Chester Insurance Brokers Limited’s entry into the Top 100 Business Daily-KPMG survey was a significant step towards realisation of their planned national and regional growth.
“Top 100 Survey is a respected brand in East Africa where business people use it to gauge a company’s trustworthiness as a business partner, integrity in business practices and compliance as a corporate citizen when it comes to paying taxes,” the firm’s chairman, S. R Shah, told the Business Daily.
Saying it was their first attempt at opening their business to scrutiny on their systems and processes, governance structure and audited accounts, managing director Yatin Shah acknowledged that clinching position 49 was an exciting challenge in an increasingly competitive market place.
“Top 100 gave us better brand recognition, built value and provided us with a platform to market our wide range of products and services to a larger geographical market and creating economies of scale, said Mr Shah.
The MD revealed that the 18 year-old firm’s secret to success lay in its board of directors 135
years of combined experience in the insurance industry, their education as well as hands-on involvement in the day to day running of the business.
“We followed successful approaches in enhancing synergy among employees for better cliets’ service and heavily invested in IT infrastructure, enabling our customers to directly engage us on a 24-hour basis,” he said.
The company with offices in Nairobi and Mombasa is the sole representative of UNiBA, a global
brokerage organisation, in Kenya which gives it an upper hand in meeting the needs for insurance brokerage, consulting and risk management services of their clients in Kenya.
“Though we are a mid-sized company, it is big enough to offer any type of insurance cover for domestic companies, both commercial and industrial, to large international firms,” said the company’s technical director, A. S. Chandrasekaran,.
Finance director Pomesh Shah added that the sector needs several reforms to encourage development of professional brokerage institutions.
He called for a clear differentiation of brokerage firms from bank assurance and insurance agents, saying this would help streamline operations and planned expansions across the Comesa region.