Jubilee Insurance has partnered with United States International University Africa (USIU-Africa) alumni association to tap into a new avenue of expanding growth with a potential of signing up 22,000 individuals worldwide.
Kenya’s highly educated population is widely networked over social media and formal alumni associations, which are often plagued by welfare contributions, presenting fertile ground for recruiting insurance customers.
With Kenya’s insurance penetration rate at just 2.3 percent, Jubilee Health Insurance is on a mission to make healthcare coverage accessible and affordable to more Kenyans.
Jubilee has tapped into this new space offering ALUMNICARE, a healthcare coverage plan that is responsive to the set needs of this cluster and priced to fit the target group.
Jubilee Health Insurance CEO Njeri Jomo said ALUMNICARE offers inpatient coverage of up to Kes5 million, providing a vital safety net that ensures financial security during hospital stays.
“This coverage not only offers peace of mind but also empowers alumni to seek necessary medical attention without the looming fear of exorbitant bills,” Ms Jomo said.
The plan provides maternity care, ensuring that USIU-Africa alumnae receive the necessary support and medical attention during one of life’s most critical phases, promoting the health and well-being of both mother and child.
Moreover, the offering extends its reach to encompass crucial dental and optical services, recognizing that these aspects of healthcare play an integral role in an individual’s overall well-being.
Additionally, ALUMNICARE includes teleconsultation services, enabling members to consult with medical professionals remotely. This feature reflects the plan’s adaptability to modern healthcare needs and provides convenient access to healthcare expertise.
Mental health is not overlooked either, as ALUMNICARE ensures coverage for psychiatric illnesses, acknowledging the significance of mental well-being in the overall health equation.
It also offers both air and road evacuation services, guaranteeing swift assistance in critical situations, where time is of the essence. Equally, ALUMNICARE will provide the last expense cover, which offers financial relief to families during challenging times.
Ms Jomo emphasized their commitment to innovation and improving the affordability, accessibility, and scalability of healthcare solutions that resonate with customers while expanding to reach new segments of the population.
ALUMNICARE leverages a peer-to-peer insurance model, ensuring that USIU-Africa alumni receive tailored and cost-effective healthcare coverage.
Jubilee Insurance Group CEO, Dr. Julius Kipng’etich, highlighted the importance of peer-to-peer insurance in the evolving insurance landscape, asserting that it will provide more individuals and communities with access to comprehensive and affordable insurance coverage.
Healthcare costs in Kenya have been steadily rising, often leading families to sell assets or resort to community fundraising efforts to cover hospital bills, especially for terminal illnesses like cancer.
Dr. Kipng’etich stressed the need for Kenya to embrace the use of generic drugs as a means to reduce healthcare costs and subsequently lower insurance premiums. He pointed out that drugs, diagnostics, and bed charges account for over 70 percent of healthcare expenses in Kenya.
“In Kenya, generics are equated with counterfeits or fake drugs yet India (a top destination for Kenyans seeking specialized treatment) is simply a generic drugs market. We must accept generics as a standard for Kenya to help push the cost of healthcare down and therefore insurance premiums,” the Group CEO explained.
Dr. Kipng’etich also lauded the government’s proposals to reform the National Health Insurance Fund (NHIF), including the creation of a fund to cater for treatment of chronic illnesses.
He noted that if the government takes on the cost of chronic illness coverage, the insurance market might experience a reduction in health insurance premiums, further increasing accessibility to healthcare for Kenyans.
As Kenya’s healthcare landscape continues to evolve, ALUMNICARE represents a pioneering collaboration that strives to make quality healthcare accessible, affordable, and tailored to the unique needs of a vibrant alumni community, setting a positive precedent for future healthcare innovations in the region.