Britam and Twiga Foods Limited have partnered to develop a business interruption insurance cover dubbed ‘Soko Afya’ to protect small retailers against income loss in the event they are hospitalised.
By providing a daily cash payout, Soko Afya compensates for the loss of income due to hospitalization related business interruption.
In a joint communique, the firms said that small retailers that include neighbourhood dukas and mama mbogas are not only the cornerstones of the food supply chain in Kenya but also create self-employment for millions.
''However, they are quite vulnerable to many risks that affect their businesses including shutdowns due to health challenges, fire and riots. We have come together to provide much-needed protection to these retailers,'' the statement read in part.
These solutions will be available on Twiga’s mobile phone platform and customers will also be able to pay premiums in flexible installments that will ensure affordability of these solutions.
Speaking about the partnership, Britam Group MD Benson Wairegi said they are committed to protecting vulnerable Kenyans against unforeseen risks through innovative products.
''This partnership with Twiga Foods will ensure that thousands of retailers can have financial stability in their businesses. It comes from my belief that protection provided by insurance is not just for the rich but it should be for everyone,” Wairegi said.
Twiga Foods Limited CEO Peter Njonjo on other hand said their goal is to bridge the gap in food security in Africa by building an efficient, transparent and formal marketplace using technology.
To achieve this goal, he said, they work with small retailers who have joined our marketplace. We have also come to understand the many risks affecting their businesses.
''Therefore, we reached out to Britam to collaborate on developing safety nets that will protect retailers and will make this sector more resilient,'' Njonjo said.
