For Britam boss, juggling a bag full of plans is part of his daily schedule

When Britam boss Benson Wairegi joined the company at the age of only 24, his desire was limited to working hard in his position as chief accountant. Little did know that 30 years down the road he would hold the top position in the insurance firm.

Mr Wairegi has certainly steered the insurer in the right direction, given the accolades he has received. Last year he was named CEO of the Year Britam Company of the Year during the Company of the Year (Coya) awards gala night in Nairobi. He was feted for his exemplary leadership at the firm.

Mr Wairegi says his primary aim is to maintain the company’s top position and preside over its growth.

Having been in the company since 1977, Mr Wairegi feels that the company’s success is his obligation and has ensured that its aspirations are in line with the employees’ ambitions.

“I have, therefore, trained employees in all divisions on how to tap into the firm’s success,” he said.

Mr Wairegi says his journey with Britam has been exciting. Seven years after joining the firm, he realised that he could do much more to help the firm realise its objectives.

“I went back to school at age 48, studied management and implemented everything I studied in my every day office life,” said Mr Wairegi.

“After rising to become CEO of the company, I felt obligated to keep my brain alert. I have done this by reading widely. I network with achievers and ambitious people worldwide. Most importantly, I keep in touch with my employees and exercise a lot.”

Mr Wairegi talked to Smart Company at a CEOs’ forum organised by the Kenya Institute of Management to gauge how CEOs have benefited from the organisational performance institute’s (OPI) management strategy model.

He narrated his success story to bosses of leading companies; how he transformed Britam from a home service insurance company to a company listed on the Nairobi Securities Exchange.

The insurer has a market capitalisation of Sh35 billion and a share price of Sh20 as at last week.

So what is behind Mr Wairegi’s glittering achievements?

The secret, Mr Wairegi said, is the balanced scorecard strategy that the company uses. He said the strategy led Britam to reach the pinnacle of its success last year.

The balanced scorecard is a strategic planning and management tool that is used worldwide to align business activities to the vision and strategy of an organisation and monitor performance against strategic goals. It was originated by Dr Robert Kaplan (Harvard Business School) and Dr David Norton.

“All the strategies that we have been executing for the past 49 years suddenly came together in terms of valuation of the company,” he said.
Mr Wairegi said the firm has also cultivated a conducive environment for its employees, adding that the staff now feel part and parcel of the company.

Mr Wairegi recalled that in the 1990s, the company only provided cover to low skilled people. However, when it finally opened its doors to a wide range of customers in 2003 through 2004, it started experiencing rapid growth.

The firm has also diversified its investments and is currently the second largest shareholder in Equity Bank, with a 10 per cent stake. The insurer is also a shareholder in Housing Finance.

This year, the company is focusing on deepening and diversifying its investments. The insurer that already has branches in Kenya, Uganda, South Sudan, and Rwanda plans to redirect part of its 2013 profit, which stood at Sh26.5 billion, towards further expansion in East Africa.

“This is part of a five-year strategy that has already kicked off. We are making an entry into Tanzania, Mozambique, and Malawi. The completion of the Real Insurance acquisition will aid this strategy,” said Mr Wairegi.

Expansion is not the firm’s only ambitious project. It is also constructing Britam Tower, set to be the tallest building in the country and third tallest in Africa, at a cost of Sh6 billion. The property, to be located at Upper Hill, Nairobi, and due for completion by the end of 2015, will be the headquarters of the group while offering 350,000 square feet of “class A” commercial and office space to multinationals, banks and other institutions.

“This project sets the pace for other similar projects that we have planned in the next five years. We are also planning to develop a mall along Mombasa Road and our real estate strategy is coming up in a big way,” said Mr Wairegi.