Occidental Insurance Co. Ltd is keen on establishing a stronger presence across the country over the next few years by opening more branches and satellite offices.
The move will further improve its customer service by facilitating easier access, especially in the counties.
Currently, Occidental Insurance has two offices in Nairobi, one in Kisumu, two in Mombasa and one in Nakuru, with plans to open another one in the industrial town of Thika.
According to the company’s Non-Executive Director, Mike Eldon, the expansion, which aims to cover at least 24 counties within the next five years, is a response to the growing demand for general insurance products around the country.
“The company’s confidence in the industry’s future has also influenced the decision to adopt a new corporate identity. Occidental Insurance embarked on its much more ambitious growth trajectory as part of the new strategy it launched in 2015. Since then a new energy has spread throughout the organization, attracting young dynamic high-performers to complement its existing long-serving staff. A spirit of trust and collaboration exists at all levels and between all departments of Occidental, assuring both its internal and external stakeholders of the long-term sustainability of the company,” Eldon said.
He added that in the last 30 years the company has expanded from one branch writing 11 million shillings in premiums to 2.6 billion shillings as at the end of 2017.
“We see a lot of potential in the insurance sector as counties develop, and this is the driver of our expansion plans. To this end we decided to adopt our new look and feel to the Occidental brand, targeting these emerging markets and appealing to the savvy and younger customer base that is growing. That’s why we chose the tagline ‘Live Life Confident’,” said Mr. Eldon.
Occidental Insurance’s 2017 premium figure represented a 28 percent increase from the 2.06 billion shillings posted a year earlier – above the 6.6 percent industry growth rate. The company’s asset base grew by 15 percent to stand at 3.77 billion shillings in 2017, up from 3.28 billion shillings in 2016.
Moreover, the company’s national claims-paying ability was affirmed at A-(KE) with a ‘Stable’ outlook by the Global Credit Rating Company (GCR), which is an endorsement on Occidental Insurance’s stability.
Occidental Insurance is additionally looking at new products to supplement its present portfolio of offerings – that include fire & perils, marine, liability, motor, travel insurance, engineering, and theft.
The Occidental Insurance Company Ltd was incorporated in 1984 and has been transacting general insurance business since 1987. It aspires to be the most reliable protector of wealth and health in the East African Region, operating with integrity and being totally customer-focused with its solutions and services.