KENYA – Insurance group Britam Holdings has announced a new executive team that will deliver enhanced service to its customers and position the company for long-term growth.
Under the new leaner structure, the company’s executive team will comprise eleven directors after dropping nine positions.
Britam has retained six key executives with new mandates from the previous executive team and appointed one new executive member on promotion whilst announcing a new appointee who was externally sourced.
Britam’s Group Managing Director, Mr Tavaziva Madzinga, said the new executive structure promotes diversity and aims to build a pan-African team to deliver on the 2021- 2025 business strategy.
“Our new leadership team, which comprises a mix of talent from within the business and injection of new Executives, will go a long way in enhancing our customer focus and Pan-African ambitions. Our team’s diverse talents will also be leveraged to deliver new market solutions that will accelerate the company’s growth in the medium to long term,” said Madzinga.
Madzinga said the company has successfully completed phase one of its Voluntary Early Retirement (VER) program which aimed to reduce roles within its senior executive team with the entire VER programme expected to close by end May 2021.
“Our new leadership team, which comprises a mix of talent from within the business and injection of new Executives, will go a long way in enhancing our customer focus and Pan-African ambitions”
Tavaziva Madzinga – CEO, Britam Holdings
The restructuring has seen nine senior roles falling off the block.
In its 2021-25 strategic cycle, Britam aims to expand its customer base to drive growth and to improve efficiency in how Britam runs its businesses to ensure better returns and Mr Madzinga, a Zimbabwean national who previously served as the chief executive of Old Mutual’s Kenyan business, has been tasked with boosting returns for Britam’s shareholders.
Britam’s operating costs have been perceived to be higher than those of its peers with nearly 50 per cent of these costs being staff costs.
The company spent a total of US$35.5 million in staff costs in the year ended December 2019, eating up 10.7 percent of the total income of US$331.7 million in the period.
The business has also been top-heavy, driving operational costs even higher.
On March 1st this year, the Board of Britam Holdings Plc announced a new organisational structure that aimed at creating a more competitive, efficient, and customer-centric organisation.
Additionally, it was to gear the organisation for enhanced digital innovation in its solutions and in product development.
Britam has hired the services of leading global management consulting firm, Boston Consulting Group (BCG), to develop an efficient business operating model and to drive change management.
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