he said Kenya is advanced that those countries. He said that Kenya has formulated policy perspectives, regulations, technology and a good environment that puts it way ahead of the rest he has worked in.

‘You see, those other countries come to Kenya to benchmark,’ he said.

However, Wafubwa projected that Uganda and Tanzania with their huge populations have a good market that needs to be tapped into. He said the cost of labour in Uganda is cheaper than in Kenya hence a good market. He also said they are excited that Ethiopia is also opening up hence another good market in the offing.

‘Some of our clients also work in those countries and there is need to ensure that our services reaches them there,’ he further said.

As CEO and on how he has ensured Enwealth grows in leaps and bounds in the one decade they have been in operations, Wafubwa said that he has a very supportive staff that works with him. He also said agility is very important for one to be an effective leader in any institution, He further said that adaptive leadership is key.

‘Much has been achieved but still we need to do more and that calls for concerted efforts’. Wafubwa said.

Where Enwealth will be in ten years’ time, he said he is focusing on new markets through mutual partnerships.