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Jubilee Insurance lays off over 50 workers

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Jubilee Insurance has laid off 52 off its staff members under its ongoing separation of core business arms.

In a statement issued on Thursday, the insurer said it had made the roles which represent 8.2 percent of the 628 fulltime positions redundant following new found operational efficiencies from the enterprises split.

“As a result of this comprehensive exercise, opportunities for increased operational efficiency were identified, including the realignment of Jubilee Insurance Company Kenya (JICK) human resource talent base in line with the operational needs of the new companies,” read the statement in part.

Exiting staff members are expected to receive full compensation including a salary top up to the end of the month, compensation for unutilized leave days and severance pay for each period of service to the firm.

Further, the laid off employees will be entitled to medical insurance for the next three months in addition to financial planning advice and outplacement services.

Jubilee Insurance Group Chairman Nizar Juma expects the split of business to better the insurer’s service delivery to clients.

“We are committed to providing the best to our customers and the split will provide opportunities to simplify and strengthen our operational model and further enhance both service delivery and efficiency’, he said.

The insurer first announced the split in core business in November last year under the quest to align operations to international regulatory requirements on the separation of short term underwriting from the long-term business.

As a result, the firm which is in its final stages of the evolution has transferred its health and general insurance units into the Jubilee Health Insurance Limited and Jubilee General Insurance Limited respectively while renaming the retained group life, pension and annuity businesses as the Jubilee Life Insurance Limited.

The complete separation of the insurer’s core businesses awaits the capture of requisite essentials including the final seal of approval from the Insurance Regulatory Authority (IRA).

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