After 36 years in the insurance industry, Patrick Tumbo has learned that prioritizing performance over promotions is key to success. His career was built on calculated risks and a willingness to learn unfamiliar jobs, rather than a straight climb up the corporate ladder. Tumbo's approach has led to numerous high-stakes assignments, including turning around struggling insurers and growing businesses from scratch. His experience has taught him that executing one's responsibilities well can lead to new opportunities.
Tumbo's career began with American Life, now known as AIG, where he was recruited as an underwriting trainee after impressing the company during his student attachment. Barely a year and a half later, he was head-hunted by Escort Insurance Brokers in Mombasa to establish a new business. This move more than doubled his pay and put him in charge of developing a strategy, winning clients, and ensuring insurers paid claims. Tumbo's early success was a result of his hard work and ability to take on challenging assignments.
Throughout his career, Tumbo has been approached by employers seeking to replicate his success. He was recruited by Cooperative Insurance Services, now CIC Insurance Group, as head of business development and technical underwriting after securing substantial business for the company. His connection to the industry began while he was still a student at the University of Nairobi, where he was elected vice-chairman of the Nairobi University Insurance Students Association. This exposure led to interactions with senior industry figures and laid the foundation for his future success.
One of Tumbo's most consequential assignments was turning around CIC Insurance Group in 1995, when it was placed under statutory management due to a lack of capital. He traveled to co-operative societies across the country, seeking share capital, and raised Sh120 million by the end of the year. This effort made CIC one of the most capitalized insurers at the time. Tumbo's success in this role reinforced his standing as a specialist in insurance business recovery and growth.
Tumbo's career has been marked by numerous instances of being head-hunted by top insurers. He was recruited by AIG to manage its Mombasa branch, then later by Jubilee Insurance to help grow the business. His tenure at Jubilee, alongside veteran chairman Nizar Juma, saw the company rise from number 13 to the market leader in terms of asset base. Tumbo's approach to leadership emphasizes the importance of serving one's team with integrity and prioritizing performance.
Tumbo's final role was at Sanlam Kenya, now Sanlam Allianz Holdings Kenya, where he was tasked with restructuring and growing the business. His final key assignment was to lead the team in combining the holding company and life insurance business, a move expected to improve the insurer's efficiency. Tumbo credits his father's advice for keeping him grounded throughout his career, emphasizing the importance of simplicity and hard work.
As Tumbo looks to the next chapter of his career, he reflects on the lessons learned throughout his 36 years in the insurance industry. His approach prioritizes performance over promotions, emphasizing the importance of executing one's responsibilities well and serving one's team with integrity. Tumbo's experience serves as a valuable lesson for executives who spend their working lives chasing promotions and negotiating titles.
Key points
- Patrick Tumbo prioritized performance over promotions throughout his 36-year insurance career.
- Tumbo's approach to leadership emphasizes serving one's team with integrity and prioritizing performance.
- His experience serves as a valuable lesson for executives who spend their working lives chasing promotions and negotiating titles.
