Madison Group Deputy Chairman James Wainaina also challenged those in the industry to be more innovative and apply knowledge and skills to push above service delivery and grow the industry.
He was speaking during the company’s end year party for the staff.
Madison Life Assurance Managing Director, Githua Ngaruiya {second right} joined by the staff during the company's end party /HANDOUT
Despite the challenging operating environment, there is optimism for the insurance industry with the sector expected to grow come 2025.
Madison Group Deputy Chairman James Wainaina said despite difficult times, the industry had record-breaking moments registered in the course of 2024 with the outlook for next year being positive.
He however challenged those in the industry to be more innovative and apply knowledge and skills to push above service delivery and grow the industry.He was speaking during the company’s end year party for the staff."We have made considerable progress over the last six years, and there is a tremendous future for the growth of the company,” he said.“The general business side will have the best year ever this year, both in terms of profitability. We have changed products so that we do not end up with products that are making losses.”Wainaina added that the firm’s growth is currently above the industry average, driven by a robust strategy aimed at sustaining this trend.He urged staff to leverage their expertise to maximize returns for shareholders.“We need to put our knowledge, skills, and ability to run companies profitably so that we do not have to wait 50 years before dividends can be paid to shareholders. Over the last 50 or so years, shareholders have only received Sh15 million in dividends once a long time ago. We have had challenges, but we are now making progress,” he said.During the year, the number of Madison agents who were recognised during the Association of Kenya Insurers (AKI) awards ceremony has in recent years been on the rise.During the awards held in March this year, the firm had 65 of its agents feted in the ceremony that recognizes excellence in the insurance industry.This is up from 25 agents last year and five agents a year earlier. Madison staff celebrates the Christmas end-year party /HANDOUT Madison Group Deputy Chairman James Wainaina (center) awards the certificate for Recognition of the outstanding in service, Christine Ronga (left) and Joyce Mungai during the company's end year party which was held at the Madison head offices in Nairobi /HANDOUT
“This effort has put us on the map of the Association of Kenya Insurers (AKI), with Madison Life producing the second-best insurance agent in the entire country," said James Wainaina deputy chairman Madison Group.
The firm is looking at having more sales agents recognised at the AKI awards.
“We have grown from five agents to 25, then to 65, and this year we are targeting 100 agents. This growth has driven record-breaking achievements for the company,” said Githua Ngaruiya chief executive officer Madison Life Assurance
