, NAIROBI, Kenya, Mar 9 – British American Investment Company (Britak) has began its branch expansion and revamping plan, stemming from the Sh3.5 billion raised last year in an Initial Public Offer.
The aggressive branch expansion is part of Britak’s efforts to take insurance and asset management closer to the public, by refurbishing and expanding eight branches and opening an additional four in the country.
Britak Chairman Nicholas Ashford-Hodges said the revamping of its branches will be countrywide to help offer better services to customers and improve our distribution channels.
The refurbishment process has begun in branches such as AmBank House, Eldoret, Kisumu, Embu, Nyeri, Westlands, Timau and Phoenix house.
Britak will open additional four more branches in Bungoma, Machakos, Muranga and Nairobi as well as utilise industry advances such as bancassurance and micro insurance.
British American Group Managing Director Benson Wairegi expressed confidence that this branch expansion will help deepen the uptake of insurance and asset management services to the people of Kenya where the product penetration is only standing at two percent.
“This notwithstanding , the insurance sector has registered a Compound Annual Growth Rate of 16 percent for the last six years and this itself attests to the resilience and vibrancy of the sector,” he added.
According to research commissioned by the Association of Kenya Insurers’ (AKI), the low uptake of insurance among the Kenyan population has been partly a result of limited channels to sell insurance products, pushing for the need to adopt new and more efficient channels.