CIC Insurance Group has launched an online motor insurance cover dubbed EasyBima . The innovative product will enable customers to conveniently buy or renew their motor insurance covers digitally, hence enhancing their experience. They will also be able to remotely pay for the said covers over a one year period remotely. Ultimately, this will make the customers’ financial burden lighter , besides giving them greater comfort as they manage various priorities in life. By and large, the product seeks to ride on the vibrant Kenya’s internet penetration rate which stood at 40.8 percent in the beginning of 2024.
Digital agenda
Speaking at the launch, CIC Group Chief Executive Officer Patrick Nyaga underscored the importance of going digital saying it is aimed at enhancing accessibility of the underwriter’s products and services , while ensuring business sustainability. ‘’Digitisation is one of the focus areas identified as a catalyst for growth and transformation in our five-year strategic plan,” said Mr. Nyaga. “ Our goal is to enable Kenyans to realise value while insuring and investing with us which will have an effect in the sustainability of our business,” he added. In 2024, CIC Group is planning to continuously invest in digital upgrades in order to strengthen performance, enhance efficiencies and achieve customer retention.
On his part, CIC General Insurance Managing Director Fred Ruoro affirmed the underwriter’s commitment to continue investing in digital-led innovative solutions aligned with the evolving demands and expectations of their customers. “We are thrilled to introduce our digital-based monthly motor insurance solution, which reflects our unwavering commitment to embracing technological innovation in enhancing customer experience,” said Mr. Ruoro. “With EasyBima, we are revolutionising the motor insurance landscape by combining digital convenience with affordability, empowering our clients to protect their assets without compromising their financial well-being,” he added.
Among other things, EasyBima is set to cover accidental and malicious damage, fire, flooding, civil commotion, theft, third party liability, legal liability to third parties resulting from loss or damage to property, injury or death to third parties.
Successful
The product will leverage Kenya’s tech savvy population . In 2023, 17.86 million internet users were registered in the country , increasing the internet penetration to 32.7 percent. 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.
CIC Group has for five decades walked with Kenyans by providing insurance and financial services built around their needs. With a capital base of Kshs. 2.1 billion and over 1.3 million customers, the group ranks among the most successful insurance companies in Kenya . It is the leading cooperative insurer in Africa.
