Jubilee Health Partners With USIU- Africa on an Alumni Health Cover
Nairobi, Kenya Friday 8th September 2023
Jubilee Health Insurance has today partnered with USIU-Africa Alumni Association to launch “AlumniCare” that will benefit over 22,000 people in the university’s alumni community. This healthcare solution will enable the institution’s community to come together and secure affordable and comprehensive medical coverage.
Insurance penetration is alarmingly low in Kenya and the wider East African region. Data from Insurance Regulatory Authority (IRA) indicates that penetration rates in Kenya stand at only 2.3 per cent. The cost associated with insurance premiums and overall coverage has been a major hindrance to insurance uptake. This financial barrier hinders individuals from accessing quality healthcare while exposing families to unforeseen healthcare expenses.
“AlumniCare” healthcare solution will leverage peer-to-peer insurance business model to improve how people access and afford insurance coverage. This group-based approach will allow participants to access affordable insurance coverage tailored to their specific needs.
Studies have shown that group health insurance plans offer better coverage, lower premiums, and a wider range of benefits compared to individual plans. The National Bureau of Economic Research underscores that group-based health insurance significantly reduces the risk of catastrophic health expenditure for individuals and families.
While speaking during the launch event, Jubilee Health Insurance CEO Njeri Jomo noted that insurance companies must now develop new products that speak to the needs and circumstances of the customer.
“Insurance is not just about mitigating risk; it is about understanding and embracing the unique customer needs and expectations. Our company is consistently innovating to improve affordability, reach and scalability of various solutions. We will continue to create products that not only resonate with our customers but also unlock new customer segments,” said Njeri.
This collaboration between Jubilee Health Insurance and the USIU-Africa Alumni Association will enable the alumni community to pool resources and leverage on their collective strength to take care of their health.
Jubilee Insurance Group CEO Dr. Julius Kipngetich noted that as the insurance landscape continues to evolve, peer-to-peer insurance will ensure more individuals and communities have access to affordable and comprehensive insurance coverage.
“Today, we are so proud to collaborate with USIU-Africa to offer a solution that will greatly contribute to the realization of universal healthcare coverage in Kenya. “AlumniCare” will help the alumni community to pool their collective resources and address healthcare access challenges,” said Dr. Kipngetich.
USIU-Africa Alumni Association Chairperson James Cutha said, “The launch of “AlumniCare” signifies a pivotal moment in the journey towards universal healthcare coverage in Kenya. Our partnership with Jubilee Insurance demonstrates how innovative partnerships can bridge gaps and create sustainable solutions for communities. As we embark on this journey, we invite individuals, communities, and institutions to explore the possibilities of collective action. Together, we can drive change, secure affordable healthcare, and ensure a healthier future for all Kenyans.”