Britam Uganda, a leading insurance provider, embarked on a digital transformation journey to enhance its partner interactions, especially with key intermediaries like Brokers, Banks (Bancassurance), and Independent Financial Advisors (IFAs). This case study outlines the business case, challenges, solution, and the strategic alignment of implementing a self-service partner portal aimed at improving operational efficiency, customer experience, and overall business performance.
In the wake of the COVID-19 pandemic, digitization became imperative globally to adapt to changing consumer behavior. Customers now expect convenience as a standard service offering. To align with this shift and improve interactions with its partners, Britam Uganda identified the need for a self-service portal that would support Brokers, Banks, and IFAs in the Bancassurance channel. The goal was to streamline operations and enhance the service experience for end clients by reducing turnaround times (TATs) and operational inefficiencies.
Britam Uganda’s revenue largely depends on its intermediaries, with 70% of its income sourced from Brokers, Banks, and IFAs. However, the reliance on intermediaries to interface with clients introduced delays and inefficiencies. The traditional process required clients to wait for interactions between the intermediaries and Britam Uganda, leading to delays in:
- Issuance of Quotations
- Issuance of Proformas
- Policy Issuance
- Sharing of Client KYC
- Claims Registration
- Renewal Processes
These delays resulted in diminished customer experience, unrealized sales, and prolonged operational TATs, negatively impacting the company’s revenue and market competitiveness.
To address these challenges, Britam Uganda implemented a partner portal that empowers intermediaries to handle several operational functions autonomously. This portal was designed to:
- Enable partners to issue quotations, proformas, and policies directly.
- Allow real-time sharing of client KYC information.
- Facilitate claims registration and renewal processes.
- Streamline communication between Britam and its partners.
This solution aligns with Britam Uganda’s 2021-2025 Transformation Strategy, particularly focusing on:
- Customer Centricity: Placing the customer at the heart of every decision to deliver winning customer experiences.
- Digital First Approach: Ensuring end-to-end digital customer journeys for both customers and intermediaries.
- Agile Operating Models: Reinventing the business to enhance speed and reduce costs.
Britam Uganda evaluated multiple options before deciding on the partner portal implementation:
Do Nothing: This would maintain the status quo but with significant risks, including loss of market share, increased operational costs, reduced intermediary satisfaction, and potential revenue losses estimated at UGX 10.03 billion over four years.
Implement a Direct Sales Digital Portal: While this option could potentially grow a new revenue stream, it was deemed less strategic due to Britam’s current reliance on intermediary channels, which contribute 54% of the company’s revenues. The digital sales portal would also require additional investment in personal lines, which Britam Uganda is not currently focused on.
The partner portal was chosen due to its immediate strategic fit, higher revenue growth potential, and alignment with Britam’s existing business model.
Revenue Growth: The partner portal is expected to contribute UGX 10.03 billion to revenue growth between 2021 and 2024, with an average contribution of 2.69% to projected GWP.
Operational Cost Reduction: By reducing the need for printing and transport, operational costs are expected to decrease by 5%, equating to UGX 30 million per annum.
Increased Policy Retention: The portal will support a 10% increase in policy retention and new customer acquisition.
Improved Customer Experience: With faster TATs, Britam aims to achieve an NPS score of +30 and a CSAT score of 85% within six months post-inception.
First Mover Advantage: Britam will be positioned as a market leader in digital service delivery, enhancing its competitive edge.
Enhanced Partner Relationships: The portal will enable easier access to key documents and real-time updates, fostering stronger relationships with intermediaries.
Implementation Impact
People
The portal will free up time for Broker and Bancassurance staff to focus on relationship management, improving overall partner engagement.
Process
improved TATs in operational processes, allowing underwriting and sales teams to focus on strategic tasks rather than routine document processing.
System
Integration with existing systems, including AIMS, to ensure seamless data exchange between Britam and its partners.
By implementing the partner portal, Britam Uganda not only enhances operational efficiency but also positions itself as a digital leader in the insurance industry. The project is a key step in Britam’s broader digital transformation strategy, ensuring sustained revenue growth, improved customer satisfaction, and a stronger competitive position in the market.
