Nairobi — Jubilee Insurance and Bupa International have received mandatory authorisation from the Insurance Regulatory Authority (IRA) to formalise a strategic partnership.
The agreement will see Jubilee Insurance provide Bupa's International health insurance products to its customers in Kenya.
Jubilee Kenya CEO Patrick Tumbo said that by combining Bupa's expertise and capabilities in international private medical insurance and Jubilee's broad spectrum of insurance products, solid financial backing and a strong distribution capability, the two intend to create a platform that will successfully tap one of the most dynamic niches in the insurance sector.
"Kenya is a regional hub for international business and human resource. As the regional economies grow, organisations will continuously seek to entrust their most valuable asset - their human capital - with the most sufficient international medical cover, incorporating local knowledge and guidance," he said.
"At Jubilee Insurance, we are constantly increasing our product offering to cater for and provide a 'one-stop' shop for medical cover to all of our clients, whether they are individuals, families or corporations," he added.
Experts have said that Africa's growth and Nairobi's regional hub position is a perfect launch pad to deepen international medical insurance niche market.
Bupa International Managing Director Wayne Close added that they are delighted to be working with Jubilee because the partnership will enable them to deliver a tailored service for customers, providing a blend of local knowledge and international know-how.
Jubilee Holdings chairman Nizar Juma noted that the partnership further demonstrates their commitment to the region, by providing people in Kenya with access to high quality healthcare.
"As the major medical insurer in this region, we rightfully meet the criterion that an international medical Insurance provider of Bupa's repute seeks in a strategic partnership. Our 75 years' experience places us ahead of the curve in the distribution channels and trust amongst our clients," he explained.
"Equally, we have the requisite understanding of clients and regulatory shifts in the region that enable us to design versatile and up to date insurance products," he added.
The two organisations are poised to formally celebrate their partnership in Nairobi with a series of meetings with key stakeholders.