USAID commissioned MSC to provide technical assistance to refine and reposition the microinsurance product line of Britam, a financial services provider in eastern and southern Africa.
MSC conducted a situational analysis of microinsurance at Britam, deep-dive market diagnoses, and executed a concept distillation process. We revised the product and a strategic business case by pilot-testing and refining the products. As part of the assignment, we also drafted specific market and communication strategies, followed by an implementation framework.
Before MSC’s intervention, Britam had made recurring losses on its microinsurance portfolio. After our assistance, Britam achieved operational break-even in 2016 and made a small profit on the microinsurance portfolio. As of the end of 2017, Britam increased annual profits on its microinsurance portfolio to KES 79 million (USD 790,000). By the end of July, 2018, Britam had been serving over 550,000 low-income customers.