Invesco Assurance, a leading underwriter, has announced the appointment of Daniel Muriungi Mugao as its Chief Executive Officer following approval from the Insurance Regulatory Authority.
Invesco has also appointed Stephen Kirubi Njoka as its chair of the board of directors in a move aimed at turning around the fortunes of the company.
Invesco, which in the past undergone business turbulence largely due to insurance fraud emanating from the Public Service Vehicle sector, is keen to pull itself out of financial doldrums
Mugao is a seasoned insurance professional with over 29 years’ experience in the sector, with over 10 years spent in senior Management positions.
His expertise is in business management, sales, underwriting, claims and service processes.
He joins the underwrite at a critical time when the company has come out of statutory management and is gearing for a major turnaround.
He is expected to implement a robust business strategy meant to turn around the fortunes and image of the insurer bedeviled by high incidents of fraudulent claims especially from the motor vehicle insurance sector.
Mugao joins Invesco from Pacis Insurance Company where he was a consultant offering strategic direction and supporting management to grow business.
Previously, he worked as General Manager of Britam General Insurance (K) Company, as well as Head of Business Development at Jubilee Insurance Company.
He has also worked as an internal Auditor at Kenindia Insurance Company and at Pioneer Insurance and Lion of Kenya Insurance Companies in various capacities.
Mugao holds a Bachelor of Commerce degree (Insurance Option) from the University of Nairobi and an MBA in Marketing from Egerton University.
Kirubi Njoka, the new board chair, is a seasoned banker, management and leadership executive. His expertise is in change and performance management, and strategic and public sector reforms.
He holds a BA degree in economics and public administration from Punjabi University in India and a BA in psychology from Collin County Community College in USA.
“Our immediate focus will be developing and implementing a turn around business strategy aimed at drastically reducing the level of fraud in the business while instituting measures that place the customer at the centre of our business,” said Mugao.
Invesco Assurance Company Limited was formed on 12th September 1997.
The company was placed under Statutory Management on 28th February 2008 and after intense restructuring, it emerged from Statutory Management on 18th Jan 2010.
The company is licensed to transact all lines of general insurance business.
Invesco Assurance has its headquarters in Nairobi and 27 Branches countrywide. The firm provides PSV insurance solutions to a countrywide customer base.