Managing director Elijah Wachira said the country’s second largest general insurer by gross premiums after Jubilee targets average annual savings of about Sh300 million in two years.
The centres have taken charge of assessment and repair of damaged cars.
CIC said Sh537 million in 2017 or 97.63 per cent of its Sh550 million underwriting loss was in motor insurance.
CIC General Insurance Ltd #ticker:CIC plans to roll out motor assessment and repair centres in four more towns after a two-month pilot in Nairobi. The rollout will begin in Thika, Nakuru, Kisumu ending with Mombasa.
Managing director Elijah Wachira said the country’s second largest general insurer by gross premiums after Jubilee targets average annual savings of about Sh300 million in two years. The centres have taken charge of assessment and repair of damaged cars.
CIC said Sh537 million in 2017 or 97.63 per cent of its Sh550 million underwriting loss was in motor insurance.
It controlled 14.23 per cent and 11.35 per cent share in commercial and private motor insurance segment respectively, regulatory statistics show.
“During the first month of pilot, our total savings were Sh14.98 million despite the time lag and lessons. We anticipate the savings will average Sh30 million by the time we are four months old. We see ourselves confidently saving about Sh300 million in a year. That’s the vision.”
Cars involved in accidents are taken to the centre from a police station for assessment of the extent of the damage, unlike in the past where they would be taken to a garage by owners with the insurer sending claim forms through brokers or agents.
Mr Wachira said the new model has sealed loopholes for fraud through collusion by actors in the assessment and repair process such as agents, car owners and garage operators.
CIC selects the garages where the cars at the centre are taken for repair work.
