It always comes as a pleasant surprise when we see the youth being innovative and making use of opportunities that are presented to them. This has been the case with a young lady from Kenya.
Jihann Abass is a 26-year-old lady from Kenya who saw a gap in the market and made good use of it. After graduating at a university in London in 2015 she became a sugar trader and was one of a few women in the business. Abass is the founder and CEO of Griffin Insurance. Griffin is Kenya’s very first digital only car insurance company. They also recently released their flagship mobile application. Griffin allows its consumers to pay in installments and pause coverage if they are to travel abroad. The company has chosen to process its claims weekly rather than the industry standard of 30 days. It’s quick and innovative and allows clients to purchase an insurance policy in less than 2minutes.
How did this idea come about? Jihann first got the idea to start the business in 2016 at a restaurant when she discovered that her waitress did not have health insurance. She did the necessary research and soon learned that most Kenyan citizens did not either. Health insurance was sitting at a low 19% and it was mostly under a low-cost government scheme.
Abass currently has a 14-person team and runs another company, Lami, which sells the technology platform used to build Griffin so that other companies can use it to create their own digital insurance products. Talk about a busy young lady!
Her partner company Lami raised half a million dollars in seed funding and hopes to continue raising funds as time goes. Some of the perks of digital insurance is that it can drive down the costs of all forms of insurance because it increases transparency of data and analytics.
Although the company’s main focus is in motor insurance selling policies underwritten by Kenyan insurers Pioneer and Monarch, they hope to use their platform to encourage other companies to provide other forms of insurance.
By Noni Nchwe