Britam Insurance has launched its microinsurance subsidiary targeting low-income Kenyans, gig workers, and businesses.
In a press release shared on March 5, 2025, Britam confirmed that the Insurance Regulatory Authority (IRA) officially licensed the company to operate as a microinsurance provider.
“Insurance penetration in Kenya is still low at 2.4% because many people believe it’s too expensive or complicated,” said Britam Group MD & CEO, Tom Gitogo.
Britam Connect Insurance
The company has named the insurance cover ‘Britam Connect’, which seeks to integrate technology and partnerships to bridge gaps in the insurance by promoting digital innovation and strategic partnerships.
“Britam Connect is addressing this by integrating technology and partnerships to make insurance more accessible, affordable, and relevant to the everyday lives of millions,” Tom Gitogo said.
In 2007, the insurance company pioneered its first microinsurance product named ‘Kinga Ya Mkulima’, which has offered insurance coverage for over 4 million Kenyans as of 2024.
Shifting Insurance Perspectives
The insurance company seeks to shift perceptions that insurance is a luxury rather than a necessity.
According to Britam, the mindset of insurance as “luxury” has been held due to limited awareness and a lack of tailored solutions for the informal sector and low-income groups.
“We are launching embedded insurance products because we know our customers don’t wake up thinking about buying insurance. They think about buying mobile data, fueling their motorbikes, or sending money,” said Evah Kimani, Acting CEO of Britam Microinsurance Company.
The insurance cover will be embedded into daily financial transactions, offering pay-as-you premium models.
“For example, taxi drivers using the Little ride-hailing platforms can now access personal accident cover for as low as Ksh 5 per trip. In the event of an accident, they receive medical coverage and compensation for lost income, allowing them to get back to work faster,” Evah added.
Also Read: KCB and Britam Partner to Provide Affordable Health Insurance to SMEs
Beneficiaries of Microinsurance
Since the launching of embedded insurance solutions by integrating insurance into mobile and digital services, 300,000 gig workers have been covered.
Farmers insured under Britam’s Kinga ya Mkulima product have already benefited from comprehensive health cover, allowing them to access medical services at nearby hospitals without financial strain.
The company has also partnered with Majani Insurance Brokers, a subsidiary of Kenya Tea Development (KTDA) to ensure Farmers are compensated.
Pauline Mwangi, General Manager of Majani Insurance Brokers expressed confidence that the partnership will be successful after insuring 200,000 farmers.
“Our farmers no longer have to choose between healthcare and putting food on the table. With premiums starting at just Ksh 85 per month, they can access both inpatient and outpatient care,” Pauline Mwangi said.
Also Read: Britam Pays Club Ksh71 Million in Fire Compensation
Global Reach
It has a goal of reaching 25 million people across Africa in the next five years.
The company plans to scale its impact by working with InsureTech firms, SACCOs, and development organizations to create innovative risk protection solutions.
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