Old Mutual Kenya (OMK) has opened a second full-suite branch in the coastal city of Mombasa, as part of a business strategy hinged on providing integrated solutions addressing customers’ financial needs at different points in their lives.
The new office in Mombasa will offer clients a wide array of insurance, savings and investment solutions under one roof, as the company shifts to a customer-need-centric approach as opposed to focusing on selling various financial products.
Speaking during the launch, Old Mutual East Africa Group CEO Arthur Oginga said this latest development reflects Old Mutual’s strategic transition towards a better customer experience based on providing holistic financial services that cater to the diverse and evolving needs of individuals, families, and businesses.
“Our approach goes beyond traditional product-focused methods. We are aiming to empower our customers with a wide array of financial tools, advice, and resources that help them achieve their short-term goals and secure their long-term financial well-being,” said Arthur.
He added that, while selling individual products tailored to empowering customers financially has seen the company attract more customers and grow, it was time to respond to evolving market trends, where consumers are looking for solutions to their specific problems and not just for products on offer in the market.
“Every individual’s financial journey is unique. Hence, we must proactively tailor the solutions we offer to every phase of the customer’s life, starting with financial literacy when they are young, then savings and investment when they are working and for their retirement years.”
Old Mutual opened the first such outlet along Kimathi Street in Nairobi, where it previously had two branches which it merged to create a one-stop shop
On whether there are plans to open additional branches using the same model, Old Mutual East Africa Head of Customer Experience, Christine Sogomo, disclosed that although this was not an immediate priority, the company was leveraging its existing branch footprint to cross-sell solutions available across the OM business network portfolio which includes life and general insurance, banking as well as asset management.
“We aim to bring our services close to the customer under one roof where customers can access diverse solutions to their financial needs. Our team of financial specialists will be readily available to navigate them through an array of choices, be it retirement planning, investments, insurance, or savings solutions.”
This year marks the second year since Old Mutual rebranded from UAP Old Mutual Group to Old Mutual, a transition that signified the company’s confidence in its future in Kenya as well as its readiness to unlock more opportunities and more value for its customers, communities, and other stakeholders.
As one integrated brand across East Africa, the new Old Mutual is positioned to build its long-term savings, protection, investment, and lending businesses within the East Africa region that is fast growing as a regional investment and business hub.