This archive report was first published on 27 July 2021.
July 27, 2021
CIC Insurance Group, the market leader in providing insurance services to co-operatives, has maintained its dominance in the sector with significant control of the business.
The company's Co-operatives Division General Manager, Richard Nyekenogo, attributes this success to the company's customer-centric approach and its ability to develop relevant products and services to meet the needs of co-operatives.
According to Nyekenogo, co-operatives are the company's mainstay clients, and it is essential to come up with products and services that cater to their needs and individual requirements.
“Co-operatives are our most valued shareholders, business partners, and so we always look for ways and opportunities to strengthen our relationship for mutual benefit while contributing to the growth of the co-operative movement,” said Nyekenogo.
The CIC Insurance Group targets savings and credit co-operative societies (Saccos) to increase its penetration, widen its market share, and empower more people economically through its customer-centric services.
As a result, CIC has developed very competitive products that are suitable for its customers, including Fosa cooperatives, marketing cooperatives, transport cooperatives, housing cooperatives, investment cooperatives, and agricultural-based cooperatives.
“We do understand our customers' needs through our interactions, which have helped us meet their needs. There are various types of cooperatives, and as a company, we have looked at their desired needs according to their structured ways of doing business, and have developed very attractive products that they desire to push their businesses, including the membership that they have,” he said.
The co-operative sector has mobilized a combined savings of over $2.5 billion and employs over 300,000 people, besides providing loans. CIC notes that all these people require a secure and comfortable retirement, which the company aims to safeguard through its Jipange Pension Plan.
One of the strategies that CIC has employed to maintain its dominance is spreading its branch networks. Currently, the company has about 25 branches spread out strategically to meet all cooperative and Sacco leaders and members from various spheres.
“The company has branches from Kilifi, Mombasa, all the way to Busia, Kakamega, and Bungoma on the far end, making sure that all members in those areas are served well. So that is the strategy for CIC business to enable any co-operator looking for insurance service to easily walk to those places and be served,” Nyekenogo said.
The company is also embracing the use of digital platforms for personal engagements with a view of unveiling products and services. This includes online services that can be accessed from anywhere, and clients can pay their premiums through online platforms.
During the ongoing Covid-19 pandemic, the group identified essential staff in the various departments at the subsidiaries and enabled the rest of the staff to work from home, ensuring that work was not interrupted.
The company also offers personalized services to clients through enhanced relationship management, which is cardinal in serving clients fairly since various clients have various ways of being handled.
