Jubilee Holdings will spend Sh2.25 billion on digital transformation including investing in robotics, artificial intelligence and data analytics as it eyes customised covers and improved service delivery.
The firm rolled out the first phase of the project dubbed ‘Changamk@’ last year which it says will continue for the next five years, with annual spending estimated at Sh450 million.
Jubilee Holdings chairman Nizar Juma said the first phase focused on robotics, cloud migration, artificial intelligence, enhanced client relations management and data capabilities.
“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.
Mr Juma said the five-year investment will position Jubilee as the most digitally advanced and innovative insurer in the region.
The firm, which marked its 85th anniversary last August, is betting on technology for the next phase of growth.
Jubilee Insurance in 2021 launched JubiCare and JubiAgent, apps that allow self-service using smartphones. It also integrated artificial intelligence into its Facebook page through the use of a chatbot called Julie—a live intelligent expert for answering queries.
Kenya’s insurance penetration remains below three percent against the world’s average of seven percent, mainly blamed on expensive premiums, poor selling and low trust.
Many insurers are hinging their future growth and penetration on technology, especially with younger customers being tech-savvy and not keen on traditional products and distribution channels.
Investments in technologies such as the Internet of Things, telematics, digital platforms, blockchain technology, artificial intelligence, and cloud computing are seen as a gateway to customers who are seeking hyper-personalised products.
Insurers are also being asked to come up with short-term products that require periodic or regular payment either weekly, daily or monthly to resonate with many customers with irregular income streams.
