Britam Beats Peers To Emerge As Life Insurance Company Of The Year

by Business Watch Team

Britam Life Assurance Company scooped the Life Insurance company of the year award for the 16th consecutive year in the 2022 Association of Kenya Insurers (AKI) awards ceremony held recently.

Britam General Insurance Company also received the General Insurance Company of the Year award for the first time, followed by APA and Jubilee Health Insurance respectively, during the ceremony hosted by AKI, to celebrate the outstanding performance of insurance companies and insurance sales agents in 2022.

Britam General Insurance reported an impressive 15% growth in revenue from Kshs 7.681 billion in 2020 to Kshs 8.866 billion in 2021. Britam Life also registered a growth of 11% in revenue from Kshs 23.31 billion in 2020 to Kshs 25.894 billion in 2021.

Equity Life Assurance was honored with the innovation award in Group Life Business, with Old Mutual and Absa Life Assurance being named 1st and 2nd runners up respectively. The Individual Life Business Innovation Award went to Pioneer Assurance for its new innovative products and distribution channels.

Fidelity Shield Insurance was recognized for making the best use of the Integrated Motor Insurance Database System (IMIDS) in 2022. The award is given to the company that demonstrates the best quality underwriting and claims data, has the highest number of system users, and saved the most through the system.

A total of 783 insurance sales agents met the qualifying criteria in 2022 compared to 349 in 2021. Ruth Mumbe Nyingi of Britam was named the Life Insurance Agent of the Year-New Business Award 2022 for selling 154 policies valued at Ksh33.8 million. This award goes to the agent who has sold the highest number of policies and retained over 80% of their customers over a two-year period. Positions two and three went to Beryl Onyango and James Mosigisi both from ICEA LION.

Caroline Karanja from Old Mutual was named the 2022 General Insurance Agent of the Year after selling 75 policies worth Ksh4.3 million. Position two went to Elvis Agesa of Madison Insurance, while Kennedy Oyaya of Old Mutual took position three.

Jayshree Haria from Jubilee Insurance was awarded the 2022 Life Insurance-Persistency Award for having the highest customer retention rate over a three-year period. Positions two and three went to Ann Wanjama and Stephen Njoroge both from Britam.

The AKI annual awards come at a time when the Association is working closely with its membership to roll out digital platforms that will improve customer service and education, increase efficiency, and reduce fraud.

“We congratulate all the winners for their outstanding achievements in the insurance industry. These awards recognize excellence in service delivery and innovation, and we are proud to honor the hard work and dedication of the companies and agents who have demonstrated exceptional performance in 2022,” said Tom Gichuhi, the CEO of AKI.

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