Insurance underwriter Invesco Assurance has announced the appointment of Daniel Muriungi Mugao as the Principal Officer and Chief Executive officer of the company following regulatory approval from the Insurance Regulatory Authority.
Alongside Mr. Mugao, Invesco has also appointed Mr. Stephen Kirubi Njoka as its chair of the board of directors in a move aimed at turning around the fortunes of the company which has in the past undergone business turbulence largely due to insurance fraud emanating from the Public Service Vehicle sector.
Mr. Mugao is a seasoned insurance professional with over 29 years of 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.
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He joins the underwriter 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.
Mr. 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 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.
Mr. Kirubi, 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 the USA.
“Our immediate focus will be developing and implementing a turnaround business strategy aimed at drastically reducing the level of fraud in the business while instituting measures that place the customer at the center of our business,”
Mr. Mugao said.
About Invesco
Invesco Assurance Company Limited is a general insurance service provider and is very active in the PSV sector. The company is owed by the Matatu Owners Association through its subsidiary-Public Transport Investment Company Limited (PTICL).
The company specialises in PSV insurance but it also underwrites other classes of risks in the general insurance segment. As a player in the PSV sector, the company has products that meet the needs of all PSV carriers in the country.
Many insurance companies do not offer insurance for PSVs because its regarded as a risky category. IN this sense, Invesco provides PSV owners with this critical service in a way that gives investors in the sector the peace of mind they need.
