PesaBazaar, Kenya’s Insurance Comparison Portal

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Pesabazaar-InsuranceAn idea that was born out of personal frustrations experienced by the founders is disrupting the insurance industry in Kenya by bringing it online.  The first of its kind in the country, PesaBazaar, is an online insurance comparison platform that was officially launched in February.

Co-founded by Calleb Karegyesa and Prashanth Srinivas, the startup collects insurance products for individuals, SMEs and corporates from leading insurance underwrites thus allowing users to compare different products in one platform before making an informed decision.

“The largest part of the insurance market in Kenya is served by brokers and agents. These operate offline and typically work with only a handful of insurance underwriters,” said Karegyesa, “These intermediaries normally dictate what products consumers purchase. Consumers do not have much say in what products they purchase. We want to give the power and transparency to consumers to allow them firstly to understand insurance products, and secondly to compare accurate and insightful quotations from all the leading insurance providers before making a purchase.”

Up until now, Kenyan insurance consumers have had to compare insurance products offline, now PesaBezaar will be changing things around by affording them the opportunity not only to compare but to buy insurance services from a wide range of companies across the regions- online.

“The insurance market in Kenya is highly fragmented and it is difficult for the insured to find the right product that offers the best coverage for the best price,” explains the co-founder.

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