JUBILEE GENERAL INSURANCE COMPANY LIMITED
Contact person: AZFAR ARSHAD
Email address: [email protected]
Contact number: 00922132424381
Asia and ANZ
The Digital Insurer Insurance Innovation Award
Jubilee General Insurance Company Limited, established in 1953, is one of the most reputed and brightest names in the insurance sector. Sustained growth of over 60 years has secured Jubilee General a place among the “Big Three” Pakistani insurers in terms of gross direct premium and financial base. Jubilee General is listed on the Pakistan Stock Exchanges. Major shareholders include, Aga Khan Development Network, Aga Khan Fund for Economic Development and Hashoo Group. Jubilee General, with its Head Office in Karachi, has an extensive branch network in all major cities and towns of Pakistan that guarantees prompt service at the customer’s doorstep. Jubilee General is the only General Insurance Company in Pakistan with an IFS rating of ‘B+’ from an internationally renowned rating company A.M.Best. In addition, we are also the only General Insurance Company in Pakistan with a rating of ‘AA+’ from both local rating agencies PACRA & JCR-VIS which proves our solid business profile, strong risk adjusted capitalization and good track record in the industry.
Technology Initiative of the Year:
Jubilee General has launched first ever Mobile Application for Motor Insurance in Pakistan to enable Speedy Insurance of Motor Cars & Motorcycles and empowering marketing team, sales team & affiliates to insure the customer’s vehicle on real time basis instantaneously. The app has the following features:
a. Captures customer’s and his/her vehicle information.
b. Enables the user to perform physical inspection of the vehicle.
c. Instant issuance of policy documents to customer’s email address along with SMS notification.
d. Comes with complete payment options i.e. Credit Card, Swipe2pay, Cheque on Order, Cash on Delivery, Cheque on Delivery.
This tech based insurance mechanism has enabled our customers to avoid tedious task of obtaining motor insurance and save time. This initiative makes Jubilee General a pioneer not only in Pakistan but also in the region as well for using android mobile technology to insure Motor Cars & Motor Cycles instantaneously.
Jubilee General extending its reach to the Takaful market launched the Takaful version of Mobile Application to cater the customer base inclined towards Takaful.
In collaboration with tracking companies, improvised our application to facilitate real time validation of installed tracker from tracking company’s servers on real time basis using Application Program Interface (API) technology.
Obstacles face in the achievement of Project:
a. Marketing the tech based insurance solution in a country with low insurance penetration having no such precedent with regard to obtaining digital insurance.
b. Earning customers’ trust towards turning to tech based insurance environment.
c. Early sentiment of the market towards unacceptability of tech insurance since it was unprecedented.
d. Fostering Innovation and Technological Connectivity of insurance to masses.
e. Technological connectivity to modernize insurance.
f. Data connectivity and network speed issues.
Benefits of Tech Initiative to the Country:
Jubilee General prides itself as innovator and disruptor of traditional insurance service and delivery of insurance products in Pakistan. Leveraging on its digital know-how, Jubilee General is making rapid progress in automation of processes for faster and improved controls to deliver better customer experience in Pakistan. Thus the Company laid the foundation of Digital Insurance Revolution in Pakistan by:
a. Empowering people by taking insurance digitally to their desks and palms.
b. Devising innovative and hassle free insurance solution up to the customers’ satisfaction.
c. Curtailing insurance acquisition process from days and hours to minutes.
d. Enabling financial inclusion through digital insurance.
e. Introducing first steps of Tech insurance in Pakistan.
Activities Relevant to Tech Initiatives:
a. Online Retail Solution
b. Health Insurance Application
c. Travel Insurance Portal
d. Marine Covernote Issuance Webapp and Android Application
e. Online Motor Renewals
d. Digital Takaful Solution
Contribution to the Country:
Empowering people to obtain hassle free insurance cover which would result in increase in insurance penetration and will lead to economic prosperity and will also enable people to overcome uncertainty.
Details of Awards & Recognitions Received
Description of Award(s) Receiving year Recognizing Body
a. Insurer’s Financial Strength Rating of ‘B+’ 2017 Internationally renowned rating company ‘A.M.Best’
b. Highest Rated General Insurer in Pakistan with a rating of ‘AA+’ 2017 Local rating agencies ‘PACRA’ & ‘JCR-VIS’
c. Corporate Excellence Award in Financial Category 2018 Management Association of Pakistan (MAP)
d. Best Corporate & Sustainability Report Award 2016 Institute of Chartered Accountant of Pakistan (ICAP)
e. FPCCI Achievement Award for outstanding services in General Insurance Category 2017 The Federation of Pakistan Chambers of Commerce and Industry ‘FPCCI’
f. Certificate of Merit for Best Presented Accounts & Corporate Governance 2016 South Asian Federation of Accountants (SAFA)
g. CSR Insurance Journal Award for Highest Donation 2016 Insurance Journal