Britam has launched Elimu Smart, a short-term school fees insurance cover that protects school-going children from dropping out of school.
This is in the event of the death, permanent total disability, or diagnosis of critical illness of the parent or guardian.
They have partnered with Bismart, an insurance aggregator, on this initiative that is fully digital with premiums as low as Sh1,000 per year.
Njeri Jomo, general manager for Britam retail business, termed the product "a significant milestone" that allows the underwriter to supports its customers.
“We are aware of how hard parents work to make ends meet especially in regards to payment of school fees for their children and more so given the tough economic situation that we are facing globally,” she said.
The amount covered is up to the actual school fees in the child’s current school.
This guarantees continuity of the child’s education without disruption. It also gives the flexibility of selecting the total amount of school fees and the number of years to be covered.
The product is targeted at parents and guardians with children at all education levels from kindergarten to university.
“We are leveraging on digital platforms and technologies to connect customers to the best insurance and investments solutions available in the market,” said Eunice Maina, managing director, Bismart.
Bismart enables access to insurance solutions through the co-creation of relevant products with existing affinity groups like SACCOs, schools, welfare groups, and micro-finance institutions, connecting them to insurance companies through technology.
Britam recently rolled out its 2021-2025 Strategic Plan to transform the organisation by putting customer needs first while deploying customer insights and analytics to meet those needs.
As part of its new strategy, Britam is seeking to capitalise on its investments in technology to improve efficiency and expand its customer base to drive growth.
