Jubilee Holdings launches campaign to enhance consumer insurance awareness

A new insurance campaign dubbed “There’s Living, and There’s Living Free” campaign has been launched today in Kampala by Jubilee Holdings to equip individuals with the knowledge to make informed decisions that promote wealth growth and financial goals.

Jubilee Life Insurance Chief Executive Officer Sumit Guarav highlighted the company’s belief that financial literacy is crucial for securing a brighter future for individuals and communities across East Africa and beyond.

“With over 87 years of industry experience, we will dedicate ourselves to passing on the knowledge we have accumulated and the insights we have gained. The goal of the campaign is to simplify the lives of our customers and the broader community, making the complexities of insurance and investment more understandable and accessible,” Sumit said.

This initiative comes at a critical time, as many individuals across East Africa are facing increased financial hardships.

The campaign will be executed across Uganda, Tanzania, and Kenya through a comprehensive strategy. This will include an aggressive media engagement plan featuring out-of-home advertising, creative advertisements on radio and TV, as well as thought leadership on topical issues surrounding investment and financial planning.

Dan Musiime, Chief Executive Officer of Jubilee Health Insurance, emphasized the Campaign’s importance in the current economic climate, saying, “In today’s dynamic economic environment, we are seeing an increase in mental health challenges, many of which are linked to financial instability. At Jubilee Insurance, we understand that financial uncertainty can deeply affect individuals’ overall well-being.”

“Our campaign is a proactive step towards addressing these challenges. By engaging with our communities in Uganda and the wider East African region, we aim to highlight the critical importance of making informed financial and investment decisions. We are confident that this initiative will play a crucial role in improving quality of life and fostering financial stability,”Musiime said.

Zul Abdul, the Group Chairman at Jubilee Holdings Limited, expressed enthusiasm about the campaign’s regional impact, saying, “At Jubilee Holdings, we take great pride in our identity as East African citizens. This campaign represents a significant investment in consumer education, offering our company an opportunity to make a meaningful contribution. We look forward to engaging with communities across Uganda, Tanzania, and Kenya as we empower individuals with the knowledge and tools they need.”

The initiative will run throughout the remainder of 2024 and into 2025.

Increasing insurance penetration

During the launch, executives emphasized that increasing awareness about insurance and investment is crucial for empowering individuals to make informed decisions that secure their financial futures and contribute to long-term stability.

During the launch of the, ‘There’s Living and Then There’s Living Free’ campaign, Jubilee Holdings Limited highlighted that the perception of insurance and investment as complex is a significant factor behind the low insurance penetration rates in Uganda and the wider East African region.

Financial literacy in East Africa lags behind more developed regions, presenting significant challenges for both individuals and the broader economy.

The 2021 Global Financial Literacy Survey indicates that Uganda’s financial literacy rate is 34%, Tanzania’s is 40% and Kenya’s is 38%.

This deficiency in fundamental financial knowledge hampers individuals’ ability to make informed decisions regarding savings, investments, and insurance.

Moreover, executives added, that the lack of financial understanding extends to health-related decisions, impacting the effective management of healthcare costs and access to preventive care.

Addressing this gap is crucial for driving sustainable economic growth and improving overall well-being.

This initiative by the company will meet individuals at their points of need by enhancing their understanding of investment and insurance solutions.

By doing so, Jubilee Holdings Limited will empower them to make informed decisions that secure their financial futures and contribute to long-term stability.

As Deloitte’s Insurance Outlook Report 2023 points out, insurance penetration in Uganda, Tanzania, and Kenya is less than 2% of GDP.

This highlights a glaring gap in coverage. The Global Findex Report also reveals that only 41% of adults in these countries are financially resilient. This means that less than half the population is ready to handle financial curveballs.