Nairobi — Jubilee Insurance has announced plans to set up in 12 new markets in Africa in the next three years following the insurer's consolidation of East Africa business.
The company has operations in Kenya, Uganda, Tanzania and last year started business in Burundi and Mauritius.
Jubilee Holdings chairman Nizar Juma on Thursday said that each year the company would be entering two to three new countries so as to make the insurer a leader in Africa.
"But it is not good if we go into these countries and become a mediocre player," he said. "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 in Nairobi, Mr Juma said Jubilee continues to record impressive growth in East Africa, with each country operation growing in business and market share.
He attributed the growth to employees' productivity, operational strategies and innovative products.
The company said that it would this year invest more in growing its countrywide presence through initiatives like expanding its agency network and methods of premiums payment.
Recently, Jubilee expanded methods of premiums payment to include M-Pesa, cash and bank payments, and recently entered into a partnership with PesaPoint, that allows its life insurance policyholders to pay their premiums through PesaPoint ATMs countrywide.
Jubilee Kenya chief executive Patrick Tumbo said that 10 agency and branch offices would be opened during the year in Kenya alone.
Meanwhile, Jubilee announced new management for its offices across East Africa, expected to be key in implementation of the 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," Mr Juma said. "We have already made good inroads, and the new managers will make our business growth more vibrant."