CHAMA IMSURANCE AGENCY

CHAMA INSURANCE AGENCY

A world-class provider of professional, reliable and unequalled insurance services

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Investors The Agency for

Chama Insurance Agency’s differentiator as a service oriented Company is set to facilitate improved capacities and a diversified portfolio in the years to come Writer: Matthew Staff Project Manager: Stuart Parker

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n only two years, Chama Insurance Agency has capitalised on its incorporation in Kenya to become one of the country’s leading indigenous independent intermediaries.

Established under the auspices of the Amalgamated Chama Limited (ACL) and Kenya Association of Investment Groups, the Agency isn’t tied to any particular insurer and

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was set up with the objective to tap into the business from investment groups and members of the ACL, and has grown extensively as such over the past 22 months to become a flourishing ‘agency for investors’.

“Chama is a Kiswahili word meaning an association or a grouping of likeminded individuals or groups with a common goal or objective of investing and growing mutually,” introduces the Agency’s Chief Executive Officer,

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years or so to be recognised amongst Realising goals intermediaries, with the ability to handle Ensuring the ongoing progression of and serve large corporates, not to the still-young enterprise, Chama has mention deal with both specialist and in recent months been able to arrange composite insurers in the industry.” special binder terms for specific clients The paid-up member of BIMA by sourcing for the best underwriting Intermediaries Association of Kenya terms with reputable service providers (BIAK) offers financial products and from registered operators around the services related to personal country. Once again setting lines, home, life, travel and itself apart from the healthcare insurance competition, the among others, while Company has gone also sourcing for to great lengths group covers to introduce new Chama Insurance Agency Ltd is a Limited liability Company of all classes of nuances like this incorporated in Kenya on insurance; with to ensure that its 30th July, 2015 under the suitable terms for clients get good auspices of Amalgamated its customers. value for the Chama Ltd (ACL) and Kenya “Additionally, premiums paid.

Edwin Abungu. “The board of Association of Investment we do provide directors comprise professionals Technical Groups (KAIG) risk management, Director, Theodore in their respective areas and are all pre-risk surveys and Kenyans. Operationally, our activities Okoth explains: “From are determined by the sources of claims services,” Abungu an internal perspective, continues. “What sets us apart is we cannot say Chama has businesses which include individuals, the fact that we are a service-oriented grown much - because KAIG whose corporates, SMEs and chamas spread members are expected to utilise our out around the country. We do not rule Company, and an intermediary; the services have not fully done so - but out offshore operations so long as our first in the industry to have investors clients’ network of branches dictate. of various shades as our support base. with more investment groups being You may refer to us as the agency for incorporated, we expect to realise our “Chama Insurance Agency has investors/Chamas.” evolved in the past one-and-a-half goal of turning into a brokerage.

FACT

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C H A M A

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SANLAM

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ith a track record of 98 years, the Sanlam Group is a diversified financial services business with assets of more than $60 billion and an international footprint.

The Group has a global presence with offices throughout Africa and business interests across the continent.

Areas of expertise include insurance, financial planning, retirement, investment and wealth, with comprehensive and tailored financial solutions to individual and institutional clients.

T+254 20 2781440 Agribusiness Conference sponsored by Chama Insurance is specifically designed for investment groups in agricultural insurance sector

“Regarding upgrades, we have also recently acquired a new IT system to digitalise our operations.”

Ensuring the smooth transition of all new capital investments and strategic acquisitions is an equally strategic accumulation of employees whose approaches are indicative of the culture that Chama has adhered to since inception.

Okoth continues: “Our approach is that of commitment to attracting and retaining quality professional staff, developing in-house resources, and to train and build an inspired, motivated team. Our CEO himself is a young entrepreneur and has been attending several professional seminars organised by the industry to prepare him for the task ahead.

“Chama is open to engaging with both local and international staff given the nature of its major clients; including the likes of Ascent Capital, a private equity organisation with offshore interests.”

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www.sanlam.co.ke

Progress and development

Our approach is that of commitment to attracting and retaining quality professional staff, developing in-house resources

The Company adopts the same approach in formulating its supply chain and business partnerships as well, focusing more on the matching of values and culture as well as purely skill-sets and experience.

And going that one step further, Chama rounds off its dedication to local enrichment via an equally prominent corporate social responsibility ethos which, despite being in its embryonic stages, is set to gather momentum in the years to come.

Being such a young Company with the best still to come, Chama’s future ambitions as a whole are similarly lofty, all the while remembering its initial aims, and its initial reasoning behind being an intermediary between the insurers and the insured; between clients and service providers.

“This revolves around claims handling services,” affirms Okoth.

“This is where the real service begins.

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the procedures and requirements but to pursue the matter to its conclusion; ensuring the customer is adequately compensated or indemnified in accordance with the policy terms and conditions.”

Chama’s service continues further through the ability and capacity to advise the client on potential future risks as well, offering risk management training and consultancy to mitigate prospective incidents post the initial claim. And it is this value-add philosophy that Chama, and its CEO, Abungu, believes will stand the Company in good stead for its own long-term sustainability.

He concludes: “Looking forward Edwin Abungu, CEO, Chama Insurance Agency Ltd, was recently a speaker at the Africa Insurance Reinsurance three-five years, I envisage you will be Conference in Nairobi , Kenya speaking to Chama not as an agency with limited capacity but rather as The initial stages simply involve term for benefit contracts. a brokerage firm with professional prospecting, negotiating offers and “However, the real service begins securing acceptances of suitable terms when the risk is insured against results indemnity cover that can tender for for a contract to consummate and run in an accident or loss of life or property and service parastatals and mega risks.

“This is part of our long-term plan in for a given period: usually one year for belonging to the customer. Chama’s contracts of indemnity and an agreed duty is to not only advise the client on terms of progress and development.”

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Mercantile House, 1st Floor Suite 103 – Koinange Street Tel 0728 931 765, 0722 609 251, 0788 110 270 info@chamainsurance.co.ke

www.chamainsurance.co.ke

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