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Jubilee Life Insurance Uganda held its annual Jubilee Club Membership Convention on Thursday, celebrating the achievements of its top-performing agents and unit managers.
The event, held at the Golf Course Hotel in Kampala, recognised individuals in various categories, including Platinum, Diamond, Gold, Silver, and Bronze, rewarding them for their dedication and hard work in promoting life insurance across Uganda.
Dorcus Kuhimbisa, the Chief Operations Officer at Jubilee Life, said during that the event that agents are crucial to the company’s growth and that their performance is a significant channel through which business is generated.
“Agents play a critical role in securing business within the industry, and for Jubilee, it is one of the main channels. By rewarding their outstanding performance, we motivate them and show that this can be a rewarding career,” said Kuhimbisa.
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Recognition of Performance Metrics
The company’s recognition of its agents is based on several key performance metrics, including persistence, Gross Written Premium (GWP), and the number of policies sold.
The persistence metric focuses on how many clients have remained with the agent, reflecting the quality of service beyond initial sales.
GWP, which measures the financial contributions made by the agents, plays a critical role in assessing the growth and success of the company. "We are looking at figures that encourage agents to ensure their clients stay on board," Kuhimbisa added.
Additionally, the number of policies brought in by agents is also an important factor in Jubilee Life’s awards system. This strategy aims to increase market penetration by recognising the efforts that drive substantial growth.
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Industry Growth and Future Prospects
Linas T. Batya, the Chief Agency Officer at Jubilee Life Insurance, expressed his optimism about the future of Uganda's insurance industry.
He pointed out the company’s continuous efforts to train, structure, and support agents to ensure they provide the best financial advice to their customers.
He also noted the significant progress the industry has made over the past decade, positioning Jubilee Life among the top five insurance businesses in the country.
“The insurance industry in Uganda is growing, and we’re doing fairly well when it comes to the top five insurance businesses in the country. The steps we are taking through increased training and digitisation are vital for future growth,” Batya stated.