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Jubilee Holdings to fund industry anti-graft initiative

The Jubilee Insurance House in Nairobi. FILE PHOTO | NMG
The Jubilee Insurance House in Nairobi. FILE PHOTO | NMG 

Regional insurance services provider Jubilee Holdings #ticker:JUB on Monday pledged to fund a new initiative to fight graft within the private sector.

Nizar Juma, chairman of the largest local insurer, said the Blue Company Initiative will soon become a certification mark for companies committed to doing clean business to build a sustainable business environment.

He spoke in Nairobi when the firm launched its 80th anniversary celebrations in a ceremony where 25 pupils who emerged winners in the just-concluded Live Free painting competition were granted full scholarships covering secondary and university education.

“Each of us has a role to make Kenya a better place to live, work and invest in. Blue Company Initiative is a long-term initiative to end undercutting deals, price fixing as well as promote transparency in bidding for private and public tenders,” he said.

Mr Juma said plans were under way to establish a training academy for insurance professionals across Kenya, Uganda, Tanzania and Burundi to improve services.

Jubilee Insurance is also looking at its medical insurance product with a view to reducing costs, thus enabling more Kenyans to enjoy the services.

“This can best be achieved if we eliminate fraud and we are also encouraging use of generic drugs, which have been found to be five times cheaper than original brands. Even in America, 89 per cent of drugs in use are generic drugs,” he said.