Britam has launched its inaugural Sustainability Report highlighting its work in environmental stewardship, financial inclusion, empowerment of communities and ethical business practices. The report covers the period January to December 2023.
Britam Board Chairman, Kuria Muchiru, said the company’s long-term survival depended on the wellbeing of the people and the environment. “Our sustainability strategy prioritizes environmental stewardship, employee and stakeholder well-being, empowering healthier lives by offering innovative microinsurance solutions to enable low-income populations to access healthcare, and deepening financial inclusion through collaboration and innovation,” stated Muchiru.
Britam Group Managing Director and CEO, Tom Gitogo, said the launch of the Sustainability Report marked a significant milestone in the company’s journey towards integrating sustainability into every aspect of its business and reflects its unwavering commitment to creating long-term value for stakeholders while ensuring a positive impact on society and the environment.
“We have embedded sustainability into our corporate governance and business operations, employee development and training on sustainability, customer care, access to financial services for underserved communities, innovation of solutions like Flood and Crop insurance, robust cyber security, and data privacy frameworks, among others,” said Gitogo.
As evidence of its commitment to a more sustainable and responsible future, Gitogo indicated that Britam is a member of the United Nations Global Compact (UNGC), a non-binding United Nations pact to get businesses and firms worldwide to adopt sustainable and socially responsible policies, and to report on their implementation.
The report details initiatives taken by the insurer to respond to climate change and reduce its carbon footprint. During the year under review, Britam paid claims amounting to Ksh. 15 million to 300 vulnerable households in Tana River County under the Index-Based Flood Insurance, over 2,800 pastoralists in drought-prone counties benefited from the Index-Based Livestock Insurance and over 7,500 smallholder farmers were covered against weather risks and pests/diseases under the Index-Based Crop Insurance. The insurer also lists its efforts at e-waste management pointing out the recycling of 1,356 kgs of decommissioned electronic equipment, and the implementation of the E–Claims and E–Contracts initiatives to reduce paper waste. There were also efforts to reduce the consumption of electricity and fuel and a drive towards a circular economy.
The company established a reverse osmosis plant to purify contaminated water for reuse, providing an alternative during water rationing. In 2023, Britam Tower, which is equipped with energy-efficient systems and appliances and employs water-efficient fixtures and fittings, utilized an average of 4,899 liters per month, successfully recycling 24,533 litres during the year.
The Chronic Disease Management Program registered strong interest with 702 members joining by the end of 2023. More recently, the company launched Soma Sure, a 2-in-1 Education Plan that combines Education planning, competitive returns on savings and flexible top-ups.
Other programs include the partnership with M-Tiba, a digital healthcare platform that enables customers to access affordable health insurance digitally. There is also a partnership with two leading insurtech companies, namely Inclusivity and M–Tek to leverage technology to digitize and improve customer journeys. Britam also developed Milele Junior Health, the only standalone child cover in the market, to safeguard the health of children in every type of family.
The report highlights Britam’s investment in data analytics to proactively monitor transactions and swiftly identify and address instances of unethical behavior. The insurer employs advanced analytics tools to detect patterns, anomalies, or suspicious activities in real-time, facilitating immediate intervention to mitigate risks.
The insurer says it will build on the positive outcomes achieved in 2023 to realize stronger results in the environmental, social and governance pillars in the next year. It believes the investments made in embedding sustainability into the business will pay sustainable dividends to the business, the people and the environment in the short, medium and long term.