Britam Focus On Ethical Business Practices In Their Sustainability Report

By Soko Directory Team / Published June 20, 2024 | 2:36 pm



Britam

Integrated financial services provider, Britam, has launched its inaugural 2023 Sustainability Report highlighting its work in environmental stewardship, financial inclusion, empowerment of communities, and ethical business practices. The report covers January to December 2023 and underscores the insurer’s commitment to sustainable business practices, environmental stewardship, social responsibility, and ethical governance.

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.

Diane Korir, Britam Director of Customer Experience, Brand, and Marketing, added, “Embedding sustainability is not about planting a few hundred trees on World Environment Day, donating a few goodies to a children’s home, or responding to a flooding or drought crisis. It’s ensuring that the entire architecture of our business is engineered to do good.”

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 Sh15 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 bold 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, equipped with energy-efficient systems and appliances and employing water-efficient fixtures and fittings, utilized an average of 4,899 liters per month, successfully recycling 24,533 liters during the year.

Under the insurer’s social pillar, 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 with strong social impact include the partnership with M-Tiba, a digital healthcare platform that enables customers to access affordable health insurance digitally, and the partnership with two leading insurtech companies, namely Inclusivity and M–Tek to leverage technology to digitize and improve customer journeys. With changing family structures, 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 be it blended families, grandparents or other relatives taking care of children, or even parents working abroad.

On governance and ethics, 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 company’s impressive 93% fraud prevention rate in 2023 underscores its dedication to building trust with stakeholders and establishing a culture of integrity in all its business operations.

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.

Read Also: Britam, FSD Africa and Jacaranda Health Launch partnership To Improve Maternal And Neonatal Healthcare In Kenya




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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