Financial Literacy, a Key to Unlocking Brighter Future of Everyone- Jubilee Insurance.
Jubilee Insurance Limited has called for more financial literacy in East Africa and the world at large, indicating key challenges like inability to make informed decisions on savings, poor investments and insurance caused by financial illiteracy.
Benjamin Mwibo
Jubilee Insurance Limited has called for more financial literacy in East Africa and the world at large, indicating key challenges like inability to make informed decisions on savings, poor investments and insurance caused by financial illiteracy.
On Tuesday in Kampala at the Jubilee Insurance Head office, the insurance took an initiative through the CEO Jubilee Life Insurance and the CEO Jubilee Health Insurance, of launching a campaign termed, “Living and Living Free”
The campaign focuses at empowering their customers in Uganda and across the region to truly live free, unburdened by the uncertainties and challenges that life continues to present, said Mr. Dan Musiime, Chief Executive officer, jubilee health insurance.
“As we embark on this transformative initiative with the "There’s Living and Living Free" campaign across all our markets, I would like to highlight an essential aspect of our mission, promoting wellness as a cornerstone of living free. When we Launched “Maisha Fiti” wellness proposition last year, the idea was to encourage our customers to take up active lifestyles powered by technology, not just as a way to improve their health, but as a way to embrace life with optimism and energy, a key component of truly living free.”
Musiime, while addressing journalists also indicated that in many parts of the world, including Uganda and the greater East Africa region, insurance is perceived as complex or even intimidating. Words like premiums, deductibles, and risk assessments can seem alien, and many people may feel that insurance is a luxury to be enjoyed by a few members of the society, however, this may explain why we have gaps in coverage and a lack of financial protection, leaving individuals and families exposed to vulnerabilities.
Sumit Guarav, Chief Executive Officer, Jubilee Life Insurance mentioned that they must acknowledge that they operate within an undervalued industry, often stifled by profound misconceptions.
In Uganda, the insurance penetration is below 1 %. This means that insurance is mostly seen as a luxury item on a wish list, rather than the necessary safety net it is. “There's Living and Living Free." Campaign is coming in to challenge this perception by educating their constituents on the essential role insurance plays in securing their futures.
“This initiative comes at a critical time, as many individuals across East Africa are facing increased financial hardships. The campaign will be executed across Uganda, Tanzania and Kenya through a through a comprehensive strategy. This will include an aggressive media engagement plan featuring out of home advertising, creative advertisements on radio and TV, as well as thought leadership on topical issues surrounding investment and financial planning,” he said.
