Insurance company, UAP Old Mutual has signed an agreement with Namirembe Diocese of the Church of Uganda for provision of insurance services.
The agreement signed at the diocese gardens in Namirembe will see church members under Namirembe diocese have access to sign up for group family protection cover from their respective churches.
Speaking at the signing ceremony, the acting Managing Director, UAP Old Mutual Life Assurance - Uganda, Tonny Mudoola highlighted that with the 177 years that the company has, the partnership will give both parties a platform on which lives of many Ugandans will be transformed.
“The church is a go to place for many believers during times of grief so with the group family protection product extended to the church will be in position to fully support the members who sign up for it,”Mudoola said.
The Bishop of Namirembe diocese, Rt. Rev Wilberforce Kityo Luwalira applauded UAP Old Mutual for the initiative that he said will ensure a number of Christians get insurance policies for their own benefit.
"Insurance is good and we as a church have the capacity to educate our people on how to access and better benefit from it,”Luwalira said.
Drumming support for people to take up insurance policies, the Namiremeb Bishop noted that as one who already has an insurance policy with UAP Old Mutual, it is a sure deal investment, adding that benefits are paid every year.
He noted that such efforts will ensure an increase in the penetration levels for insurance in Uganda.
The current insurance penetration levels in Uganda are slightly above 1% and this low level of formal insurance uptake is attributable to public mistrust, low public awareness and a narrow insurance product range, especially for low income earners.
However, the regulator, Insurance Regulatory Authority has always urged players in the industry to be innovative but also ride on technology to be able to ensure more Ugandans understand and appreciate insurance.
“The uptake is good but it can be made better. What we are seeing is responsiveness of insurance companies but they can do much better and this interaction was meant to improve on what they are doing by coming up with more products through the sandbox,” said IRA CEO, Alhaj Ibrahim Lubega Kaddunabbi recently.