Safaricom, Kenya’s leading telco has begun seeking proposals for a comprehensive device insurance solution.
The communication service provider aims to have the insurance solution to cover over 1 million devices and integrate with the company’s existing systems leveraging Safaricom Insurance Agency Limited (SIAL).
The coverage tiers are grouped into three with Tier 1 covering screen only(accidental screen damage), Tier 2 covering screen and physical damage, and Tier 3 comprehensive cover(physical damage, loss, and theft).
Safaricom proposes that the insurance partner offer embedded and opt-in distribution models. The coverage will be for devices valued from Ksh 5000 to Ksh 300,000. The risk covered will include accidental damage, liquid damage, theft, fire, natural disaster, mechanical or electrical breakdown, and international travel incidents.
The insurance partner’s responsibilities will include claims management ensuring approvals are made within 24 hours, repair and replacement done within 7 working days. They should also allow for cashless repairs at authorized repair centers. Device replacements should be done at Safaricom shops or authorized partners. Safaricom adds that the partners should not allow depreciation of devices under one year and offer repair vouchers with free pickup and drop-off services.
Furthermore, the partners should ensure genuine claim processing and that they should be compatible with Safaricom’s IT infrastructure, 99.9% uptime, and API-based data exchange.
The proposed insurance solution must enable paperless claims submission and tracking, integrate seamlessly with Safaricom’s platforms and payment systems like M-Pesa, provide omnichannel access with high scalability for a growing customer base, adhere to stringent cybersecurity standards, and outline how it will utilize the resources and expertise of Safaricom Insurance Agency Limited (SIAL) for effective service delivery.
Safaricom’s proposal outlines the need for an insurance solution that delivers detailed policy and claims reports, includes real-time dashboards for monitoring performance and ensures compliance with Kenyan regulations and Safaricom’s internal policies.
Telco requires bidders for its proposed insurance solution to be registered with the Insurance Regulatory Authority (IRA) and to demonstrate financial stability and delivery capability, with submissions due via Safaricom’s I-Sourcing portal by January 7, 2025, at 5:00 PM, including a detailed company profile, implementation proposal, client testimonials, policy terms, a Service Level Agreement (SLA), and project team qualifications, while file sharing must exclusively use OneDrive.
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