Jubilee Insurance has today announced the launch of its marine cargo online portal that will enable its customers and intermediaries manage their own marine insurance policy at the click of a button.
Speaking during the launch at Serena Hotel in Nairobi, Jubilee Insurance Kenya Chief Executive, Patrick Tumbo said that through the online platform, clients will now be able to self-manage their accounts through a user friendly portal, giving ease access for importers from anywhere in the world to interact with us in a convenient, fast and easy way.
"It is our goal as Jubilee Insurance to continue providing solutions to safeguard our client's future in the most innovative ways. We would want to be in the forefront of clients' satisfaction as this new area of growth opens up," Mr. Tumbo said.
The online portal will give clients the ability to set-up accounts, through which they can make declarations as they ship in their goods, obtain instant marine certificates, self-service their policies and report claims as they happen. "This online portal will also enable authorities to verify and validate all certificates issued through the portal, minimizing the risks of fraud." said Mr. Jaideep Goel, Jubilee Insurance General Business Manager.
The online solution is timely as it has become mandatory for importers of marine cargo to use local insurers for their underwriting services. During the 2016/2017 budget presentation, the government announced that from January 1st, 2017, under the Insurance Act Section 20, an importer must insure his cargo with a registered insurance company in Kenya, as opposed to the current model which importers can choose to insure the cargo with an international insurance company. This opens up the Marine underwriting business worth Ksh20 billion, which is expected to boost the Jubilee Insurance books in the short term and cement its market share
"This was a great move as the directive provided an avenue to grow the local marine insurance business and in turn grow the economy through investments made in with the premiums collected," Mr. Tumbo reiterated.
The Marine Insurance act enacted in 1968 provided guidelines of how marine insurance business should be conducted to safeguard the goods being shipped into the country by importers by sea or Air. However, majority of the importers used to buys goods on Cost Insurance Freight (CIF) from their suppliers which meant it was the supplier's responsibility to purchase the insurance abroad on behalf of their clients, which a times was not the case.