Britam unveils county strategy to boost growth
The move is part of a major countrywide expansion strategy to build capacity at the county level and increase points of contacts with consumers.
Unveiling the Group’s county strategy, Britam Group Managing Director Dr. Benson Wareigi said, “The devolved system provides a great opportunity to network closely with counties and our aim is to open five more branches by the end of the year.”
Wairegi said the group was now targeting frontier business in its quest for growth, and has unveiled its real estate investment strategy which looks at extending its real estate investment across the different property divides in Kenya.
He noted that the property market continued to grow and key sectors of the market have provided strong capital appreciation and yields in the recent past. He attributed Britam’s interest in property development to the high returns offered by the segment and stability of the housing market, where demand outstrips supply especially in the residential segment
Dr. Wairegi was speaking in Kitengela, Kajiado County, where the Group opened a new branch as part of expansion strategy into the counties.
“This is a deliberate move by the Group to make insurance and investment services more accessible to Kenyans. The new Kitengela branch will provide a wide range of financial services including health and general insurance, pensions, asset management, investment planning and property development,” he said.
“Kitengela, due its strategic location and proximity to Nairobi, has attracted a growing middle class looking for investment opportunities in the outskirts in a bid to avoid the hustle and bustle of the city, creating investment opportunities in the real estate sector,” said Stephen Wandera, Britam Regional Director, Insurance.
Also speaking at the unveiling ceremony Kajaido County Governor Dr. David Nkedianye noted that Britam’s entry into the county was timely and pledged to work with the Group to improve the livelihoods of the residents, many of who rely on various economic activities to earn a living.
“This County is growing rapidly and it has been an attractive destination for local and international investors. Property development has been one of the key drivers of growth. The entry of Britam will therefore be very instrumental in providing financial services to residents, while helping them manage their wealth,” Nkedianye said.
“We are committed to delivering insurance solutions relevant to every county. We appreciate that each county has unique insurance and financial needs so we plan to work with county governments to tailor make and deliver financial solutions,” Dr. Wairegi concluded.