Britam on Wednesday officially launched its microinsurance subsidiary, Britam Connect, following its licensing by the Insurance Regulatory Authority (IRA).
The launch positions Britam as one of the first fully licensed microinsurance providers in Kenya, reinforcing its leadership in the sector.
Since pioneering microinsurance in 2007 with its flagship product, Kinga Ya Mkulima, Britam Microinsurance has insured over 4 million Kenyans as of 2024, commanding a dominant market share of over 40%.
The launch of Britam Connect marks a strategic evolution, leveraging digital innovation, strategic partnerships, and tailored solutions to bridge the insurance gap and connect with underserved populations.
Despite Kenya’s economic growth, insurance penetration remains low at 2.4%, driven by perceptions that insurance is a luxury rather than a necessity, cost concerns, limited awareness, and a lack of tailored solutions for the informal sector and low-income groups.
Britam Connect aims to shift this narrative by embedding insurance into everyday financial transactions and offering flexible, pay-as-you-go premium models.
“Insurance penetration in Kenya is still low because many people believe it’s too expensive or complicated,” said Tom Gitogo, Group Managing Director & CEO of Britam. “Britam Connect is addressing this by integrating technology and partnerships to make insurance more accessible, affordable, and relevant to the everyday lives of millions.”
Britam Connect has already made significant strides in integrating insurance into the daily lives of gig workers and low-income earners. For instance, taxi drivers using the Little ride-hailing platform can now access personal accident cover for as low as KSh 5 per trip. Similarly, boda boda riders benefit from personal accident insurance bundled with mobile data purchases from Safaricom. Since launching these embedded solutions a year ago, Britam Microinsurance has covered over 300,000 gig workers.
“Our customers don’t wake up thinking about buying insurance. They think about buying mobile data, fueling their motorbikes, or sending money. So why not integrate insurance into those everyday transactions?” explained Evah Kimani, Acting CEO of Britam Microinsurance Company.
Britam’s Kinga Ya Mkulima product, in partnership with Majani Insurance Brokers, a subsidiary of the Kenya Tea Development Authority, has provided comprehensive health cover to farmers. Premiums start at just KSh 85 per month, enabling access to both inpatient and outpatient care without financial strain. The partnership currently insures 200,000 farmers, covering a total of 600,000 people, including dependents.
“Our farmers no longer have to choose between healthcare and putting food on the table. This is the kind of solution that makes insurance meaningful,” said Pauline Mwangi, General Manager of Majani Insurance Brokers.
The launch of Britam Connect signals a turning point for Kenya’s microinsurance sector, which has seen slow uptake since the enactment of microinsurance regulations in 2020. Kalai Musee, Director of Supervision at the IRA, commended Britam for rethinking traditional insurance models and embracing technology.
“For nearly five years, it felt like we had passed a ghost law, with no one applying for a license. Britam Connect is doing exactly what we need—moving away from outdated models and making insurance accessible to all,” Musee said. He emphasized that affordability should not be an excuse for exclusion, noting that the IRA will support insurers like Britam Connect through nationwide financial literacy programs targeting MSMEs and informal sector workers.
Britam Connect has set an ambitious goal of reaching 25 million people across Africa in the next five years.
The company plans to scale its impact by collaborating with InsureTech firms, SACCOs, and development organizations to create innovative risk protection solutions. One such initiative is its partnership with Oxfam, which subsidized flood insurance premiums for residents in Tana River County.
Measuring Success Through Tangible Impact
For Britam Connect, success is measured not just in numbers but in the tangible impact on people’s lives. “Success means that when a gig worker is involved in an accident, they can get treatment without worrying about hospital bills. It means that a farmer affected by floods can receive compensation and rebuild their livelihood,” said Kimani.
“That is what Britam Connect is about—financial security that works for everyone, not just a privileged few.”
