Prime Insurance to diversify business portfolio

Prime Insurance Company Limited has devised a five-year strategic plan from 2013 to 2017 to ensure that they serve more customers through non-motor insurance services.

The insurance firm’s chief executive officer, Albert Mbawala, said they are looking at a well-balanced portfolio if the firm is to achieve sustainable growth and profitability.

Last week, the company announced that investors from Kenya want to buy 49 percent stake of the firm.

Mbawala told Business News over the weekend the company has huge plans, both for its customers and staff.

“We are encouraging our staff to focus on getting more of non-motor business because the motor business will come on its own .This plea goes also to our brokers and agents.

“While we are underwriting the motor business, which is the bulk of our business, let us also put much effort on getting non-motor business,” he said.

Mbawala said the company is also focusing on harnessing information technology (IT) to improve its efficiency and be innovative in using IT services.

“During the past year, we introduced a new renewal invitation whereby our use of IT has enabled us to invite renewals by sending SMSs [short messaging services] to thousands of customers in a second,” he said.

In the past year, the company strove to improve relations with its intermediaries and, according to Mbawala, they have received tremendous client support; hence, its good performance.

“Because of the trust which we have and, we are still building, brokers are now able to give us non-motor insurance business and we encourage them to be proactive in this area,” said Mbawala.