Britam Holdings PLC, has generated Kshs 1.4 billion in new business under its revamped digital channels following the outbreak of Covid-19 in 2020.
This follows operationalization of a digital business transformation strategy that saw investments in automation of operations to improve customer experience.
Currently, business efficiency has increased by 30 per cent across all operations with transactions processing cycle-time reducing from over 7 days in 2019 to the current less than 24 hours.
Through the one stop shop revamped digital channels, customers will now be able to manage their insurance portfolios, update and process their policies. Additionally, they will now be able to purchase their preferred investment options from the comfort of their smartphones.
According to Tava Madzinga, Britam’s Group Managing Director: “Since we adopted a technology-led strategy, we have realized significant achievements. This move is firmly anchored in our 2021-2025 Strategic Plan that seeks to enhance customer experience by ensuring that we become a more customer centric organization. We are leveraging more on customer insights to drive relevant innovations.”
“We are happy that we are among the first insurance thought partner to demystify digital insurance in the country. The Covid-19 pandemic catalyzed a more digital savvy approach to growing and retaining our customer numbers. Customers can now enjoy our services at their convenience,” noted Mr. Madzinga.
He added: “We will continue to digitize more products and grow customer numbers and revenue. Our plan is to fully eliminate manual processes by introducing standardized faster efficient systems by 2022.
The firm currently has digital partnerships with fintech and taxi-hailing apps to drive insurance and investment through innovative solutions and provide greater choice for customers.
Some of the key digital partnerships under the financial services firm portfolio driving high investment appetite include – a partnership with KOA, a Kenya-based fintech startup, to support savings and investments penetration, a deal with Little Cab that will see it provide insurance cover to more than half a million customers currently using the taxi-hailing app service and a pact with Cellulant that aims to provide its customers in Kenya with a seamless digital platform that offers them access to savings and investment products