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Kumar Sumit Gaurav, the CEO of Jubilee Life Insurance Uganda told reporters that despite the penetration rate remaining low, the growth rate of the industry has shown positive trends.
Across the industry, he said, insurance growth has been ranging from 19-22% this financial year while his own company has done even better.
“We don't have the audited numbers yet but what we have heard from IRA is that we are now growing at 25% as of this last quarter,” he said.
Gaurav however, noted that there is still a lot of ground to be covered, as insurance penetration remains low, at around 0.7%.
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Guarev was speaking to reporters at the sidelines of the Jubilee Club Membership Annual Convention, where scores of the company’s best-performing insurance agents and unit managers received awards.
Held at the Sheraton Hotel, Kampala the awards event saw winners in the categories of Platinum, Diamond, Gold, Silver and Bronze walk away with awards and other prizes including fully paid trips abroad.
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Dorcus Kuhimbisa, the Jubilee Life Insurance Chief Operations Officer said the awards were intended to honour the hard work that the agents put in over the past year.
“We are seeing more customers coming on board and the existing ones paying their premiums and that is all because the agents and financial advisors are getting out of their way to engage with the customers,” she said.
“That is why we are here to encourage them and let them know that what they do is important."
The company has over 600 agents.
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Commenting on the fact that over 90% of the award winners were female, Kuhimbisa said such has been the norm in the industry.
“Insurance is for very patient people and the ladies have proved to be very patient and persuasive to our customers,” she said.
“You have to go back again and again and maybe the gentlemen might not be that patient.”