Mobile tool for Kenya’s insurance brokers
By Carole Kimutai, Nairobi, Kenya
Turnkey Africa Limited has launched TurnQuest BIMA360, an insurance sales agent application that uses a mobile devices to allow agents to access information from the field with minimal connectivity to the office. This new technology is expected to grow Kenya’s insurance industry by up to 15%.
Turnkey Africa Limited, the vendors of the product reckon that BIMA360 will enable insurance agents to easily access the mass market through micro-insurance products.
“Potentially, the product will enable improvements in processing efficiency to translate to close to a 15% increment in business volume for agency driven business,” said Turnkey Africa Limited CEO Kizito Makatiani.
Makatiani said the average percentages in similar markets like Asia where the product is already in use have seen growth of close to 30%. BIMA360 is the first of its kind in Kenya and the African Insurance market. The product will also be launched in Nigeria and Ghana in September.
The product is being introduced in Kenya at a time when the sector needs to adopt distribution channels best suited to the micro insurance and personal lines of insurance. Most of Kenya’s insurance companies generate 50% or more of their business through agents. BIMA360 easily integrates into any of the existing systems already in use by insurers in Kenya.
“Remember that Kenya is at the forefront of mobile technology adoption, therefore a good market for BIMA360,” said Makatiani adding that the product further strengthens Kenya’s leading position in mobile technology following in the footsteps of Safaricom’s M-PESA money service product.
Some of the gray areas BIMA360 is expected to streamline include client servicing by ensuring availability of client or customer information to the agent, streamlining agent management through information sharing, improving lead management, and ensuring transparent payment and commission management.
The product will also enable insurers to improve sales force automation, customer service capabilities, reduce management costs and better performance visibility.
Turnkey Africa was founded in 1997 to provide solutions to the insurance sector by providing business management products to composite insurers looking to take advantage of technology to transform their business. To meet that specific need, Turnkey developed a complete integrated insurance ERP solution, TurnQuest Insurance Management Suite.