Mr Peter Mwangi, the chief executive UAP Old Mutual Group. PHOTO | FILE
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The firm has already merged its insurance and investments offerings for the branches in Kisii, Meru and Kisumu and is set to integrate all other branches in major towns countrywide, added Mr Mwangi.
UAP Old Mutual group has merged its banking and insurance services operations, enabling customers to access all its services under one roof. Group chief executive officer Peter Mwangi yesterday said customers will also buy shares from all its branches across the country.
Old Mutual took a 60.7 per cent stake in UAP for Sh25.6 billion ($253 million) in January 2015, just two months after it bought a 67 per cent stake in microfinance lender Faulu Kenya for Sh3.6 billion ($40 million).
Last year in October, the Group unveiled a new operational structure which aligned the newly merged business. Mr Mwangi said the Group’s strategy is to consolidate all its branches countrywide into integrated services by 2018.
“The integrated customer service centre consolidates UAP, Old Mutual and Faulu Micro Micro Finance Bank offerings under one roof. Our customers can now access insurance, investment management and, banking and securities brokerage services from one service point,” said Mr Mwangi.
He said the move would provide synergy benefits for the firm’s business but also provide easy access for customers.
The firm has already merged its insurance and investments offerings for the branches in Kisii, Meru and Kisumu and is set to integrate all other branches in major towns countrywide, added Mr Mwangi.
Unify our national network
He spoke during the launch of the first Integrated Customer Service Centre, along the Group’s Nairobi’s Kimathi Street branch. “We intend to unify our national network and this includes our head office,” said Mr Mwangi.
The group sees opportunities for growth in the combined business through annuities (life), cross selling of products, bancassurance through Faulu and other banks; and bundling of insurance, investment and banking products. It also plans to drive microinsurance through technology platforms such as I-invest.
“The UAP Old Mutual Tower in Upperhill will soon be home to the UAP Old Mutual Group and will host our second integrated customer service centre,” said Mr Mwangi.
The combined group now has presence in several other East African markets including Democratic Republic of Congo, Rwanda, South Sudan, Tanzania and Uganda.
It said it plans to move its Nairobi head office by the end of the year into the newly completed 33 floors UAP Old Mutual Tower located in Upper Hill.
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