Market News

Britam launches travel insurance for up-country buses


Britam Towers. FILE PHOTO | NMG

Passengers on upcountry bus companies can now buy travel insurance from Britam Insurance which will provide a Sh50,000 accident and medical expenses cover, Sh15,000 on ambulance services and Sh200,000 for death or disability.

Bus companies ENA Coach, Dreamline, Tahmeed and Randa have partnered with online ticket company Voltic Kenya and Britam to offer the micro-insurance product on ticket sales.

The partnership deal offers travel insurance service to passengers who buy tickets though Voltic’s i-Abiri booking platform, access to a personal accident cover during the duration of their trip at no extra charge.

Britam did not elaborate the earning structure or the revenue sharing model of the product that risks costing millions of shilling in claims given the prevalence of road accidents. Kenya recorded 4,579 fatalities as a result of road traffic crashes by the end of 2021 with tens of thousands injured.

As of May 22, 2022, a total of 1,816 fatalities had been recorded showing an increase of 9.2 percent compared to a similar period in the year 2021

“Apart from just offering our customers a service moving them from point A to point B, we provide them a value-added service that provides additional protection in the course of their trip,” said George Makori, CEO Voltic Kenya.

Britam’s head of telco and fintech partnerships, Simon Wanduga said the partnership with Voltic is well aligned with Britam’s strategy to be a customer-centric organisation by serving Kenyans who may not have direct access to insurance solutions.

The underwriter is tapping into micro insurance products to expand their coverage and open new revenue sources through low cost premium products distributed through digital channels.

Britam Insurance also partnered with Telkom to provide the low-cost Sh20,000 insurance package called Life Bila Noma bundle for just Sh200 and Sh300 a month for Boda Boda’s and mama mbogas as they purchase mobile data, short messages and airtime from Telkom.

The package offers insurance personal accident cover for up to Sh20,000 and a monthly last expense of Sh20,000 as well as mobile data, airtime to call and SMS to any network.

[email protected]