Sanlam Kenya has confirmed plans to leverage on information technology-based solutions to sustain its business growth as part of its post-Covid-19 recovery strategy.
The local non-bank financial services provider has been on a sustained recovery path in the last two years but acknowledges that business slowdown arising from Covid-19 ripple effects may impact its 2020 performance.
Speaking at the firm’s 74th and first-ever virtual Annual General Meeting (AGM), Sanlam Kenya Chairman Dr John Simba said the firm’s recovery trajectory would take a hit from the impact of the COVID-19 pandemic that has disrupted businesses across the world.The firm, he however disclosed will be banking on its human resource base and robust information technology options to boost its distribution and customer service delivery platforms.
He added that: “The biggest opportunity in growing the Sanlam Kenya business lies in tapping technology to reach new market segments. Technological developments, such as Blockchain and Internet of Things (IoT), are opening up fresh opportunities for the industry by enhancing efficiency, lowering operating costs and making it possible to roll out low-cost solutions. This digital transformation is opening up alternative distribution channels while revolutionizing the customer experience.”
Dr Simba who was flanked by the firm’s Group CEO Dr Patrick Tumbo reiterated that the firm would maintain a strategic focus on ongoing efforts to strengthen engagements with business partners while diversifying its insurance solutions to customers.On his part, Dr Tumbo noted that Sanlam Kenya, being in the service business has also not been spared by the COVID-19 pandemic
“While the staff are still learning new ways of doing things differently to what they’ve been used to, Sanlam Kenya has implemented a few tactical changes such as an improved robust operating ICT system and a culture change to the quick adoption to the “new normal” with a more personalized customer engagement ensuring that timely and relevant feedback is provided to our customers”.
To sustainably grow shareholder value, Dr Tumbo disclosed that the firm would continue innovating on the best way to increase its footprint, with the use of technology at the top of the list in an effort to reach underserved markets.