Allianz acquires a majority stake into Jubilee, who are the captains of industry; reputable and professional leaders behind the merging of these two brands?
The financial services industry in Uganda is turning its focus toward innovation to prepare for a future that will be increasingly driven by technology. Key trends driving these innovations include ongoing digital transformation, collaboration with FinTech, and the increasing role of brand development and awareness which includes aligning their brand with business objectives, communicating their brand values and promise to their target consumer and strengthening their brand as necessary as possible.
Uganda is a small, open economy, thus the 2020 World Bank Ease of Doing Business Report ranked Uganda as the 116th among the 190 countries in ease of doing business.
Notably, brand development and financial innovations hold the promise of tremendous opportunity for businesses in Uganda. Merging brands is a process about transitioning equity, shifting perceptions and migrating customers. It must be done carefully, strategically, with the full support of business, marketing and brand management resources within a company.
Mergers and Acquisitions involve quite a number of processes which take up to twelve months before they are finalized and the debt arrangement may even go up to four to five months. If not done right, companies can squander brand equity and lose customers.
The Publicicts East Africa is passionate about local brands and this week our #Captains of Industry issue will focus on the women and men behind the recent merger of two financial brands, namely; Jubilee Insurance Co Ltd and Allianz.
The recent majority stake acquisition into Jubilee merger at Jubilee and Allianz brings together a team of reputable and professional leaders to do the work excellently. Jubilee Allianz General Assurance is headed by the following professional personnel; Paul Kavuma, the CEO of the brand, Andrew Makumbi, the CFO, Erastus Ayuko, the Deputy General Manager, Sylvester Nzioka the Chief Strategy and Transformation Officer among other professionals. who are they?
Paul Kavuma
Kavuma has extensive experience in the insurance industry, having worked for over 24 years in both the insurance and broking sides of business.
Prior to joining Jubilee Allianz Uganda, Paul was the Chief Executive Officer of the Uganda Insurers Association since 2018. He also worked with AIG Insurance and AON Insurance Brokers in Uganda for over 9 years before serving as the Chief Operating Officer and later the Deputy Managing Director of Goldstar Insurance.
Kavuma is also a Director at the Organization of Eastern and Southern Africa Insurers (OESAI) and Uganda Re, Governing Council Member of the Uganda Chamber of Mines & Petroleum, and Governing Council Member of the Federation of Uganda Employers.
He is skilled in Property and Casualty insurance, Commercial Insurance, Reinsurance, Liability and Insurance. Strong business development professional with an LLB Hons focused in Law from University of London.
Andrew Makumbi
Andrew Makumbi, CFO at Jubilee Allianz General Insurance Company Limited with 17 years’ professional experience, 10 of which have been in the Insurance Industry.
He has extensive experience in financial reporting and corporate accounting, finance operations and general management having attained this while serving in various roles including: Acting Managing Director for AIG Uganda, CFO for AIG Kenya, Regional Finance Operational Controller for AIG South Africa and Africa, CFO for AIG Uganda.
He also has external audit and advisory experience gained while working with Price Water house Coopers (PWC) in Uganda.
Andrew holds a Bachelor of Science degree in Mathematics from Makerere University and is a Chartered Accountant, a Fellow of the Association of Chartered Accountants, UK, and a Member of CPA, Uganda.
He has also attended the Executive and Leadership Development program at Strathmore Business School, Nairobi.
Erastus Ayuko
Erastus Ayuko has been the General Manager at Jubilee Allianz General Insurance Company in Uganda since September 2010.
Erastus has more than 30 years’ experience in insurance including 10 years in insurance broking.
Erastus has previously worked with AIG Kenya Insurance Company as Manager for Property, Energy, Marine and Terrorism.
Holds a Bachelor of Education degree from Kenyatta University, Nairobi and has attended various professional courses in insurance and management locally and abroad.
Sylvester Nzioka
Sylvester Nzioka is currently the Chief Strategy and Transformation Officer at Jubilee Allianz Uganda.
Sylvester has over 13 years of experience in the insurance industry and holds a Bachelor’s Degree in Actuarial Science and a Diploma in Insurance from the Chartered Insurance Institute, London. He is also a Certified Financial and Investment Analyst (C.F.I.A).
Sylvester joined Allianz in 2016 as Alternative Distribution Channels Manager at Allianz Kenya. In 2018 he became the Project Lead for Allianz Africa’s recent acquisitions in East Africa and the Integration Lead for the newly acquired East African entities.
The Ugandan insurance market has recorded an increase in Written premiums from 600,105,983 UGX to 711,629,426 in the second quarter of 2022.
This growth is driven by the non-life class of business which alone accounts for 406,368,280 of premiums in 2022, representing 57.10% of the market’s total premium income.
According to the Insurance Regulatory Authority of Uganda report for the Second quarter of the Year 2022, Jubilee – Allianz registered 51,761,947 UGX in Gross Premium, 17,803,780 UGX in Net Premium with a market share of 12.74%