KAMPALA – Diamond Trust Bank Uganda – DTBU and UAP Old Mutual Insurance Uganda on Monday entered a partnership to deliver general and medical insurance products and services to customers.
The Partnership makes DTB a one-stop centre for both banking and insurance services in the two partner companies quest to drive insurance deepening and inclusion.
The partnership presents insurance services that provide extensive coverage to safeguard customers’ interests at personal, business and corporate levels. Some of the products and services to be promoted and offered through DTB Uganda Outlets include Motor Comprehensive Insurance, Medical Insurance, Travel Insurance, and Domestic Package for homes among others. The products will be tailored to customer-centric needs hence the variation of premiums based on coverage.
Douglas Baguma, Principal Officer Bancassurance said that some of their customers were coming for one particular product, especially the drivers to pay for their permit renewals but now with this partnership, “there is a cause for them to make a stopover and insure their vehicles comprehensively.”
“In addition to that, most of the bank customers who have got homes will have a chance to insure their houses under what we call domestic package insurance. All that is coming out of this partnership that we are launching today.”
DTB’s Managing Director, Varghese Thambi said the collaboration marks a milestone in DTB’s commitment to addressing the evolving needs of its clientele and improving their financial well-being.
“Our decision to enter this partnership comes from our dedication to addressing the evolving needs of our customers. UAP Old Mutual’s products align with Diamond Trust Bank’s commitment to offering a holistic financial portfolio to customers” said Varghese.
He said that as a bank, they got the bancassurance license in 2017 and they have since made a substantial contribution year after year.
He said that the two who have been in partnership for the last four years have been recognized during the Insurance Week organised by the Insurance Regulatory Authority of Uganda as the most innovative bancassurance agent for 2022 and “we share the stage together in March 2023.”
“I am sure that the outcome of this partnership is going to multiply the contribution from DTB to the bancassurance segment,” he noted.
Necessary as it is, Thambi hopes the regulator makes needed amendments in the regulations to get the insurance at the doorstep of the person. “The last mile customer, it could be for funeral insurance, it could be for something else, or it could be for a household policy or their comprehensive policy.”
Caroline Owomuhangi, Marketing and Communications Specialist at UAP Old Mutual Insurnace mentioned that this collaboration represents a shared commitment to delivering value and convenience to customers.
She noted that the partnership was timely. She says that the bancassurance in critical numbers reported by the Insurance Regulatory Authority of shs179 billion generated in 2023, which was a 26% increase from 2022.
“This clearly shows that bancassurance is very important for industry and having partners like the DTB is very important for us to build mutual insurance.”
Owomuhangi said the partnership represents a significant milestone for them and is strategically aligned with their commitment to providing quality services and excellent customer service to their clients.
“As an integrated financial solutions organization with asset management, life assurance, medical and general insurance, we are committed to becoming our customers’ first choice to sustain, grow, and protect their prosperity by offering solutions that meet their needs throughout their lifetime. This partnership represents a significant milestone for us and is strategically aligned with that commitment.”
“We believe that this partnership will strengthen our role and relevance in our customers’ lives. We’re confident that this collaboration will drive value for our customers and stakeholders and looking ahead, we’re excited about the opportunities that this bank partnership represents for business growth and market presence,” she noted.
The leaders, both regional giants urged Ugandans to embrace insurance products and services. Insurance has been proven as the cornerstone for business and economic stability as it overs and saves clientele risks of losing investments. General Insurance products to be sold under their partnership come with innovative coverage options, customer-centric policy terms, and streamlined claims processes to enhance the overall customer experience.