Jubilee Holdings unveils new insurance awareness campaign

Jubilee Holdings today launched a new insurance campaign in Kampala called “There’s Living, and There’s Living Free.” The initiative aims to empower individuals with the knowledge needed to make informed decisions that support wealth growth and financial goals.

Sumit Guarav, the CEO of Jubilee Life Insurance, emphasized the importance of financial literacy in securing a brighter future for both individuals and communities across East Africa. He stated, “With over 87 years of industry experience, we are committed to sharing the knowledge and insights we’ve gained. This campaign aims to simplify insurance and investment, making them more accessible and understandable for our customers and the wider community.”

The campaign comes at a critical time as financial hardships continue to impact many across East Africa. It will be rolled out across Uganda, Tanzania, and Kenya through a comprehensive strategy, including an extensive media engagement plan. This will involve out-of-home advertising, creative radio and TV ads, and thought leadership on key issues related to investment and financial planning.

Dan Musiime, CEO of Jubilee Health Insurance, highlighted the campaign’s relevance in the current economic climate. “In today’s dynamic economy, financial instability is increasingly linked to mental health challenges. At Jubilee Insurance, we recognize the deep impact financial uncertainty can have on overall well-being,” Musiime noted. “Our campaign is a proactive step to address these challenges. By engaging with communities in Uganda and the broader East African region, we aim to underscore the importance of informed financial and investment decisions. We are confident this initiative will significantly improve quality of life and foster financial stability.”

Zul Abdul, Group Chairman of Jubilee Holdings Limited, expressed his enthusiasm for the campaign’s regional impact. “As proud East African citizens, we at Jubilee Holdings see this campaign as a significant investment in consumer education. It allows us to make a meaningful contribution by empowering individuals with the knowledge and tools they need. We look forward to engaging with communities across Uganda, Tanzania, and Kenya.”

This initiative will continue throughout the rest of 2024 and into 2025, with a focus on increasing insurance penetration.

During the launch, executives emphasized the importance of raising awareness about insurance and investment to empower individuals to secure their financial futures and contribute to long-term stability.

They pointed out that the perception of insurance and investment as complex has contributed to low insurance penetration rates in Uganda and across East Africa.

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

According to the 2021 Global Financial Literacy Survey, Uganda’s financial literacy rate stands at 34%, Tanzania’s at 40%, and Kenya’s at 38%.

This lack of basic financial knowledge hinders individuals’ ability to make informed decisions about savings, investments, and insurance.

Additionally, this financial illiteracy extends to health-related decisions, affecting the management of healthcare costs and access to preventive care.

Addressing this knowledge gap is crucial for driving sustainable economic growth and improving overall well-being. Jubilee Holdings Limited’s initiative aims to meet individuals at their point of need, enhancing their understanding of investment and insurance solutions.

By doing so, the company seeks to empower people to make informed decisions that secure their financial futures and contribute to long-term stability.

According to Deloitte’s Insurance Outlook Report 2023, insurance penetration in Uganda, Tanzania, and Kenya is less than 2% of GDP, highlighting a significant coverage gap.

The Global Findex Report also indicates that only 41% of adults in these countries are financially resilient, meaning less than half the population is prepared to handle financial challenges.