NAIROBI: Britam will spend more than Sh3 billion to set up an IT system that will link its businesses in the seven countries it currently operates in. The Jawabu IT system will help the company implement the project aimed at stepping up efficiency and improving profitability.
“It is expected to help with cost containment, risk management and increase efficiency in business processes by up to 30 per cent,” said Britam’s Chief Information Officer Jack Maina.
The company, which is listed on the Nairobi Securities Exchange, has interests across the Eastern and Southern Africa with its offices in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
“Insurers are among the most information-intensive businesses, and data accuracy and customer-responsiveness are critical to their success. Jawabu is expected to significantly increase productivity, improve efficiencies and reduce operating costs across all platforms in the business,” Mr Maina told Smart Company. The company offers a wide range of financial products and services in insurance, asset management, banking and property.
The products include life, health and general insurance, pensions, unit trusts, investment planning, wealth management, offshore investments, retirement planning, discretionary portfolio management, property development and private equity.
Britam’s move is bold given that insurance firms in Kenya and the region have not been keen on technology uptake. This is unlike other sectors like telecommunications that use innovative approaches to enhance customer experience and create a competitive edge.
Ernst &Young, Britam’s partner in the project, says in its Global Insurance Outlook report for 2015 that technology is key to the growth of the insurance company. “If one word could sum up the focus of insurers in 2015, it is “technology”.
Many insurers are investing in digital platforms that strengthen their relationships with customers across all product classifications and geographies,” states Shaun Crawford, E&Y’s Global Insurance Leader in the report.
“Their goal is to empower both businesses and consumers to better shop for insurance, making products more transparent, easier to understand and compare.” Implementation of the five-year project, which commenced in 2012 with a review of the firm’s business strategy, is being conducted in three phases.
