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Britam Holdings, an insurance group partly owned by Kenyan magnates Jimnah Mbaru, Peter Munga, James Mwangi, and Jane Wanjiru Michuki, has joined forces with Airtel Africa and digital insurer Inclusivity Solutions.
The innovative collaboration is geared towards intensifying the accessibility of insurance products within the country, particularly targeting low-income families as well as micro, small, and medium enterprises (MSMEs).
The partnership aligns with Britam’s mission to introduce mobile-enabled solutions to the underserved segments, providing protection against risks, including income loss due to hospitalization, accidents resulting in disability or death, and funeral expenses.
Under the terms of the agreement, customers will be able to access three distinct insurance products through their mobile devices: Hospital Cash, Last Expense, and Personal Accident cover.
The Hospital Cash coverage provides policyholders with a daily cash benefit of Ksh500 ($3.48) for hospital stays of three days or more, up to 30 days per year. Premiums are affordable, starting at Ksh35 ($0.243) per month for individuals and Ksh170 ($1.18) per month for families of up to four members.
For the Last Expense Cover, beneficiaries receive Ksh100,000 ($696.4) to help with funeral expenses and related costs upon the assured’s natural demise. This support covers expenses such as income loss, unpaid bills, and funeral arrangements.
Britam, renowned for its dominance in the insurance landscape and wider financial services sector across Southern and East Africa, offers a comprehensive portfolio encompassing insurance, asset management, banking, and real estate services.
Leading Kenyan billionaires and industry leaders such as Mbaru, Munga, Mwangi, and Michuki hold significant stakes within the conglomerate.
This strategic alliance between Britam Holdings, Airtel Africa, and Inclusivity Solutions is poised to reshape the insurance landscape, bridging the gap for previously underserved demographics.
By leveraging the convenience and accessibility of mobile technology, the partnership seeks to usher in a new era of financial security for low-income households and businesses alike, aligning with the broader objective of fostering economic resilience and prosperity across the region.
