Jubilee Insurance signs deal with CMC, ventures in DR Congo

Jubilee Insurance has launched operations in DR Congo with two new buyouts planned for Ethiopia and Madagascar before the end of the year.

Jubilee Insurance chief executive Patrick Tumbo Monday said acquisitions talks in the two countries were imminent and that a third suitor was currently engaged.

Mr Tumbo made the disclosure when he signed a deal with CMC Motors introducing a one-stop insurance package for the auto dealers customers which will cover its entire fleet of products.

CMC, now wholly owned by Dubai-based Al-Futtaim Group expressed excitement at the new partnership saying motorists purchasing vehicles from them would enjoy affordable insurance that also encompasses valuation, repairs and servicing benefits.

POSITIVE RETURNS Al-Futtaim chief executive Mark James Kass said CMC had since recovered from years of losses to post a 25 per cent growth in the past nine months adding that they were optimistic that the deal would provide cheaper insurance for motorists.

“A one-stop shop for motorists is a big gain for our customers who will no longer shop around for insurance deals from brokers. That cost has been absorbed by CMC as well as valuation costs since we will maintain all records of all vehicles purchased from it,” said Mr Kass.

Mr Tumbo added that its sales representatives would be located at all CMC branches and that a 24-hour helpline had been put in place to handle customer complaints.

Al-Futtaim‘s regional director Steve Faulkner added that more products would be rolled out in regions and countries where the two companies operate in as a way of easing clients’ headache of seeking motor vehicle and insurance services.

DECENTRALISED OPERATIONS “Ours is to ensure all vehicles on the road are in perfect form while Jubilee ensures they are adequately covered right from the showroom and during daily use on the road. We want to ensure our customers enjoy a service unrivalled by any other group,” he said.

Mr Kass added that they had decentralised all operations since devolution took effect saying they were now enjoying higher sales in the counties compared to the past when over 80 per cent of all business was done at their Nairobi office. Source: Nation