Across the country every day, Kenyans are increasingly relying on simple technologies as tools for socio-economic transformation. These innovations have in turn stimulated acquisition of new skills, increased civic participation, and access to Insurance, education, healthcare, public safety among others.

Until recently, insurance has been slow to technological change. The insurance industry seemed to be operating in the same old way while new players worked to technologically disrupt banking and financial management, ticketing, travelling, bill payments etc. That era of stability has ended with increasing deployment of advanced sensor technologies and related services. The Insurers and reinsurers are seeking new and innovative systems to improve service delivery and efficiency within their companies.

A report by Institute on International Finance 2016 examining how technology is beginning to reshape the insurance landscape stated that Insurance is now like other major industries, grappling with the risks and opportunities of new technologies. The report further stated that one of the most exciting implications resulting from these developments is expanded insurability for low- income populations. In turn, this is accelerating competition, innovation and change in insurance.

In light of this, Resolution Insurance has adopted this new technology shift. Recently, we have implemented the SSP Pure Insurance System that is aimed at improving service delivery and simplifying product design processes. The system will drastically reduce exhausting and time consuming manual processes. Customers will benefit from an array of services such as web based application processes, digitized quotes among others.

Further, the integrated portal will support full cycle trading for Resolution Insurance brokers thereby enabling Insurance brokers benefit from single solutions claims management, e-trading across the broker community and overall policy administration.

 

In addition to simplified processes, we cannot ignore the mobile world which is a key innovation contributing to reshaping of the insurance industry today. The growing prevalence of mobile phones provides new methods for insurance firms to communicate with and provide products seamlessly at all hours to their customers, encouraging greater engagement and brand allegiance.

The Insurance market is an information based market since there is a lot of information gathering, processing and distribution and thus technology is needed to manage all this information.

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  20. By Chen Aizhu

    SINGAPORE, July 29 (Reuters) – What to do with China’s abundant stock of
    coal? Chemical giant Hengli plans to make clothes out of it.

    It may sound like something from ancient alchemy, but the privately-owned Chinese company surprised industry watchers in June when it
    said it was getting into mining with a $20 billion project to convert coal into polyester yarn, used in clothes, packaging and
    plastic bottles.

    The announcement was intriguing. Coal is not a typical raw material for polyester and Hengli’s
    plan will be the world’s first of its kind in the China-dominated coal to chemical sector, where
    investment so far has totalled $85 billion according to the China Petroleum and Chemical Industry
    Federation.

    It also comes after Hengli borrowed heavily to set
    itself up as an oil refiner, using crude to make polyester.

    The shift into coal, a major source of smog and climate-warming greenhouse gases, is
    at odds with a global push to reduce reliance on fossil fuels and will exact a heavy environmental price, according to
    industry analysts.

    But the project, which Hengli aims to have running by the end of 2025 in Shaanxi province, fits into Beijing´s enduring commitment to coal and will add Hengli to a roster of Chinese companies, including coal miner Shenhua
    Group and oil refiner Sinopec, which have moved into the coal to chemicals business.

    “By picking Hengli, the country’s largest polyester producer with extensive reaches to the consumer textile market, it will help Shaanxi province efficiently develop its rich coal resource and grow the local economy,” said Zhu Fang, senior researcher at the China Petroleum and Chemical Industry Federation, which represents over
    400 oil and chemical firms.

    Hengli, as a Chinese company and one of the world´s largest polyester yarn producers, also stands
    a better chance of getting regulatory approvals for its plan,
    according to analysts.

    Officials from Yulin city, in Shaanxi province where Hengli plans to base its coal-to-polyester operations, approached the company first with the idea of
    setting up a plant there, according to company spokesman Li
    Feng, and it took about 10 months for Hengli and the city to reach a deal.

    An official inter-provincial alliance between economically lagging Shaanxi and coastal Jiangsu,
    China’s second wealthiest province, where Hengli is headquartered, may also help it gain regulatory support, as the project will generate jobs and boost local revenue,
    according to a Beijing-based executive from a rival company.

    Li, Hengli´s spokesman, declined to comment on the likelihood of
    regulatory approvals and said the project was about
    diversification from oil, full integration and economies
    of scale not politics.

    “With technological advances in the large-scale coal-to chemical plants, the cost of building and operating such a facility will become more and more competitive,”
    he said.

    Global rivals Dow Chemicals, Saudi Basic Industries (SABIC) and Total faced lengthy regulatory processes when they planned similar ventures in China.

    Dow and Total ultimately abandoned their plans amid a range of challenges from financial and environmental
    cost to the competition from cheaper shale gas-based projects in the United States.

    SABIC, one of the world’s largest petrochemicals groups, said the company has yet to make any further announcement after signing a
    preliminary deal with Shenhua Ningxia Coal Industry Group in 2016 to
    build a coal-to-olefin complex.

    ENVIRONMENTAL IMPACT

    Established in 1994 as a small weaving factory, Hengli has transformed into one of the world´s largest polyester yarn producers, feeding off China’s demand as the world’s largest consumer of textile.

    Hengli had annual revenues of $80 billion last year, according to the company.

    It founders, group chairman Chen Jianhua and his wife
    Fan Hongwei, who heads its listed unit Hengli Petrochemical, were ranked 16th in Forbes magazine´s annual China rich
    list.

    The company took on 70% debt to fund its 56.4 billion yuan refinery complex
    leaving it with an eye-watering debt to asset ratio of
    78% compared to Sinopec’s 50%, according to
    company figures.

    Hengli will finance 30% of the Yulin investment from its own funds
    and the rest from Chinese banks, said Li.

    Hengli´s plans involve converting 20 million tonnes of coal into 9 million tonnes
    of fine chemicals and polyester a year and the company told
    Reuters it has tapped China Tianchen Engineering Corp and Sinopec’s Luoyang Engineering to conduct pre-feasibility
    studies.

    Tianchen did not respond to a request for comment. A Luoyang
    Engineering representative said the company was at an early
    stage of cooperation with Hengli and declined further comment.

    While turning coal into industrial chemicals has been widely
    applied in China, producing aromatics – feedstocks for polyester — is a relatively novel process
    which is not commercialized yet.

    “(Hengli) is likely to be the first time on such a scale,” said Salmon Lee, principal analyst with Wood Mackenzie.

    Coal-based chemical plants typically emit three times
    more carbon dioxide and waste water for each unit of production, compared to oil-based
    chemical plants, and require oil at $45-$50 a barrel to break even, said
    industry experts.

    The scale of the Yulin project also means it could consume 60 million tonnes of fresh
    water every year, said a second Beijing based industry executive.
    That will be roughly enough to supply the whole of Singapore of six
    million people for five weeks, according to Reuters calculations based on Singapore’s official water usage data.

    Hengli’s Li said the plant’s emissions and water use will depend on the
    final design of the plant.

    “So far, we do not foresee any hurdles in winning the emission quotas and water resource(from local government),” he said, adding the company will invest
    in waste water treatment to maximise the amount of water they can recycle.

    Yulin officials did not respond to request for comment about the environmental impact.

    (Reporting by Chen Aizhu. Editing by Carmel Crimmins)

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