AAR Insurance Kenya has launched ShwAARi medical health cover, a single -limit medical health cover that aims to offer flexibility for Kenyans.
ShwAARi offers a range of customisable options, catering to the diverse needs and budgets of individuals and families. This allows clients to tailor their coverage to their unique requirements. For instance, clients can choose how to utilise their health cover: whether they need outpatient care or inpatient attention.
AAR Insurance Group CEO Dr Patrick Gatonga said, “Our new product, ShwAARi, offers an innovative single-limit option; it is transparent and affordable. We are committed to improving the lives of our clients by providing them with quality healthcare services. AAR Insurance has considered the changing needs of its clients and intermediaries and responded with a product that simplifies the complex world of medical insurance.”
According to Dr Gatonga,the single-limit option simplifies the coverage, making it easier for clients and intermediaries to understand and navigate.
ShwAARi offers premium payment flexibility, where clients can enjoy the freedom to pay their premium monthly or annually. The insurance firm also offers premium financing (IPF) to enable clients to pay even more conveniently.
The insurance company collaborated with various partners who helped in research and product testing continuously challenging the insurer to create inclusive products by sharing feedback. The partners include,the Insurance Regulatory Authority, Equity Bank, KCB, Kenya Women in Insurance, SNBX, M-tiba and our intermediaries.
Pieter Prickaerts, Managing Director at M-Tiba, congratulated AAR Insurance on this milestone achievement, stating, “We are proud of our association with AAR Insurance, which aligns with our mission of facilitating quality and affordable healthcare for our people. ShwAARi has simplified the complex; M-tiba will be the technology partner as we empower our people to take charge of their healthcare needs. We look forward to continuing this journey of affordable quality insurance.”
The product was not only launched in Nairobi but also simultaneously across AAR’s 9 other branches in Kakamega, Malindi, Mombasa, Thika, Naivasha, Kisumu, Nakuru, Eldoret and Nyeri.
Data published by the Kenya National Bureau of Statistics (KNBS) shows that 34% of Kenyans aged 50 and above have some sort of health cover. Health cover uptake is highest among Kenyans aged 50 and above, highlighting the old age-related disease burden on households in the country. With most Kenyans caring for their aged parents, this product ensures that people do not end up in bankruptcy and debt because of health bills while caring for their loved ones.
Some of the key highlights of this product are: It has a 1 week waiting period and no age limit. ShwAARI promises unprecedented affordability with annual limits of Kshs. 250k to Kshs. 1M with premium rates as low as Ksh. 1,600 per month, minimal exclusions and no waiting periods for groups of 15 and above. Dental and optical have been included as bonus limits. Additionally, the service journey has been fully automated to guarantee a seamless customer experience.
Sustainability is embedded in the ShwAAARi product, with AAR Insurance pledging to plant a tree for every insurance policy covered as a tangible commitment to mitigate the environmental impacts of their operations, thus contributing to a more sustainable ecosystem.
The product has been well received by the distribution channels, including intermediaries and bancassurance partners who have already tested it across the country.
Dr. Aggrey Mulumbi, Managing Director and Principal Officer KCB Bancassurance Intermediary Limited said, “ At KCB Bancassurance, we seek flexibility and adaptability by underwriters in creating innovative solutions that address the needs of the Kenyan population who have varying and unique needs. We are happy to work with AAR Insurance to customise solutions to suit the specific needs of the demographics we serve. The sustainability aspect of the product is important, and I would like to congratulate AAR Insurance for that while challenging other insurance partners to embed sustainability in their products.”
Speaking during the event, Jane Njeru, Principal Officer, Equity Bancassurance Intermediary Limited, stated, “ ShwAARi is an innovation that speaks to financial and insurance inclusivity, which is very important to us. AAR Insurance has a top-notch team. We have already tested this product, and the numbers don’t lie; this product will make a difference and create relevance through affordability, accessibility and flexibility.”