Online portal Bima247 has launched, allowing Kenyans to buy insurance online without the need for intermediaries.
Bima247.com said it promises users a simpler and more efficient process compared to the current paper-based processes, putting the insurance buyer in firm control and making purchases more convenient.
The platform is powered by bima247, a software developed by Cubic Media Systems and Logistics, a Kenya-based software development company, and Transafricana Risk and Insurance Agency.
The team behind the venture consists of two highly experienced Kenyan insurance experts, Yvonne Wangeci Gitobu and Dr Chris Odindo, while the insurance cover is provided by Jubilee Insurance, which is the largest composite insurer in Kenya.
“In recent years Kenyans have became comfortable using technology in their everyday lives for a variety of things including accessing government services such as filing tax returns, banking, shopping and money transfer services such as M-Pesa. The insurance industry has lagged behind in embracing technology and putting their services online,” Odindo said.
He said the Kenyan insurance industry, which is reliant on labour-intensive, paper-based processes for policy and claims management processes, will now have a system that will improve productivity and efficiencies through reduction in the number of handoffs between 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. It is 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 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 – and also bring down costs significantly through its highly optimised automated service delivery pathways.
“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,” Odindo said.
“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.”