MTN, Britam partner to increase insurance penetration
Telecom giants MTN Uganda have partnered with Britam Uganda to help increase the penetration of insurance services in the country.
Speaking at the launch held at Sheraton Hotel Kampala on Monday morning, Allan Mafabi, the Britam Uganda Chief Executive Officer said the partnership will help the company ride on MTN Uganda’s popularity and network to sell insurance products to members of the public.
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“This a partnership that we think will ensure simplicity and convenient services to our customers. Since pride in being the best company in settling claims that has seen us be in the top three players in the country, this partnership has come at the right time to ensure all Ugandans enjoy insurance,” Mafabi said.
According to Steven Mutana, the CEO for Mobile money at MTN Uganda, the partnership reasons with the telecom company’s goals to ensure services to people wherever they are.
“MTN believes that everyone deserves benefits of a modern digital network and therefore this partnership is a democratization of insurance. With this partnership, customers will conveniently pay for insurance in the comfort of their offices and homes,”Mutana said.
The partnership will see Britam customers use MTN mobile money and other company platforms to pay for insurance policies.
According to Norman Batuma of Chims Telecom, who also doubles as chairman of the MTN dealers, with over 4000 outlets that the telecom company has countrywide, it will be easy for customers to access insurance services , courtesy of the new partnership.
“Whereas MTN is the network provider, as dealers, we provide the footprints and we are sure this partnership will be of great benefit to all stakeholders,”Batuma said.
Insurance penetration
Whereas in the past few years, the number of people taking up insurance has gone up, the penetration is still low at only 0.77 per cent.
Speaking on Monday, Uganda Insurance Regulatory Authority(IRA)’s Edward Kasaato said such partnership will help the insurance sector make more gains in terms of penetration.
“This is a good idea and as the regulator, we welcome such. The telecom industry already has a big customer base and partnering with the insurance sector will take the industry to another level,”Kasaato said.
The new partnership will see Britam customers use MTN mobile money to access third party insurance but according to officials from both companies, with time, all insurance products will be able to be accessed and paid for using MTN platforms.
