Britam makes Sh1.4b from digital channels since Covid outbreak
Britam Holdings, generated new business worth Sh1.4 billion under its digital channels since the outbreak of Covid-19 last year.
Britam attributed the growth to putting into operation of a digital business transformation strategy that saw the automation of operations to improve customer experience.
“Since we adopted a technology-led strategy, we have realised 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 organisation,” Britam’s Group Managing Director Tava Madzinga said in a statement.
“We are leveraging more on customer insights to drive relevant innovations,” he added.
Madzinga said the financial services firm is happy to be among the first insurance thought partner to demystify digital insurance in the country.
“The Covid-19 pandemic catalysed a more digital savvy approach to growing and retaining our customer numbers.
Customers can now enjoy our services at their convenience,” he added. According to Mazinga, the company plans to fully eliminate manual processes by introducing standardised, efficient systems by 2022.
Currently, business efficiency has increased by 30 per cent across all operations with transactions processing cycle-time reduced from over 7 days in 2019 to the current less than 24 hours.
Cut the valuation
Britam has digital partnerships with fintech and taxi-hailing apps including KOA, little cab and cellulant.
However, while its digital services portfolio is doing fine, Britam Group cut the valuation of its 32-storey tower in Upper Hill by Sh1.13 billion as occupancy levels dipped to 47 per cent.
It revalued the building from Sh8.04 billion in 2019 to Sh6.9 billion, on the back of Covid-19 shocks that weakened demand for office spaces as remote working became the new normal.