National Insurance Company (NIC), a state-owned insurance provider, has announced a significant increase in premiums as a result of its successful digital transformation. The company's efforts to simplify access to insurance services have led to a 43% surge in premiums, indicating higher payments for insurance coverage. NIC's financial statement, released yesterday, revealed that gross written premiums reached Sh124.5 billion in the 2021/22 fiscal year, compared to Sh87.4 billion in the previous year. Despite the rise in premiums, NIC reported a slight decrease of 2.1% in profit before tax, with figures amounting to Sh63.21 billion. The decline can be attributed to the company's decision to increase its investment in digital platforms, which incurred additional operational costs. Dr. Elirehema Doriye, the Managing Director of NIC, explained, "We have significantly increased our investment in digital transformation to make insurance services more accessible, simplified, and to streamline the claims payment process, ultimately enhancing customer experience." Furthermore, NIC has undergone a brand refreshing exercise, which involved renovating its investment buildings and offices, aiming to improve the corporation's image. The company also witnessed a 29% decrease in risk retention due to the larger size of risks exceeding its capacity. NIC's total assets saw an 11% growth, reaching Sh423.9 billion, while the shareholder's equity rose by 32% to Sh217.071 billion. The company's investment in financial instruments experienced a 15% increase. Moreover, the total underwriting profit surged by Sh10.64 billion compared to the previous year. Dr. Doriye highlighted that the rise in premiums was influenced by cost reduction measures, the establishment of a digital system, and strategic investment choices. Currently, over 90% of NIC's operations are conducted using digital platforms. He further stated that the company's plan for the current year includes achieving a 30% increase in gross written premiums. The primary focus will remain on investing in technology to improve both the underwriting process and the speed of claim payments. Enhancing service provision and customer satisfaction is another crucial area of focus for NIC. Dr. Doriye emphasized the company's commitment to improving customer satisfaction to at least 90% and expanding its retail customer base. This strategy aims to optimize NIC's capital utilization and enhance risk retention. To achieve this, NIC plans to equip and recruit more agents, as well as strengthen relationships with key players in the insurance industry.