Equity Life Assurance Kenya Crowned Life Insurance Company of the Year at 2025 Think Business Insurance Awards

Equity Life Assurance Kenya Limited, commonly known as ELAK, has achieved a milestone that speaks volumes about the future of insurance in the region. Named Life Insurance Company of the Year at the prestigious 15th Think Business Insurance Awards in 2025, ELAK’s journey since its launch in 2022 has been nothing short of extraordinary. This blog post takes a deep dive into what makes ELAK’s success story so compelling and the broader implications for Kenya’s insurance landscape.

A Remarkable Rise: From Launch to Market Leader

Launching a life insurance business and climbing to the top ranks within three years is a feat few can boast. ELAK started its operations in March 2022 with a clear vision—to offer insurance products that are innovative, accessible, and deeply customer-centric. By 2025, the company has issued over 15 million policies and commands a healthy 9% share of the life insurance market, positioning itself as the fourth largest insurer in Kenya by Gross Written Premiums.

What stands out is not just the volume of policies but the manner in which ELAK has grown. The company’s focus on digital delivery channels has revolutionized policy distribution, with approximately 80% of policies sold digitally. This means easier access for customers, faster issuance, and a more user-friendly experience that resonates with Kenya’s increasingly tech-savvy population.

Winning Big at the 2025 Think Business Insurance Awards

The Think Business Insurance Awards are recognized as Kenya’s foremost industry accolade, showcasing innovation, operational excellence, and strategic partnerships. ELAK’s sweep of multiple categories underlines its comprehensive strength:

Life Insurance Company of the Year

This top award acknowledges ELAK’s overall industry leadership, service quality, and growth trajectory.

Best Claim Settlement Award, Life Insurance

Claims handling is the critical moment of truth for insurers. ELAK’s efficient, empathetic, and speedy claims process reassures customers that their protection promises translate to real-world support.

Most Customer Centric Underwriter, Life Insurance

Reflecting an unwavering focus on client needs, ELAK excels in creating products and services tailored to diverse customer profiles.

Best Insurance Company in Ecosystem Partnerships and Cross-Industry Collaboration

This award recognizes ELAK’s participation in the broader insurance and financial ecosystem, leveraging partnerships that drive innovation and access.

In addition, ELAK captured runner-up positions for Best Insurance Company in Technology Application and Best Insurance Company in Sustainable CSR, signaling its strong commitment to embracing responsible business practices and leveraging technology to enhance service delivery.

Equity Bancassurance Intermediary Limited: Complementing Excellence

The Equity Group’s reach in insurance is not limited to ELAK alone. Equity Bancassurance Intermediary Limited (EBIL), the Group’s arm specialized in bancassurance services, shone brightly by winning several critical awards:

• Best Bancassurance Intermediary
• Best Bancassurance Intermediary in Life Products
• Risk Management Excellence

These accolades highlight the Group’s growing influence and robust presence across both life and non-life insurance markets. Bancassurance, which refers to the distribution of insurance products through bank channels, has been a key growth driver and allows Equity to leverage its extensive banking customer base to extend insurance coverage effectively.

Innovation and Inclusion: ELAK’s Driving Forces

Despite these achievements, Kenya’s insurance penetration remains low—in the region of 2.4% of the population. ELAK’s rapid expansion aims to address this gap by innovating on multiple fronts.

Digital Transformation stands out. By channeling the majority of their distribution through mobile and online platforms, ELAK has dismantled barriers typically associated with insurance, such as the need for physical branch visits and complicated paperwork.

Product Innovation is another pillar. ELAK focuses on developing inclusive products that fit the realities of Kenya’s diverse populations—including informal sector workers, women entrepreneurs, and rural households. This means creating affordable insurance offerings with flexible premiums and accessible terms.

Strategic Partnerships are critical too. As underscored by their award for ecosystem partnerships, ELAK collaborates with fintech firms, various industry players, and government initiatives linked to Kenya’s Vision 2030. Such collaborations amplify reach and support innovative service delivery models tailored to the evolving landscape.

The Broader Impact on Kenya’s Insurance Ecosystem

ELAK’s achievements transcend company milestones—they reflect a transformative moment for Kenya’s insurance industry.

The 2025 Think Business Insurance Awards focused on the theme of Ecosystem Partnerships and Cross-Industry Collaborations: Shaping Kenya’s Insurance Future. This highlights how modern insurance success relies not only on internal capabilities but on forging relationships that foster innovation and accessibility.

Insurance in Kenya has historically been underpenetrated due to challenges like mistrust, low awareness, and affordability issues. ELAK’s model exemplifies how breaking these barriers through customer-centric innovation, digital-first strategies, and collaboration can reshape the insurance narrative.

Moreover, ELAK’s commitment to sustainability and responsible corporate behavior fits in with global trends emphasizing environmental, social, and governance (ESG) factors. Being a runner-up in sustainable CSR demonstrates how insurance providers aren’t just financial risk managers but can also be agents of positive social impact.

Leadership that Drives Transformation

Angela Okinda, Managing Director and Principal Officer at ELAK, has been a visible champion of the company’s customer-first philosophy. Her leadership underscores a culture that places empathy, innovation, and speed at the center of daily operations. Okinda has spoken passionately about the importance of understanding customer needs deeply, ensuring transparency, and responding promptly, especially during claims settlements.

At a broader Group level, Equity’s CEO, Dr. James Mwangi, reiterates how insurance is a crucial element in the Group’s vision for financial inclusion and wealth creation across East Africa. The bank and insurance arms working synergistically offer holistic financial solutions to customers, from savings and credit to insurance coverages that shield against life’s uncertainties.

What This Means for Customers and the Market

For current and prospective insurance buyers, ELAK’s market rise signals:

• More accessible, affordable insurance options designed to meet varied life stages and income levels.
• Reliable claims processing that instills confidence.
• Enhanced service experiences facilitated by technology, reducing friction and increasing convenience.
• Sustained product innovation reflecting real customer feedback and emerging financial risks.

For the market, ELAK’s success catalyzes healthy competition, pushing other players to innovate and deepen customer engagement. This healthy dynamic is essential for increasing insurance uptake, which in turn fosters financial resilience across households and businesses in Kenya.

In Summary: Equity Life Assurance’s Bold Leap Forward

The story of Equity Life Assurance Kenya Limited is a fresh chapter in the narrative of insurance in Africa. From a bold launch in 2022 to becoming 2025’s Life Insurance Company of the Year, ELAK has demonstrated that rapid growth is achievable with the right combination of customer insight, technological adoption, and strategic partnerships.

Equity Bancassurance Intermediary Limited’s multiple awards complement this narrative, proving the power of integrated financial services.

For Kenya, this represents a shift towards a more inclusive, efficient, and technology-driven insurance sector, critical for supporting the country’s Vision 2030 development ambitions and financial inclusion goals.

As ELAK and its affiliates continue this trajectory, the future of insurance in Kenya looks promising—not just as a risk mitigation tool but as a critical enabler of wealth creation and improved livelihoods.

If you are interested in securing your financial future with one of Kenya’s most trusted and innovative insurance providers, now is the time to explore what Equity Life Assurance Kenya offers. Their award-winning customer focus and innovative products put you in great hands.