CIC Insurance Group is looking to ride on a new digital monthly motor insurance cover to streamline the process of purchasing or renewing insurance remotely.
The cover dubbed ‘EasyBima,’ will allow the insurer customers to spread their comprehensive car insurance payments over 12 months.
CIC Group CEO Patrick Nyaga said that digitisation is becoming Key in improving product accessibility and ensuring business sustainability.
Nyaga stated that digitization aligns with their strategic growth plans and aims to enhance customer value, performance, and long-term retention.
"Digitisation is one of the focus areas identified as a catalyst for growth and transformation in our five-year strategic plan. This year, we plan to continuously invest in digital upgrades to strengthen performance and enhance efficiencies to achieve customer retention in the long term,” said Nyaga.
The EasyBima cover takes advantage of Kenya’s tech savvy population whereby 2023 saw 17.86 million internet users registered in the country resulting to 32.7 percent internet penetration.
Kenya is also home to 10.55 million social media users as at January 2023, equating to 19.3 per cent of the total population.
Insurance companies in Kenya are also driving the insurance ecosystem by promoting the versatility of insurtechs.
Fred Ruoro, Managing Director of CIC General Insurance, added that the company's commitment to digital innovation in meeting customer expectations.
“We understand the challenges our customers are facing in today’s economic landscape given that for most people their disposable income has been affected. With EasyBima, we are transforming the motor insurance landscape by combining digital convenience with affordability, empowering our clients to protect their assets without compromising their financial well-being,” said Ruoro
The cover leverages Kenya's tech-savvy population and growing internet penetration to offer a seamless and affordable insurance solution.
With Kenya's increasing internet and social media users, insurance companies like CIC are leveraging technology to enhance customer experience and promote the versatility of insurtech solutions within the insurance ecosystem.
