Liberty life is seeking to diversify its business through partnerships with other financial institutions and peer groups in order to increase market share. “We are currently developing partnerships with banks, microfinance institutions and affinity groups such as churches, chamas and investment clubs. The idea is to get many people under one grouping,” Liberty Life managing director Abel Munda said.
He said that currently the firm is looking to diversify its distribution avenues in order to increase life business adding that underwriting agents contribute up to 80 per cent of the firm’s business.
Munda described the firm’s new strategy as easier and cheaper for both the underwriter and the consumer adding that the firm would also be embarking on work-site-sales which involve positioning the company’s sales people at an organization. “We have largely relied on our agents to be able to sell to the public… we are not able to meet that many people,” Munda said.