Jubilee Holdings Expands Retail Insurance Across East Africa Targeting Gig Workers and SMEs

Jubilee Holdings is aggressively pushing into retail expansion across East Africa, & is targeting gig economy workers, small and medium enterprises (SMEs), women entrepreneurs and diaspora communities as the key customer groups driving the company's next phase of growth.

Growth Strategy

At the 88th Annual General Meeting, the regional insurer outlined a pretty ambitious plan after having seen a net profit increase of 18% to Sh5.6 billion in 2025. The company is now moving to break free from its traditional insurance products to make a wide range of financial products more accessible to customers, including health insurance, savings solutions and investment opportunities.

"We've just reached our 90th year, which is a big milestone for us. And looking back, it's really the trust we've built up over all these years that has allowed us to get to where we are today‚ said Chairman Zul Abdul.

"We need to be making insurance products that are relevant, and more accessible to how people live and work today & are planning for their futures‚" Abdul added

Getting to Know Our Customers & Partnerships

Jubilee is now looking to really get to know its customer base better & is looking to expand its partnerships with communities and other organizations in order to make its products more appealing & increase access to financial services across East Africa. This move reflects the wider industry recognition that there are lots of people in the gig economy, micro-enterprises & diaspora communities that are not fully covered by insurance, but who have a lot of growth potential.

The insurance company operates in Kenya, Uganda, Tanzania, Burundi and even Mauritius, so it's in a great position to serve a diverse range of customers across the region.

Taking Insurance into the Digital Age

To support this retail expansion, Jubilee is going to be throwing a lot more money at its digital platforms and AI tools in order to make it easier for customers to buy insurance, get better service and strengthen its risk management.

Now, over 90% of new retail policies are being sold digitally, which should really be helping to increase the number of people who can access insurance across the region. The fact that most new policies are now being issued digitally is going to be a real game-changer for informal sector workers and micro-entrepreneurs, who tend to want to make their purchases in a way that is convenient and technology-enabled.

The Low Insurance Penetration Problem

The company's plan to focus on retail expansion is a response to a major problem - which is that insurance penetration is really, really low across East Africa. That means that millions of people and businesses out there are not protected in the event of a problem.

The gig economy workers are particularly vulnerable here because they often don't have a stable income, so they can't afford to buy insurance. SMEs also struggle to get affordable business insurance, and diaspora communities often find it hard to get products that are tailored to their financial needs and circumstances.

Getting the Right Products to The Right People

Women entrepreneurs are another key customer group for Jubilee, as research shows that female-led businesses are still underinsured, even though they are becoming more and more important in the regional economy. If Jubilee can come up with insurance products that are tailored to women's needs, that could be a real winner for the company.

The company's shift towards more inclusive insurance products reflects the wider recognition in the industry that traditional insurance models have really been excluding people who need them most from getting the protection they need.