THE Tanzania Insurance Regulatory Authority (TIRA) has urged insurance companies to align their business strategies with the country’s Vision 2050, stressing the need for innovation, stronger controls and customer-focused services as the sector expands.
TIRA Commissioner of Insurance, Dr Baghayo Saqware, made the call in Dar es Salaam today during a meeting with Jubilee Life Tanzania, where the regulator reviewed the company’s strategies for contributing to the implementation of Vision 2050.
He said the engagement is part of TIRA’s wider mission to meet insurance companies and assess how they are preparing to support the country’s long-term development agenda.
“Our mission is to ensure that the insurance sector grows in a sustainable, innovative and well-regulated manner, while delivering quality and accessible services to customers and contributing effectively to the country’s Vision 2050,” he said.
Key areas discussed included strengthening life insurance, developing innovative products and improving fraud management systems to ensure that growth in the insurance industry is accompanied by strong controls.
He stressed that rapid growth can also create opportunities for malpractice and fraud, making effective internal controls, accountability and risk-management systems essential for protecting policyholders and maintaining confidence in the sector.
The Authority also encouraged insurers to work closely with the relevant law reform bodies to ensure that changes in legislation and regulations respond effectively to the needs of customers and the evolving insurance market.
The regulator emphasised that excellence in the insurance industry should have no limit, urging companies to continuously improve their products, services and operational standards.
TIRA, whose mandate includes regulating and supervising insurance providers, protecting consumers and developing the insurance market, says its objective is to maintain an inclusive, efficient, fair, safe and stable insurance market.
The insurance sector has recorded significant growth in recent years, with life insurance premiums rising strongly and new products and digitalisation emerging as important drivers of market expansion.
TIRA also encouraged insurers to work with the relevant law reform authorities to ensure that changes in legislation and regulations keep pace with developments in the insurance industry and effectively serve the interests of customers.
Jubilee Life Insurance Chief Executive Officer, Helena Mzena said the organisation is aligning its business strategy with Tanzania’s Vision 2050 by expanding life insurance coverage, developing innovative products, strengthening fraud management and embracing digital solutions to improve access to insurance services.
“ The company’s strategy focuses on increasing life insurance penetration by reaching more Tanzanians with affordable and accessible insurance solutions, supporting the broader goal of promoting financial inclusion and improving people’s long-term financial security,” she said.
Jubilee Life is also prioritising product development and innovation to respond to changing customer needs. The company has introduced products designed to provide both financial protection and savings or investment opportunities, giving customers greater flexibility in managing their financial needs.
According to her, digital transformation is another key area of the company’s strategy, with Jubilee investing in technology to simplify insurance processes, improve customer experience and make services more accessible.
“We have transitioned from paper-based operations to digital systems across our offices. This has enabled us to streamline our processes, improve operational efficiency and deliver faster, more convenient services to our customers,” she said.
The engagement reflects TIRA’s broader efforts to ensure that the insurance sector contributes to Tanzania’s long-term development ambitions, with innovation, customer protection, good governance and operational excellence remaining key priorities.
JUBILEE Group Tanzania recently strengthened security at Madenge Primary School in Temeke District, Dar es Salaam, after constructing a perimeter wall to provide a safer and more conducive environment for teaching and learning.
