Jubilee Insurance will start operations in three new countries over the next two years, as it intensifies its expansion plans to reach 15 countries in Africa by 2020, the company said.Jubilee said it aims to tap into diversified distribution channels such as bancassurance, mobile technology, micro insurance, retail outlets as well as on-line avenues to access and service clients effectively across its growing African network. “Our strategy is to grow holistically: geographically, organically and product wise. We recently conducted in-depth market research across a number of African markets that confirmed the significant opportunities that economic growth and demographic trends offer to Jubilee as an established African insurance group, “Chairman Nizar Juma said on Wednesday during the 75th Annual General Meeting (AGM) in Nairobi.He said the research has confirmed that Jubilee has the capacity, customer understanding and product expertise that will support its ambition to expand into 10 new countries by 2020 to offer value to customers in these markets whilst increasing shareholder value.The regional insurance company has embarked on an ambitious market and product penetration strategy that is set to increase the current customer base by 80 percent annually, leading to its providing insurance services and solutions to 2 million customers by 2020. Bancassurance will increasingly become a driver in the growth of retail insurance penetration and Jubilee plans to be at the forefront of this important distribution development.East Africa has a large banking sector with an extensive branch network across the region and this infrastructure provides an excellent platform for insurance companies to reach a wider network of potential customers. “Jubilee Insurance will be focusing on building partnerships with quality banks which are looking to provide value added services to their customers and will also work to support the introduction of modern bancassurance regulatory frameworks in all of its markets,” added Juma.
