By John Wachira
For many motorists, buying motor insurance has traditionally meant finding an insurer or broker, giving them time to review the vehicle, waiting for a quotation and then deciding whether to proceed.
But that process is rapidly changing as more Kenyans become comfortable buying financial services, including insurance, online. Motorists today expect to understand their options and obtain a quotation without having to begin the process in a physical office or through a series of phone calls.
Against this backdrop, MUA Insurance now operates a popular digital motor insurance calculator designed to give customers a premium estimate in real time. The tool allows motorists to provide information about their vehicle and receive a quotation online, making it easier to understand the potential cost of insurance before proceeding with a purchase.
How does the MUA motor insurance calculator work?
The calculator uses a statistical modelling approach known as a Generalized Linear Model, or GLM, to help determine the appropriate premium based on the information provided.
GLMs are widely used in insurance because they allow insurers to analyse different factors that influence risk and use those relationships in pricing.
For the customer, however, there is no need to understand the mathematics behind the model because the experience is much simpler.
The customer provides the required information, the calculator processes the details and a premium estimate is generated. Instead of waiting for a quotation to be prepared manually, the customer can get an indication of the cost almost immediately.
This turns what has traditionally been a back-and-forth process into a more straightforward digital journey.
Why instant quotations matter
Very often, the first question motorists have when considering insurance is ‘how much will it cost?” a basic question that can arise at several points.
Someone buying a new vehicle may want to know the insurance cost before finalising the purchase. A motorist approaching renewal may want to understand the expected premium for the coming year, while another customer may simply be exploring different insurance options.
In each case, being able to obtain a quotation quickly has the practical advantage of allowing customers to make informed decisions earlier in the process rather than waiting until they have completed several steps before finding out what the insurance may cost.
A well-designed digital quotation also helps create a journey that allows the customer to move from interest to quotation to purchase with as little friction as possible. This is increasingly how consumers interact with other financial and commercial services. They discover a product online, obtain information, calculate the cost and complete the transaction digitally.
MUA’s motor insurance calculator is designed to support this journey by connecting the quotation process to the insurer’s wider systems. The GLM technology supports the pricing process, while integration with MUA’s core insurance infrastructure helps connect the digital experience with the underlying policy and underwriting processes.
Ready to find out how much your motor insurance could cost? Use MUA’s online motor insurance calculator and get your quotation digitally.
John Wachira is the Distribution Manager, Regions & Bancassurance, and Business Development at MUA Insurance.
