NAIROBI, Kenya, Mar 5 – Britam has entered into the microinsurance business following a nod from the Insurance Regulatory Authority (IRA).
Microinsurance aims to provide affordable coverage to low-income individuals, gig workers, and small businesses, areas where traditional insurance models often fall short.
According to the insurer, insurance penetration in Kenya remains low, with only 2.4 percent of the population insured despite a growing need.
The new entity, Britam Connect, seeks to address this gap by integrating insurance into everyday transactions, making it more accessible to the masses.
Its CEO, Tom Gitogo, highlighted that many Kenyans view insurance as too expensive or complicated, making it inaccessible for a large portion of the population.
He emphasised the importance of leveraging technology and strategic partnerships to bring affordable and relevant insurance products to more people.
“Britam Connect is addressing this by integrating technology and partnerships to make insurance more accessible, affordable, and relevant to the everyday lives of millions,” he said.
On her part, Britam Microinsurance Company’s Acting CEO Evah Kimani asserted that the platform seeks to make it simpler and more convenient for people to get insurance covers.
The company says the embedded insurance model has already reached over 300,000 gig workers in Kenya.
