When I entered the insurance brokerage field, many of my friends told me I was ‘suicidal’ for leaving my stable job to take such a risk,” he recalls, his eyes sparkling with pride.
Mubiligi’s extensive experience in the insurance sector has seen him work in the industry within and outside Rwanda and with renowned companies like Sonarwa, one of Rwanda’s oldest and most respected insurance providers, established in Rwanda in 1975. To him, working for Sonarwa was an “Honor”.
Mubiligi, a seasoned traveler, has witnessed it all throughout his extensive career. He shares his insight on the challenges and triumphs that have shaped his journey and the rapid evolution of the insurance landscape in Rwanda. “To me, insurance is more than just a job; it’s a passion,” he shares.
Throughout his career, Mubiligi has witnessed firsthand the importance of insurance in safeguarding individuals and businesses against unforeseen circumstances. He believes that taking a risk is key to demystifying the insurance process for potential clients.
Rwanda’s insurance sector has undergone significant evolution over the years, with numerous new companies emerging to join the industry, there was only one key player— Sonarwa which had a dominant presence as the sole insurance provider and insurance was not part of the Rwandan culture.
In February 2006, Mubiligi’s passion for the insurance industry led him to take a bold leap of faith. Leaving behind a well-paying job and embracing the associated risks, he and his friends founded Alliance Insurance Brokers (AIB). This pioneering company became the first registered and licensed insurance brokerage firm in Rwanda. As intermediaries, insurance brokers like AIB play a crucial role in the insurance landscape, connecting clients seeking coverage with insurance companies.
Today, AIB is the pioneer of insurance broking in Rwanda, and it has maintained the enviable position of being Rwanda’s leading insurance intermediary. Underlying these solid relationships is their commitment to professionalism and quality which is second to none.
Previously, government policy did not allow insurance brokerage, but when the policy changed, AIB was the first to be licensed due to the passion of its founders. Over time, many other companies have joined the sector.
Besides helping with claims and compensation, AIB assists clients in identifying the insurance coverage they need according to their specific situation.
People sometimes feel ‘cheated’ by insurers, but this misunderstanding often stems from not fully understanding the insurance coverage you need. Therefore it’s important to choose an insurance policy that suits your needs.
AIB conducts comprehensive risk surveys to identify potential threats that may affect their clients. Based on these assessments, the firm provides guidance on the appropriate insurance coverage needed. Currently, AIB serves over 1,000 clients, and their service fees are covered by insurance companies.
The primary focus of Alliance Insurance Brokers is on commitment and prioritizing client interests. In the event of an accident, the firm manages the entire claims process, overseeing all aspects from the initial incident to the final settlement.
Beyond providing insurance advisory services, the firm actively contributes to community development. They have made significant contributions to Agaciro Development Fund, donated cows through the Girinka program, participates in Umuganda (community service), and supports youth talent like donating essential equipment to young aspiring footballers.
In addition to its community engagements, AIB has provided employment opportunities for numerous Rwandans and has played a pivotal role in introducing innovative insurance packages to the sector.
Today, Rwanda boasts 12 insurance companies, comprising nine private non-life insurers, three private life insurers, and two public medical insurers. The insurance landscape in the country includes 185 branches, 557 agents, 15 brokers, and 13 loss adjusters.
The National Bank of Rwanda (BNR) is responsible for overseeing and regulating the insurance sector, ensuring the integrity of insurance companies, micro-insurance entities, and health management organizations, among others.
In 2018, the BNR increased the minimum capital requirements for insurance companies, specifying the amount insurers must hold with the central bank. Under the new regulations, general insurers were required to raise their capital to Rwf 3 billion, while whole life insurance firms were mandated to maintain a minimum of Rwf 2 billion, up from Rwf 1 billion.
Mubiligi advises young people to embrace risks in sectors where they have knowledge, emphasizing that honesty in business is essential for long-term success. This advice is supported by the favourable business environment in Rwanda, which includes a well-established market. Once a company is registered, it can begin operations, and taxes can be paid through various platforms, making compliance easier. Young people should seize these opportunities and take advantage of advanced technology.
