Bamburi Cement in Ksh150 million medical insurance deal for its retailers

09.05.2017
 
 
 
 

…The initiative, which is the first of its kind in the market, is aimed at retaining and growing market share

30th May 2017...Bamburi Cement has today announced that it will cater for the full cost of medical insurance for its retailers. The initiative, dubbed Afya ya NGUVU, is aimed at rewarding retailers' loyalty.

Under the agreement, the corporate sum assured is Ksh150 million. The scheme is expected to benefit 800 lives through inpatient and outpatient services.

As the retailers are spread out countrywide, a simple customized solution was developed to enable the retailers verify their member details via mobile phone with the same platform being used for communication and inquiries.

The underwriter for the scheme is Sanlam General Insurance and the scheme's administrator is Alexander Forbes, which will avail a 24 hour call center and manage the day to day operations of the scheme.

"We conducted a market survey and realized that only 36 per cent of our retailers had medical insurance. Afya ya NGUVU is a direct response to this need. This is a unique and innovative value proposition which is not being offered by any other cement manufacturer," said Bruno Pescheux, the Managing Director of Bamburi Cement.

Medical care in Kenya is expensive and in the event of chronic illness most people dip into their savings or resort to fund-raising to settle medical bills. Afya ya NGUVU provides retailers with peace of mind and reduces the anxiety in the event of illness.

Though the investment on Bamburi's end is substantial, Mr. Pescheux noted that it was ultimately self-sustaining. "Afya ya NGUVU was born out of the realization that, as a cement manufacturer, we need to reward the loyalty of our retailers. We also need to provide additional incentives to sustain good performance and entrench a culture of continual improvement," said Mr. Pescheux.

Executive Director for Alexander Forbes, James Olubayi, reiterated that companies must customize solutions that ease the burden of health costs to their employees. A neglected group is company's supply chains that are critical to the survival of any organization. The solutions should ensure adequate coverage and access to quality care. When innovation in product design is applied then one can strike a balance between benefits and price, Mr. Olubayi added.

Commenting on the corporate partnership, Sanlam General Manager, Group Corporate Business, Mr. Evans Nyagah described Bamburi Cement's commitment to the wellbeing of its stakeholders as trend-setting. The move to secure the general risk of Bamburi Cement's retail force Nyagah noted, provides a good platform to accelerate insurance penetration in Kenya. "At Sanlam, we see ourselves as Wealthsmiths as are in the business of creating and protecting wealth. The partnership with Bamburi Cement fits in very well with our corporate mission to provide tailor-made general, insurance products to ensure that your business and stakeholders are protected against the risk you constantly face" Nyagah said.

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For more information please contact Anthony Mutua of Redhouse PR via anthony.mutua@redhouseke.com or 0720-721 095 // Lennox Yieke lennox.yieke@redhouseke.com or 0728-551232

NOTES TO EDITORS
ABOUT BAMBURI CEMENT LTD.
Bamburi Cement Limited, a subsidiary of LafargeHolcim, and is the leading cement manufacturing and marketing Company in the Eastern Africa region, having been operational for 63 years. It has three subsidiaries Hima Cement Ltd (Uganda), Bamburi Special Products Ltd and Lafarge Ecosystems Ltd.
More information is available on Bamburi Cement Group website www.Lafarge.co.ke

ABOUT ALEXANDER FORBES
Alexander Forbes is a leading supplier to the employee benefits industry in Africa. It is part of the Alexander Forbes Group, a specialised financial services group headquartered in South Africa, with a footprint in sub-Saharan Africa, the United Kingdom and a range of European markets. Being part of the Mercer group, Alexander Forbes leverages on vast strength and depth of global skills and technology. We provide advice and administration solutions in the financial services sector, investment and risk sectors to individuals, corporate, state, parastatals and retirement fund clients.
More information is available on Alexander Forbes Group website www.aforbes.co.ke

ABOUT SANLAM
Sanlam Kenya, formerly Pan Africa Insurance Holdings is a Kenyan incorporated diversified financial services group listed on the Nairobi Securities Exchange. Sanlam Kenya provides a comprehensive suite of financial solutions tailored to meet the distinctive Kenyan market needs. Through its subsidiaries Sanlam Life Insurance Limited, Sanlam Investments Limited, Sanlam General Insurance Limited and Sanlam Securities Limited, Sanlam Kenya is well positioned to meet unique client needs in the Asset Management, General and Life Insurance space. Founded on a rich heritage and good corporate citizenship, Sanlam Kenya currently features a branch network of 34 client experience centres across Kenya's major towns. The firm enjoys an estimated market share of 7% in the Kenyan life insurance industry, serving over 99,401 policyholders under individual life and more than 236,507 under group life. www.sanlam.co.ke