Dar e Saalam, May 3rd 2016…Leading diversified financial services Group Britam Holdings has officially launched its operations in Tanzania following the successful integration of Real Insurance Company with the Britam Group in Kenya.
The official launch of Britam Insurance Tanzania is part of the Britam group’s overall strategy of expanding its general insurance business and widening its foot print in Eastern and Southern African, and tapping into the un-insured segments of population.
Recent statistics place insurance penetration in Tanzania at less than one per cent of the country's gross domestic product (GDP), well below the level of most advanced nations and many African countries. Britam, with its entry into Tanzania, aims to bridge this divide by providing innovative and unique insurance solutions that meet the needs of Tanzanians.
Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Rwanda, South Sudan, Mozambique and Malawi. The group offers a wide range of financial products and services in Insurance, Asset management, Banking and Property.
Speaking in Dar e Salaam, Britam Group Managing Director Dr Benson Wairegi said the new company will leverage on the strong heritage of the Britam Group built over the last 50 years, a strong and trusted brand with a geographical footprint in seven African Countries, a strong human capital base, and a strong IT base and technological platform.
“The unveiling of the Britam Brand in Tanzania marks an important step in the company’s strategic plan to widen the scope of insurance products in this market. Britam is one- stop financial services supermarket, offering an array of services and products in insurance, asset management, banking and property. Consumers in Tanzania will now be able to access all these services under one roof,” Dr Wairegi said.
Dr Wairegi noted that Britam was a respected brand in Kenya, and in a market compromising of over 40 players, the company was a market leader in the various business lines it operates.
Mr Stephen Lokonyo, the CEO Britam Insurance Tanzania said the company already had seven branches in the country in Dar es Salaam, Arusha, Mwanza, Dodoma, Mbeya, and Mtwara, with more branches expected to be opened in the near future.
“These branches will serve as outlets for the company to reach the untapped markets in these areas, where insurance penetration is still low. Customers will now be able to conveniently access all the services with convenience and ease,” Lokonyo said.
Mr Lokonyo added that the company had received overwhelming support from agents, brokers, and other stakeholders, and requested for continued support to enable the company to give superior customer experience and help grow market leadership in the country.
He said the company has taken a leading front in product innovation and will shortly be launching Health and Travel Insurance in the market. The company, he said, was also targeting the lucrative oil and gas sector, and the agricultural sector for growth.
About Britam Holdings Limited
Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. The group offers a wide range of financial products and services in Insurance, Asset management, Banking and Property.
For more information please visit http://www.britam.com
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