They say big is big. In the same respect, Prudential Assurance Uganda Limited (Prudential Uganda) recently cemented its burgeoning profile as the biggest insurance provider in Uganda by taking over policy holders, staff and agents of International Air Ambulance Healthcare (IAA Healthcare).
The move followed a comprehensive transfer process that was presided by the insurance industry’s supervisory body, the Insurance Regulatory Authority (IRA).
Kaddunabbi Lubega, the chief executive officer of IRA said mergers and acquisitions breed healthy competition and bring about customer-centric innovations and improved service delivery which will in turn result in greater insurance penetration and more people being protected.
“The IRA has worked closely with Prudential Uganda and IAA Healthcare to ensure the transfer process is done in compliance with global standards and that policyholders of IAA Healthcare continue to receive the same benefits and service during the terms of their health insurance contracts,” Lubega said.
He noted that the free Covid-19 extension cover by Prudential is a timely intervention that will go a long way to support your clients in the event they are hospitalised to the Covid-19 pandemic.
Arjun Mallik, the regional chief executive officer of Prudential Eastern and Central Africa said the development was a major milestone for their business in Uganda and demonstrates their commitment to rapidly expand in Africa which is an important part of Prudential’s growth strategy.
“At Prudential, our purpose is to help people get the most out of life. We want to assure our new and existing customers that we are committed to continuously provide them with quality and affordable health insurance, delivered with the highest level of service,” said Mallik.
“We are happy to share that globally, we serve 15 million customers and this success is due to our focus on meeting the needs of our customers at all times. Prudential’s growth in Uganda, is hinged on customer-centricity, innovation, and our track record of honouring every single valid for close to two centuries of Prudential’s existence.”
Mallik explained that the process of transfer was rigorous, comprehensive and designed with the IAA policy holder in mind, so as to meet the needs of the existing IAA policy holders and ensure a smooth and friendly transition to Prudential post the existing policy expiry.
“I wish to further encourage and provide our assurances to the IAA healthcare policy holders that the team at Prudential is well prepared to handle and execute your policy covers. We will continue to extend to you our unmatched service by leveraging our customer-centric model, a wide global network, innovation and many years of experience in helping people make the most out of life,” he said.
Andre Tait, the chief executive officer of IAA Healthcare, said following a review of their operations and the need to refocus and repurpose their business while ensuring continued value to their customers and all stakeholders, they made a decision to transfer their health insurance business to Prudential Uganda.
“We are committed to ensure a seamless transition of all existing and new IAA Healthcare policyholders to our new partner,” Tait said.
Apollo Makubuya, the board chairman, Prudential Uganda said this milestone represents a new dawn for them as a business, but also underlines their commitment to enable the people of Uganda make the most out of life.
He said at Prudential, their promise to their clients and to the communities, has always been to stand with them in both good and bad times.
“That is why, on top of our products like Pru Edusave, Pru Dollar and Pru Med, we saw the urgent need to shelter our clients from the brunt of the pandemic and came up with a timely response. The Covid-19 extension cover which offers a free daily cash pay-out to support our clients hospitalised with Covid-19. This cover is free and available to all our clients hospitalised due to Covid-19 in Uganda,” he said.
Dr Fred Muhumuza, an economist said the merger will go a long way in fortifying Prudential’s position by expanding its reach in areas that IAA operated.
“Mergers reduce the cost of operation and help businesses expand into new niches or geographical areas. In the end, the customer benefits but also the economy because of increase in revenue,” said Muhumuza.
Prudential started its business in Africa in 2014 and expanded into Uganda in 2015.
Today, it is one of the largest life and health insurers in Uganda, providing a full-suite of health, savings and protection solutions through its market-leading distribution and servicing team.
Prudential was recently recognised as the most innovative life insurer by the Insurance Regulatory Authority of Uganda.