R-L Chairman Jubilee Holdings Nizar Juma & CEO Jubilee Insurance Kenya Patrick Tumbo
NAIROBI, Kenya, Nov 6 – Jubilee Insurance scooped four awards at this year’ Insurance Agents Choice Awards that happened at the weekend.
The Insurance firm scooped the best in risk management solution, best product for its funeral cover, as well as Training Excellence and Impact.
The agent of the year went to John Ithoka of Jubilee Insurance while CEO of the year went to David Maranga of Monarch Insurance.
Amaco Insurance scooped the Corporate Social responsibility while GA Insurance scooped best claim settlement.
“The winner in this category (best claim settlement) pays claims in the shortest time possible. In addition, garages have no challenges working with this insurance company. The company was also noted to have little bureaucracy in claims processing as compared to most insurance companies,” the citation reads.
The awards are hosted by Bima Intermediaries Association of Kenya, the umbrella body representing insurance agents and intermediaries.
The Awards were themed ‘Agents of Change’ at a time when unlicensed insurance agents are negatively affecting the sector amid a negative growth in insurance penetration and a decline of profit margins.
There is an alarming increase of rogue agents who are now between 2500 to 3000 agents.
Licensed insurance Agents have grown from 4,862 in 2012 to about 7,720 in 2016.
Insurance in Kenya is mainly sourced through agents, brokers or directly by insurance companies with agents taking the lead by 46.3 percent.
