Strategy refresh for a large Kenyan insurance company
Genesis was engaged by a leading pan-African insurance company operating in Kenya to update its strategic plan for the period ending 2025. The strategic plan was to be updated in light of the socio-economic changes arising from the COVID-19 pandemic as well as global trends in the insurance market.
In refreshing the strategy, the Genesis team undertook a review of the macro-economic and regulatory landscape in Kenya as well as a review of the insurance sector in the country. The team also undertook a market analysis to size the revenue pools associated with various customer segments and insurance product classes.
Based on the insights from these analyses, Genesis undertook a strategy workshop with the steering committee and executive management of the client, in which the strategic way forward was deliberated and agreed upon.
The Genesis team quantified the financial impact of the key strategic initiatives and made financial projections based on the analysed impact. Finally the team delivered a detailed implementation plan to the client, highlighting the specific strategic activities to be undertaken, the responsible departments and the corresponding timelines.