Jubilee Wins Top Honours with 9 Insurance Awards
By Peter Omondi
Nairobi----Jubilee Insurance, East Africa’s No 1 insurer, was the highest celebrated company in the recently held Insurance Awards 2010 after bagging a record nine awards.
Underlining its leadership position in the Kenyan insurance industry, Jubilee was the overall winner in the General Insurer of the Year category and Medical Underwriter of the Year category.
“The Think Business Insurance Awards are a timely introduction to the Kenyan insurance industry, encouraging companies to increase efficiency in their operations while maintaining the highest standards of innovation, integrity and customer service,” said Patrick Tumbo, General Manager & Principal Officer of Jubilee Kenya.
At the Awards Gala held at the Laico Regency last Friday, Jubilee was also the first runner up in six categories including Composite Underwriter of the Year, Claim Settlement Award, Customer Service Award, Marketing Initiative of the Year, Training Award and Socially Responsible Corporate Award. Jubilee was the second runner up for Life Insurer of the Year.
Mr Tumbo said, “Jubilee’s remarkable performance at this year’s inaugural event is an indication of our leadership in the region, and our continued investments in the service departments, which form the backbone to our business lines and which are being recognized by our clients and the industry at large.”
The company won the General Insurer award after scoring the highest points in financial performance, innovation in product offering, application of technology, response to customer needs and enhanced quality of service, and overall growth strategy. Under the Medical Underwriter award, the judges looked at attributes that included financial performance of the business, innovative and profitable underwriting strategies, innovative nature of its products, response to customer needs and growth strategy among others.
Jubilee has maintained the number one position in the last three years in the medical insurance business, with a 31 per cent market share. This has been attributed in part to the strength of the actuarial models which underline the underwriting process, and part to better management and simpler availability and use of the facilities for those in need.
In other notable attributes, the Marketing Award recognized Jubilee’s recent outdoor advertising campaign titled, ‘The relaxed way to save’ which ran between August and September 2010. It was designed to challenge the adage that life insurance is sold and not bought. Jubilee has doubled its Life sales agency since 2008 from 320 agents to 650 in 2010, and plans to further increase this number by the end of this year. The Jubilee Life Sales team was recognized at the AKI Annual Awards 2010 as having the highest increase in the number of qualifying agents, and as being one of the most improved and best performing life insurers in the country.
The Insurance awards are organized by Think Business, a financial services research firm. PKF, an accounting and business advisory services company analyzed and ranked the winners, based on set indicators including capitalization and liquidity.
Jubilee’s current capital base in Kenya is Shs700 million,(US$8.75 million) in a country which has a legally mandated asset base of Shs450 million (US$5.62 million) for composite insurers, making it the highest capitalized composite insurance company in the country and positioning it as a financially strong and reliable insurance provider.
The Jubilee Group continues to see strong growth in premiums, underwriting profit and net revenues. In 2009, the company’s Gross Written Premiums increased by 22 per cent to Shs9.1 billion from Shs7.6 billion recorded in 2008.
The first six months of 2010 also reflected a strong increase in revenues and profit for the regional company which spans five East African countries – Kenya, Uganda, Tanzania, Burundi and Mauritius. The Group’s half year gross revenue increased by Shs775 million to Shs5.7 billion, a 16 per cent increase, which the Company attributed to more market driven products, better service delivery and faster claim settlements