This seems to be a hard year for insurance industry as local firms continue to be swallowed up by bigger, with latest being Cogear and Prime Life Insurance that have been acquired by Greenoaks Partners, a United Kingdom-based insurance venture firm.
The company acquired 85 per cent shareholding in each of the companies rcently. The two firms also rebranded to Prime Insurance last week, with promise to settle claims faster provide innovative products on the markets.
“We are bringing on board international insurance experience and expertise that enable us deliver outstanding insurance services on the Rwandan market,” Romain Dequesne, the Prime Insurance board chairman, said at the rebranding event on Friday.
“There is no reason why customers should have travel long distances to the headquarters or branches to submit a claim in this era of ICT. We are working on new technology solution that will help us to deliver world-class services to make the customer experience much better and simpler,” Dequesne said.
Following the buyout, the two companies now have 27 branches nationwide and 200 insurance agents.
Rwanda has low levels of insurance penetration, which currently stand at about 1.6 per cent of the population, according to the central bank.
“We are reviewing the claims payment process to ensure clients are compensated promptly. For some cases, claims will be settled within 30 minutes of submitting a claim,” said Andrew Okwara, the company’s chief operating officer.
“Besides the new claims processing technology, we have invested heavily in staff training and have set up a 24-hour support centre to enhance our customers’ experience.”
There are 12 other private insurers in the country, eight of which provide general insurance, while four are life insurers.