Kenya’s insurance industry can breathe a sigh of relief since a local tech company might have just found for them the right solution to their agency businesses. BIMA360 is a mobile application which basically has all the functionality you would wish for in an insurance system.
The TurnQuest BIMA360 is an insurance sales agent application that uses a mobile phone device to allow agents access information in the field with minimal connectivity to the office. Agents can sign up clients and use the wide knowledge base to answer key customer queries. The event has been developed by Turnkey Africa Limited. The tech solutions company 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 effeciency to translate to close to a 15 per cent increment in business volume for agency driven business,” said theCEO Kizito Makatiani. Kizito is a younger brother to Ayisi Makatiani famous for Africa Online.
Kizito said the they Turnkey Africa projects a growth of over 30% for the sector in the country since comparing it average percentages in markets like Asia where the product is already in use have seen growth of the same level.
The product is earmarked for launched in Nigeria and Ghana in September. Most of Kenya’s insurance companies generate 50 per cent or more of their business through agents. The product is also easy to adopt as it easily integrates into any of the existing systems already in use by insurers in Kenya.
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 perfomance visibility.