Jubilee recognises top bancassurance agents for exceeding 2024 targets
Diamond Trust Bank Uganda (DTB) and Jubilee Life Insurance Company Limited have introduced the Jubilee Venture Plan, a new product aimed at expanding investment opportunities in Uganda.
The Jubilee Venture Plan offers a shorter investment duration, enabling customers to save for specific future financial goals such as purchasing land, constructing a home, or pursuing real estate ventures.
In addition, the plan provides savers with the added benefit of building a substantial fund to support their loved ones in the event of their passing.
The product launch was announced today as Jubilee Life Insurance recognized its DTB Bancassurance agents for exceeding targets in the first quarter of 2024.
Seven top-performing agents, who collectively booked Shs 1.2 billion, were rewarded with an all-expenses-paid trip to Cape Town, South Africa.
Bancassurance has increasingly become a significant revenue stream for the insurance industry, with recent trends reflecting this growth. In 2023, the industry recorded Shs 179.5 billion in gross written premiums, marking a 9.9% increase from Shs 142.7 billion in 2022. Specifically, Jubilee Bancassurance individual life contributed Shs 45 billion in gross written premiums in 2023.
"We must regularly review and improve our value chain to ensure its effectiveness and explore ways to increase efficiency. Bancassurance has proven to be a valuable channel for reaching a broader audience, leveraging the extensive network of banks to enhance insurance accessibility," said Kumar Sumit Gaurav, CEO of Jubilee Life Insurance.
With approximately 25 million bank accounts in Uganda, DTB CEO Godfrey Sebaana emphasized that banks are not just channels for selling insurance but key stakeholders in expanding access to financial services.
“Banks are uniquely positioned to enhance access to financial services due to their extensive data resources, which can guide product and service innovation and boost uptake. There are more opportunities to explore, given the expansion and deepening of bank agency services and the use of mobile digital channels,” Sebaana said.
As of 2021, insurance penetration in East Africa stands at 1.2% across the region, with Kenya at 2.2%, Tanzania at 0.6%, and Uganda at 0.8%. Despite these figures, Uganda’s insurance sector experienced steady growth of 11.29% in 2023, with total premiums increasing from Shs 1.4 trillion in 2022 to Shs 1.6 trillion in 2023.
“We see this as a glass half full. While low insurance penetration presents challenges, the growth in written premiums is notable. For example, life insurance premiums grew nearly 30%, from Shs 501.6 billion in 2022 to Shs 611.4 billion in 2023.
This growth is one reason we are celebrating and rewarding our bancassurance agents for their outstanding performance. The low insurance penetration underscores the significant growth potential, as the market is still unsaturated.
By leveraging synergies within the finance sector, there is considerable opportunity for further expansion,” noted Kumar.
With a minimum premium of Shs 100,000, the Jubilee Venture Plan offers an opportunity for investment growth with competitive guaranteed returns and additional built-in benefits.
