, NAIROBI, Kenya, Feb 3 – Jubilee Insurance has announced plans to expand to 12 new markets in Africa, over the next three years.
The expansion into Central, West and North Africa is geared towards giving Jubilee an African footprint, and follows the company’s consolidation of its business in East Africa. Jubilee has operations in Kenya, Uganda, Tanzania and last year established in Burundi and Mauritius. It is the market leader in Kenya and Uganda.
“Each year Jubilee will be setting up in two to three new countries. This will make us the most important insurance company in Africa,” said Nizar Juma, Chairman Jubilee Holdings. “But it is not good if we go into these countries and become a mediocre player. Jubilee’s plan is to be the top player not only in turnover and bottom line, but also in quality, price and service.”
Speaking during the company’s staff party, Mr Juma said Jubilee continues to record impressive growth in East Africa, with each country operation growing in business and market share. This, he attributed to employees’ productivity, operational strategies and innovative products.
At the same time, Jubilee announced new management for its offices across East Africa, expected to be key in implementation of the ambitious growth strategy. This includes new Chief Executive Officers for Jubilee Tanzania and Jubilee Mauritius, Zipporah Mungai and Azim Dawood respectively. The company also has new managers in its key departments.
“With these new appointments, Jubilee will continue its drive to grow from good to great,” said Mr Juma. “We have already made good inroads, and the new managers will make our business growth more vibrant.” At the same event, the company also awarded its long serving employees.
Jubilee will also this year invest more into growing its countrywide presence, through initiatives like expanding its agency network and methods of premiums payment. Jubilee Kenya CEO, Patrick Tumbo said 10 agency and branch offices will be launched this year in Kenya alone.
“This will give us expanded growth and enable us serve the grassroots,” said Mr Tumbo. Jubilee has in the recent past expanded methods of premiums payment, including M-Pesa, cash and bank payments, and recently entered into a partnership with PesaPoint, that allows its Life insurance policy holders to pay their premiums through PesaPoint ATMs countrywide. This made Jubilee the first insurance company in Kenya to allow policy holders pay their premiums via an ATM.
These initiatives, Mr Tumbo said are geared towards making insurance easily accessible, and grow penetration in the market, especially in rural areas. Jubilee also runs a 24 hour customer care centre located at its Wabera street headquarters in Nairobi.
The expansion strategy will make Jubilee, which is listed in the Nairobi Stock Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange, the first home grown insurer to go Africa-wide.