Britam Insurance and MTN Mobile Money Uganda Ltd have launched a strategic partnership in an event that was held at Sheraton Kampala. This will see the global telecommunications giant distribute Britam’s insurance products through MTN MoMo agents and utilize MTN Mobile Money as a payment platform.
Britam Insurance is a leading diversified financial services group listed on the Nairobi Securities Exchange.
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The partnership dubbed Insurance Everywhere is part of the Britam Group‘s focus on customer centricity as it is aimed to improve the accessibility of their services to current and new clients with a digital-first approach. What better way to increase accessibility to insurance than to use MTN’s extensive network?
Insurance products available
The partnership will initially focus on Motor Third Party Insurance, which is a legal requirement in Uganda. It will eventually expand into other personal product lines such as Travel Insurance and Domestic Packages.
Uganda Insurance Regulatory Authority(IRA)’s Edward Kasaato said such a partnership will help the insurance sector make more gains in terms of penetration.
“This is a good idea and as the regulator, we welcome such. The telecom industry already has a big customer base and partnering with the insurance sector will take the industry to another level,” Kasaato said.
The Britam group has already seen success in its digitization efforts with parent company Britam Holdings generating KES Sh1.4 billion (UGX 150bn) in new business through revamped digital channels after the 2020 Covid-19 outbreak.
As a result of this progressive investment in this business process management software, Britam Insurance has been able to positively navigate the effects of the pandemic with robust business continuity.
“Our strategic formula is based on customer experience and this is why we are committed to multi-channel distribution to increase accessibility and choice. We are working with long-term partners such as MTN Mobile Money Uganda Ltd who share our digital-first vision and approach to customer service and are looking forward to our customers benefiting from this”, said the Britam CEO Mr. Allan Mafabi who was speaking at the launch.
The partnership will see MTN MoMo Agents utilize the Agent App Motor Third Party System to serve customers whilst customer payments will be made through MTN MoMo Assisted Payments. All a customer needs to do is to dial *165*4*5# to buy 3rd party insurance using MTN MoMo; aside from getting a sticker from any authorized Britam offices, agents, and/or distributors, one can walk into the selected MTN shops to print out the insurance sticker.
Speaking at the launch held at Sheraton Kampala, Rwenzori Ballroom, the MTN Mobile Money Ltd General Manager, Mr. Stephen Mutana looked forward to the partnership with Britam Insurance:
“Our partnership with Britam Uganda offers a glimpse of what the future should look like; we are thankful that Britam Insurance has seen the possibilities of what MTN MoMo can do to simplify and streamline the business operations process while easing the lives of customers. Combined with our large distribution network, we believe that we will offer additional excellent customer services to current and potential Britam Insurance clients”.
Most Ugandans face insurable risks, yet uptake of insurance remains very low at only 1.4%. Global insurance industry innovations have demonstrated how insurance may be better planned, more reasonably offered, and hence give better value for clients. These improvements can effectively lead to a larger consumer base and, as a result, more revenue.
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