AAR Insurance has been named the best medical underwriter of the year — group, and medical underwriter of the year — personal in this year’s Think Business Insurance Awards.
In insurance terms, underwriting is the process of evaluating and determining risk, then setting prices and establishing the insurance premium that will be charged in exchange for taking on the risk.
AAR’s win can be attributed to the company’s sound underwriting processes that put it at the top in the provision of medical insurance business in the country. The company has a medical underwriting team comprising trained medical personnel who vet clients based on their medical history, claims patterns and disease profile. The panel also consists of external senior medical consultants who play an advisory role.
“We believe that our adoption of innovative and profitable underwriting strategies is largely the reason for winning these two awards,” said Nixon Shigoli, AAR Insurance Kenya Managing Director.
He added that the company has put in place several underwriting strategies that have ensured proper assessment and pricing of risk while maintaining flexibility and responding to client needs.
Currently, majority of AAR Insurance business is in the medical underwriting at 95% with 5% focus on non-medical business. It has over 200,000 customers spread across the country
Mr. Shigoli added that the company’s aggressive drive in developing unique products underpinned by market research and customer’s needs has made AAR a medical insurer of choice.
The awards are organized by Think Business Limited, a strategic research and publishing company, specializing in the financial sector data and information. They are designed to assess, recognize and celebrate innovation, prudence and stability in the sector by recognizing individuals and organizations that have exemplified outstanding performance in the Insurance s