Jubilee Insurance taps digital microinsurance in growth strategy

jubilee

Jubilee Insurance Group has rolled out a mobile-based microinsurance health cover targeting at least 25,000 cooperative members.

Speaking during the launch of “Solution Afya medical scheme” chief executive Dr. Julius Kipngetich backed digitization to lower the cost of insurance products and enable consumers meet their health needs.

“The pandemic resulted to a priority reset with most individuals focusing on their spending habits, health, and wellness. Despite the changing priorities, consumers across the world are under financial pressure because of the increased cost of living. Ensuring health insurance is affordable and accessible is a high priority for Jubilee Health,” said Dr. Kipngetich said.

The cover which has been launched in collaboration with M-TIBA and Solution Sacco will allow sacco members and community-based organizations to manage their health policies via M-TIBA mobile application and have access to additional health service providers across the country.

“With the large digital shift in the recent past, it is only correct that we bring affordable insurance solutions closer to the fingertips of our customers. Accessing Solution Afya cover through the MTIBA platform will see members view the cover details, purchase, and track their insurance spend all through their mobile devices bringing convenience and affordable healthcare solutions closer to Kenyans,” stated Moses Kuria, M-TIBA Managing Director.

Kenya currently has 46.5 million internet subscriptions and 26.5 million smartphones in consumers’ hands.

Insurers back widely used digital platforms in Kenya to increase awareness to increase insurance uptake in the country and ease health related expenses especially among low income households.

“High premium cost has been one of the hindrances to insurance uptake in Kenya. Through this partnership with Jubilee Health and M-TIBA, we have set up a cover that meets the different health needs among our members. We are delighted to empower our SACCO members to access quality health cover without breaking their banks,” added Daniel Marete Solution Sacco Chief Executive Officer.

The new cover is expected to attract a minimum annual premium of Ksh 4,265 with policyholders having access to maternity cover, last expense, and personal accident cover.

  

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