Britam, Twiga Foods in deal to develop cover for businesses
By Wainaina Wambu | December 16th 2020
Britam has partnered with Twiga Foods to develop a business insurance cover that protects small retailers against loss of income in case they are hospitalised.
Dubbed ‘Soko Afya’, the cover provides daily cash payout - compensating for the loss of income due to hospitalisation related business interruption.
Twiga Foods is an e-commerce company dealing with both fresh food and grocery.
Britam Group Managing Director Benson Wairegi said small retailers who include shopkeepers and mama mbogas are the cornerstones of food supply chain in Kenya who create employment for millions of Kenyans.
They, however, remain vulnerable to risks that affect their businesses, including shutdowns due to poor health, fire and riots.
“We are committed to protecting vulnerable Kenyans against unforeseen risks through innovative products. This partnership with Twiga Foods will ensure that thousands of retailers can have financial stability in their businesses,” he said.
“It comes from my belief that protection provided by insurance is not just for the rich, but it should be for everyone.”
The solutions will be available on Twiga’s mobile phone platform. Customers will also be able to pay premiums in flexible instalments that will ensure affordability of these solutions.
Twiga Foods Chief Executive Peter Njonjo said the firm aims to bridge the gap in food security in Africa by building an efficient, transparent and formal marketplace using technology.
“To achieve this goal, we work with small retailers who have joined our marketplace. We have also come to understand the many risks affecting their businesses,” he said.
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