Heritage Insurance Company, a subsidiary of Liberty Kenya Insurance, is a leader in the non-life insurance sector in Kenya. As part of the larger Liberty Holdings Limited, which operates in 25 countries across Africa, Heritage is backed by a robust financial services group majority-owned by Standard Bank Group Limited, the largest African banking group by assets. Heritage Insurance is committed to innovation and customer-centric services, with a particular focus on motor insurance, micro-insurance, and enhancing customer experience through new technologies.
The onset of the COVID-19 pandemic brought unprecedented challenges to the insurance industry. With the Kenyan government imposing restrictions that drastically reduced movement, there was a significant decrease in vehicle usage among insured motorists. This led to customer concerns over paying premiums at normal rates while their vehicles remained stationary. Heritage Insurance was tasked with adapting its services to these new realities while maintaining customer satisfaction and loyalty.
Heritage Insurance faced several key challenges in the highly competitive insurance market:
- Market Responsiveness: The need to stay agile and responsive to market changes, particularly in the face of evolving customer expectations and stringent regulatory requirements.
- Operational Efficiency: Ensuring the efficiency of daily operations while managing expansion into remote locations without compromising control and oversight.
- Innovation & Technology Integration: The necessity to continuously innovate and integrate advanced technologies like telematics, APIs, and payment platforms to enhance service delivery and customer experience.
To address these challenges, Heritage Insurance partnered with Turnkey Africa to implement the TurnQuest General Insurance platform. This comprehensive insurance management solution was pivotal in enabling Heritage to overcome the obstacles posed by the pandemic and other market dynamics.
Operational Efficiency and Expansion
The TurnQuest General platform empowered Heritage Insurance to streamline its operations, leading to significant improvements in efficiency. The platform’s stability and robustness allowed Heritage to extend its reach into remote areas while maintaining strong control over its systems and operations. This capability was crucial for Heritage’s strategy, particularly as it sought to serve underserved regions.
Innovation and Technology Integration
Heritage leveraged the TurnQuest General platform to integrate advanced technologies, such as telematics for vehicle insurance and APIs for seamless connectivity with payment systems. The platform facilitated the launch of innovative products like the Auto Correct motor insurance policy, which uses telematics data to adjust premiums based on driving behavior. This innovation not only provided a competitive advantage but also addressed customer concerns during the pandemic by offering cashback based on reduced driving.
Regulatory Compliance and Market Adaptation
The platform’s flexibility in adapting to local tax and regulatory changes ensured Heritage’s compliance while operating efficiently across various regions. This adaptability was essential given the diverse and dynamic regulatory environments in which Heritage operates.
Enhanced Customer Experience
By providing self-service capabilities and ensuring accurate financial reporting and timely customer statements, the TurnQuest General platform significantly improved the customer experience. Heritage was able to offer more personalized services, such as usage-based insurance, which catered to the specific needs of its customers during the pandemic.
Results
The implementation of the TurnQuest General platform has had a transformative impact on Heritage Insurance. The company has seen marked improvements in operational efficiency, market responsiveness, and customer satisfaction. The ability to innovate rapidly and integrate new technologies has positioned Heritage as a market leader in the non-life insurance sector in Kenya.
Future Outlook
Looking ahead, Heritage Insurance plans to continue leveraging the TurnQuest General insurance software solution to drive growth and innovation. The company’s future vision includes expanding its micro-insurance offerings, further enhancing customer experience, and exploring new technologies to maintain its competitive edge in the insurance market.
Heritage Insurance's partnership with Turnkey Africa and the adoption of the TurnQuest General platform have been instrumental in achieving its strategic objectives. The platform's ability to support operational efficiency, innovation, and regulatory compliance has empowered Heritage to navigate the challenges of the insurance industry effectively, ensuring sustained growth and market leadership.
