CIC Group has introduced ‘EasyBima,’ a pioneering digital car insurance product, for Kenyan car owners.
The product provides vehicle owners with the convenience of managing their insurance needs from home.
During the unveiling event Tuesday, Group CEO Patrick Nyaga announced the company’s strategic plan to invest Ksh.40 million in technology upgrades in 2024.
This investment aims to bolster CIC’s digital services nationwide, offering smarter, more appealing, and tailored services to consumers.
“EasyBima represents a shift towards a digital-first approach, offering a monthly motor insurance policy that customers can effortlessly purchase or renew from anywhere,” said Nyaga.
The service promises a swift experience, with customers able to access it in less than five minutes.
Moreover, EasyBima is designed to be budget-friendly, allowing policyholders to spread their payments across a year.
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Eligibility Criteria for EasyBima
To qualify for EasyBima, CIC’s portal indicates that vehicles must be no older than 15 years from the date of manufacture and must have a minimum valuation of Ksh.500,000. CIC has partnered with AA to ensure accurate car valuations.
Policyholders are expected to make 12 equal monthly payments and obtain an annual car valuation.
Eligibility also requires a clean claims record and proof of ownership, as verified by the vehicle’s logbook.
Nyaga said the decision aligns with the company’s commitment to alleviating the financial strain faced by many Kenyans, helping them balance life’s essential priorities.
Digital Adoption in Kenya
The move by CIC Group is timely, given the rapid digital adoption in Kenya.
Data from 2023 reveals that 17.86 million Kenyans, accounting for 32.7% of the population, utilized the internet for various services.
CIC looks to utilise a significant digital audience, with over 10 million Kenyans active on social media platforms, representing 19.3% of the population.
CIC boasts a robust shareholder base of 3,878 individuals and a capital foundation of Ksh.2.1 billion.
The Group serves a diverse clientele of 1.3 million across the region and is keen on expanding its footprint throughout Africa.
