The Tanzanian chapter will leverage on over 50-year-old Group’s experience in operating in seven African countries with a reputation of strong human capital, IT and technological bases, according to its Managing Director Dr Benson Wairegi.
A Nairobi-based leading diversified financial services group, Britam, with interests across the Eastern and Southern Africa region operates in Kenya, Uganda, Rwanda, South Sudan, Mozambique, Malawi and now in Tanzania.
“Britam, a one-stop financial services supermarket, offering an array of services and products in insurance, asset management, banking and property and consumers in Tanzania will now be able to access all these services under one roof,” Wairegi said.
He said Britam has launched its operations in the country following the successful integration of Real Insurance Company with the Britam Group in Kenya.
He said it was also part of the Group’s overall strategy to expand its general Insurance business, widen its foot print in Eastern and Southern Africa and tap into the un-insured segments of the population.
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.
He cited recent statistics placing insurance penetration in Tanzania at less than one per cent of the country’s Gross Domestic Products (GDP) well below the level of most advanced nations and many African countries.
He said his company’s entry into the country would bridge the gap by providing innovative and unique insurance solutions that meet the needs of Tanzanians.
BIT’s Chief Executive Officer Stephen Lokonyo said the company has already established branches in Dar es salaam, Arusha, Mwanza, Dodoma, Mbeya and Mtwara .
“These branches will serve as outlets for the company to reach the untapped markets in these areas where insurance penetration is still low; and customers will now be able to conveniently access all the services with convenience and ease,” he said.
He boasted of the company had reportedly received overwhelming support from agents, brokers and other stakeholders, pledging to launch health and travel insurances in the market in due course, with the lucrative oil, gas agricultural sectors in the list of its endeavours.
The group offers a wide range of financial products and services in Insurance, Asset Management, Banking and Property.
According to Wairegi, Britam is a respected brand in Kenya’s market of over 40 players.
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