Kenyans will now be able to buy insurance online without the need for intermediaries through an online portal called Bima247
Bima247 is powered by bima24, software developed by Cubic Media Systems, a Kenya-based software development company and Transafricana Risk and Insurance Agency. The new portal will give insurance buyers a simpler, more efficient and convenient process compared to the current paper-based processes.
The team behind this venture is two highly experienced Kenyan insurance experts, Yvonne Wangeci Gitobu and Dr Chris Odindo while the insurance cover is provided by Jubilee Insurance Kenya, which is the largest composite insurer in Kenya.
Speaking on the initiative Dr. Odindo, a director of Bima247.com said "In recent years Kenyans have became comfortable using technology in their everyday lives for a variety of things including accessing government services such as filling tax returns, banking, shopping and money transfer services such as Mpesa. The insurance industry has lagged behind in embracing technology and putting their services online."
He said the Kenyan insurance industry which is reliant on labor-intensive, paper-based processes for policy and claims management processes would now have a systemthat will improve productivity and efficiencies through reduction in the number of handoffsbetween proposers, insureds, agents, adjustors, and the company; through automation of straightforward decisions - whether on underwriting, claims or premium payments - using an expert proprietary software. "Bima247 is a powerful, proprietary, internet-based, fully integrated insurance rating and payment system. Itis a first of its kind in Kenya. It is a white label 'plug-and-play' system that will significantly benefit key stakeholders in the sector such as the insured, agents, brokers and the insurance company. Insurance organisations can see how bima247 works by visiting the online portal www.Bima247.com", said Stanley Ngumo, the company's development director.
For insurance companies and brokerages, the core system not only allows them to take advantage of a new distribution and delivery channel- that makes products and services available 24/7, 365 days anytime anywhere in the world - but also bring down costs significantly through its highly optimized automated service delivery pathways. It is easy for insurance companies and brokerages to integrate Bima247.com with their existing systems due to the fact that the proposal forms and questions used are the same standard industry paper based ones. The only difference is that they are digitalized and in a way that allows the system to make an intelligent assessment of the risk.
Dr. Odindo added: "For the consumer we are giving them convenience and peace of mind. Consumers will only have to log onto Bima247.com, enter their details once and never have to worry about completing another proposal form or as long as they are with us. Once that's done, they get a quote either on screen or through their emails. They then pay online through any type of the available payment methods in Kenya, and if their proposal is accepted, they will get their insurance documentations through the post, or collect them in person from our underwriters. When that's done, we will email or text them timely reminders when renewal is due. We believe that Kenyans are busy and 'your insurance in your inbox' can only be a good thing for the time-constrained person".
For the first time in Kenya, Bima247.com puts the insurance buyer in firm control of the process, making insurance purchase easier and more convenient. With the new website consumers are in full control of where and when they get cover, which they can do from the comfort of their homes or anywhere else in the world any time any day of the year. What our clients will get is a simple to use, intuitive, secure, fast interactive and much richer insurance buying experience any place any time.
Commenting on the innovation, Washington Ndegea of the BIMA Intermediaries Association (BIA) said: "We believe that the use of bima247 will have a significantimpact on how insurance business is conducted in Kenya and also change how people consume insurance. As an Association of insurance professionals in Kenya we feel that it is in our members interests to be ahead of the curve in terms of technological advances. Bima247 will help our members do that. What's more, it is a quick and affordable means of getting an online presence for small insurance agencies and brokers"