Jubilee will Invest Sh2.25 billion in Robotic drives

In order to provide customized covers and better service, Jubilee Holdings will invest Sh2.25 billion in digital transformation, including robotics, artificial intelligence, and data analytics.

The project, called “Changamk@,” which the company says will continue for the next five years with annual spending estimated at Sh450 million, was launched in its first phase last year.

Nizar Juma, chairman of Jubilee Holdings, stated that the first phase concentrated on data capabilities, cloud migration, artificial intelligence, robotics, and enhanced client relationship management.

“We will embark on the second phase, which will focus on customer experience and data analytics and enable Jubilee to make insurance ever more accessible to support our goal of increasing financial inclusion across our markets,” says Mr Juma of this year’s plan.

According to Mr. Juma, the five-year investment will establish Jubilee as the most innovative and technologically advanced insurer in the area.

The company, which celebrated its 85th anniversary in August of last year, is relying on technology for its upcoming growth stage.

In 2021, Jubilee Insurance released the smartphone apps JubiCare and JubiAgent, which enable self-service. Through the use of Julie, a chatbot that is a live, intelligent expert for responding to questions, it also integrated artificial intelligence into its Facebook page.

Kenya’s insurance penetration is still below the global average of 7% and is primarily attributed to high premiums, subpar selling, and a lack of consumer trust.

Many insurance companies depend on technology for future expansion and market penetration, particularly because younger consumers are tech-savvy and disinterested in conventional goods and channels of distribution.

The Internet of Things, telematics, digital platforms, blockchain technology, artificial intelligence, and cloud computing are just a few examples of the technologies that are being invested in because they are seen as a gateway to customers looking for highly personalized products.

To appeal to a large number of customers with erratic income streams, insurers are also being asked to develop short-term products that require periodic or regular payment on a weekly, daily, or monthly basis.