Jihan Abbas: The Rise of Griffin Insurance and the Future of Kenya’s Insurance Industry

:Revolutionizing Kenya’s Insurance Industry through Digital Innovation and Entrepreneurial Resilience

By Charles Wachira

Jihan Abbas, aged 31, identified an opportunity to simplify the insurance experience in a sector often criticised for its complexity and bureaucracy. With mobile penetration in Kenya at over 95%, she saw the potential for a digital-first insurance solution to reach more customers, particularly the tech-savvy younger generation.

“I realized the insurance industry was ripe for disruption,” says Jihan. “Customers were frustrated by long processes and lack of transparency. With Griffin Insurance, we’ve built a platform where users can buy, renew, and manage their insurance policies all on a mobile app, within minutes. This is the future of insurance—not just in Kenya, but across Africa.”

By leveraging technology and automation, Griffin Insurance eliminates much of the paperwork traditionally involved in buying insurance, providing customers with a fast and seamless experience. The company focuses heavily on motor insurance, allowing users to pay premiums, track claims, and even pause coverage when their vehicles are not in use—a feature unique to Griffin.

What It Takes to Succeed in Business: Jihan’s Perspective

Building a successful business in a sector as highly regulated and competitive as insurance requires a blend of resilience, innovation, and an unwavering focus on customer needs. According to Jihan, her journey has been challenging but also deeply rewarding.

“Success in business, especially in a market like Kenya, demands persistence. There are days when things don’t go as planned—especially when you’re trying to innovate in a conservative industry—but you have to keep pushing,” she explains. “It’s also important to be customer-centric. We built Griffin Insurance around what customers actually want, not what the industry thinks they need.”

Jihan emphasizes the importance of having the right team. “You need a team that is as committed to your vision as you are. Surround yourself with people who are smarter than you and can bring ideas to the table. Collaboration is key.”

Finally, Jihan points to risk-taking as a core element of her entrepreneurial journey. “In business, you have to be willing to take calculated risks. When I started Griffin, we were entering uncharted territory with a fully digital model. But I believed in the idea and trusted that technology was the answer to many of the pain points in this industry.”

The Insurance Landscape in Kenya: Challenges and Opportunities

Kenya’s insurance industry has seen steady growth, driven by a growing middle class, an expanding economy, and increased awareness of the need for protection. However, insurance penetration—the ratio of insurance premiums to GDP—remains low. As of 2022, Kenya’s insurance penetration stood at around 2.4%, which is below the African average of about 3% and far below leading countries like South Africa, where penetration is above 17%.

Despite this, Kenya’s insurance market holds immense potential. The country ranks as one of the top insurance markets in East Africa, supported by a relatively well-developed financial services sector and robust mobile infrastructure.

“The low penetration rate represents both a challenge and an opportunity,” notes Jihan. “On the one hand, it shows there’s a long way to go in terms of educating people about the benefits of insurance. On the other hand, it means there’s a huge untapped market. At Griffin, we’re leveraging digital platforms to reach people who may never have considered insurance before.”

Comparison with Other African Markets

Kenya lags behind countries like Morocco, where insurance penetration is at 4.5%, and Namibia, with 6.7%, but is on par with other East African countries such as Uganda and Tanzania, where insurance penetration hovers around 1-2%. The low insurance uptake across the continent is largely attributed to economic challenges, low disposable incomes, and a lack of trust in insurance providers.

“One of the reasons why insurance penetration is lower in Kenya compared to countries like South Africa or Namibia is the lack of trust in traditional insurance models,” says Jihan. “People often feel they don’t get value for their money, and claims processes can be opaque. At Griffin, we’ve worked hard to build trust by ensuring transparency and creating a hassle-free claims process.”

The Way Forward: Digitization and Innovation

The future of Kenya’s insurance industry lies in digitization and accessibility. With over 47 million mobile phone users in the country, mobile-based insurance services, like those provided by Griffin, are becoming a more viable way to increase coverage. Microinsurance—affordable, smaller-scale insurance products targeted at low-income earners—is also expected to drive growth in the sector, particularly as mobile money services like M-Pesa expand their integration with insurance products.

“Kenya is at the forefront of mobile innovation, and insurance companies need to tap into that potential,” Jihan says. “At Griffin, we are constantly exploring new ways to reach customers via mobile and provide them with products that fit their needs and lifestyles. I see the future of insurance as being on-demand, flexible, and fully integrated into our everyday lives.”

Insurance Regulatory Changes: A Positive Outlook

Jihan is optimistic about the regulatory changes taking place in the industry. The Insurance Regulatory Authority (IRA) has been pushing for reforms to streamline operations, make insurance more accessible, and ensure fair treatment of policyholders.

“Regulation is crucial for maintaining trust in the industry,” Jihan states. “At Griffin, we’ve embraced these changes because they align with our vision of providing a fair, transparent, and efficient insurance service. We are excited about what the future holds for the industry.”

Conclusion: A Bright Future for InsurTech in Kenya

As Griffin Insurance continues to grow, Jihan Abbas remains a pioneer in Kenya’s InsurTech space, paving the way for a new era of customer-centric, tech-driven insurance services. With a market ripe for innovation and a population increasingly familiar with digital solutions, the future of Kenya’s insurance industry is undoubtedly bright. As more Kenyans adopt digital insurance platforms, industry leaders like Griffin will be at the forefront of driving insurance penetration and financial inclusion in the country.

In her final thoughts, Jihan offers advice to aspiring entrepreneurs: “Start small, dream big, and most importantly, stay focused. There will be setbacks, but every challenge is an opportunity to learn and grow. Believe in your vision and don’t be afraid to disrupt the status quo.”

Keywords:InsurTech:Insurance penetration:Digital insurance:Griffin Insurance Kenya:Entrepreneurship in Kenya