JHL Launches Thematic Campaign targeting East African communities
Nairobi, Kenya, Friday, 16th August 2024
Jubilee Insurance has unveiled an ambitious campaign dubbed ‘There’s living, and there is living free’, aimed at bridging the gap between complex insurance concepts and customers’ everyday needs across Kenya and the broader East African community.
The initiative will meet individuals at their points of need by enhancing their understanding of investment and insurance solutions. By doing so, the company will empower them to make informed decisions that secure their financial futures and contribute to long-term stability.
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 Kenya’s financial literacy rate is 38%, Uganda’s is 34%, and Tanzania’s is 40%. This deficiency in fundamental financial knowledge hampers individuals’ ability to make informed decisions regarding savings, investments, and insurance. Moreover, 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.
Our new initiative truly reflects our commitment to going beyond the usual role of insurance. We’re not just offering services; we’re sharing valuable insights that help people make smart choices for their health and financial well-being. It’s all about making a real difference in the lives of those we serve and helping them create a secure and bright future.
As the Insurance Outlook Report 2023 by Deloitte points out, insurance penetration in Kenya, Uganda, and Tanzania 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.
“There’s Living, and There’s Living Free” campaign will equip individuals with the knowledge to make informed decisions that promote wealth growth while achieving their financial goals and safeguarding their health.
Speaking during the launch event, Jubilee Insurance Group Head of Marketing and Corporate Communications Caroline Ndungu 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,” said Caroline.
This initiative comes at a critical time, as many individuals across East Africa are facing increased financial hardships. The campaign will be executed across Kenya, Uganda, and Tanzania through a 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.
Dr. Julius Kipngetich, Group CEO of Jubilee Insurance, emphasized the campaign’s importance in the current economic climate, stating, “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 across Kenya, Uganda, and Tanzania, 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,” Dr Kipngetich said.
On his part, Mr. Juan Cazcarra, Group Chief Operating Officer at Jubilee Insurance, expressed enthusiasm about the campaign’s regional impact, saying, “At Jubilee Insurance, 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 Kenya, Uganda, and Tanzania as we empower individuals with the knowledge and tools they need.”
The initiative will run throughout the remainder of 2024 and into 2025 as Jubilee Insurance works towards bringing about meaningful change while fostering a secure financial future.
