The company pays out Ksh1.33 Billion in claims to 4,195 general insurance clients in 2011.
Jubilee Insurance has been voted the overall winner of the Best Claims Settlement Award sponsored by the Association of Insurance Brokers of Kenya popularly known as the BIMA AWARDS 2012.
The award was conferred to the company by the Association of Insurance Brokers of Kenya in recognition of the company’s claims management systems which is aligned to the stipulated policy and provides real time information.
Presenting the award to Jubilee Insurance, the KEPSA Chairman Patrick Obath said: “The essence of buying insurance is to have peace of mind that claims will be settled promptly as and when they arise. Jubilee honoured their policy terms and contractual obligations fairly and promptly, paying out Ksh1.33 Billion in claims to 4,195 within a record time thus enabling affected businesses and individuals to recover fast after disasters.”
Commenting on the award, Jubilee Holdings Chairman Nizar Juma said he was delighted on receiving the Award. The company had streamlined its claims settlement procedures to ensure that its clients are paid within the shortest time possible.
“We feel great as a company when we keep our promise and meet our obligations to clients who have suffered a loss. This is a clear demonstration of the true friendship Jubilee has with its customers. Having partnered with professional and qualified Brokers who advise policyholders adequately adds to the speed of our claim settlement processes,” said Mr. Patrick Tumbo CEO Jubilee insurance.
Mr. Obath noted that Jubilee Insurance had eliminated exclusions by providing the cover at an extra premium and that the company also went out of its way to make ex-gratia payments for clients affected by post elections violence. The company has taken to negotiating payments instead of repudiating claims that are not fraudulent.
“The organization has also taken into account new technology like M-Pesa to pay small claims and is geared to use GPRS technology to know the existence of claims even before they are reported, a very great step towards building confidence in the insurance,” said Mr. Mulwa the chairman of the insurance brokers
Jubilee’s strong asset base and financial strength enables it to promptly mobilize resources. The company retains a panel of qualified and experienced surveyors and loss adjusters to review risks and recommend implementation of proper risk improvement measures.
-Press Release