In a landmark move to bolster financial inclusion and resilience among Kenyan women entrepreneurs, CIC Insurance Group has partnered with Women’s World Banking (WWB) to develop and distribute women-centric insurance solutions. This collaboration aims to address the unique challenges faced by women-led micro, small, and medium enterprises (MSMEs) by offering tailored insurance products, enhancing financial literacy, and promoting sustainable economic growth.
CIC Insurance Group, a leading cooperative insurer in Africa, and Women’s World Banking, a global nonprofit dedicated to empowering low-income women through financial inclusion, have joined forces to:
- Conduct In-Depth Research: Engage with end-users to understand their experiences and needs, guiding the design of user-centric insurance products.
- Develop Tailored Insurance Solutions: Create products that address specific risks faced by women entrepreneurs, such as health issues and income loss.
- Innovate Distribution Models: Utilize aggregation models to ensure wide-reaching and efficient distribution of insurance products.
- Enhance Insurance Literacy: Implement programs to educate women on the importance and benefits of insurance, fostering informed decision-making.
- Increase Economic Resilience: Provide tools and resources that enable women-led MSMEs to withstand financial shocks and sustain growth.
Kenya’s insurance penetration remains below 3%, with women, particularly those in the informal sector, being disproportionately underserved. This partnership seeks to bridge this gap by:
This initiative aligns with CIC Group’s 2025–2030 Sustainability Plan, which emphasizes:
- Social Responsibility: Promoting diversity, equality, and inclusion within the organization and the communities it serves.
- Economic Resilience: Supporting local entrepreneurship and fostering sustainable practices.
- Environmental Stewardship: Implementing eco-friendly practices and reducing the company’s carbon footprint.
- Responsible Governance: Ensuring transparency, accountability, and ethical practices in all operations.
By providing tailored insurance solutions, the partnership aims to:
- Mitigate Risks: Protect women entrepreneurs from unforeseen events that could disrupt their businesses.
- Enhance Creditworthiness: Enable access to credit by providing financial institutions with assurance of risk mitigation.
- Promote Business Growth: Allow entrepreneurs to invest confidently in their businesses, knowing they have a safety net.
- Foster Economic Empowerment: Contribute to the broader goal of gender equality and economic empowerment for women.
Patrick Nyaga, CEO of CIC Group, stated:
“As a leading cooperative insurer in Africa, CIC understands the principle of growing communities through inclusive insurance coverage. This partnership will enable us to contribute to insurance penetration in Kenya and allow beneficiaries to grow their wealth and cushion their families through access to health insurance tailored to women and underserved communities.”
Mary Ellen Iskenderian, CEO of Women’s World Banking, added:
“Inclusive and effective solutions can only result if we listen to the needs, concerns, and aspirations of the people we aim to impact. Our goal with this partnership is to co-create insurance solutions that are not only affordable and accessible but truly empowering for women and their families
The CIC-WWB partnership represents a significant step toward achieving financial inclusion and economic empowerment for women in Kenya. By addressing the specific needs of women entrepreneurs and providing them with the tools to manage risks effectively, this initiative has the potential to transform the landscape of women’s economic participation in the country.
