Prudential, DTB to enhance affordable insurance for Ugandans

Business

Prudential Uganda and Diamond Trust Bank (DTB) have officially launched a strategic partnership aimed at significantly increasing the depth of insurance and financial protection, addressing the current low 0.6% insurance penetration in Uganda.

The collaboration, unveiled on Thursday, is designed to provide affordable insurance services to a broader spectrum of Ugandans, bringing about numerous benefits for customers. With a Memorandum of Understanding in place, both entities have committed to expanding the reach of insurance products and delivering comprehensive financial solutions to the market.

Tetteh Ayitevie, the Chief Executive Officer of Prudential Uganda, emphasised the commitment to making a tangible impact on customers' lives through the partnership with Diamond Trust Bank. He highlighted the unique aspect of this collaboration, where DTB's customer base aligns with Prudential's target audience for extending insurance products.

Ayitevie urged those perceiving insurance as expensive to consider the associated benefits. He emphasized the value of insurance in providing financial discipline and creating assets through the payment of premiums.

"The uniqueness of this partnership is the fact that DTB’s customers are the same that Prudential seeks to extend its insurance products to," he noted.

Varghese Thambi, Chief Executive Officer of DTB, expressed the belief that the partnership empowers customers with choices catering to their financial needs, enabling them to advance with confidence and success.

He emphasized the commitment to offering a range of services under one roof to provide convenience and financial security.

The strategic partnership involves the integration of Prudential's insurance products and services within selected Diamond Trust Bank branches in Uganda. Key products offered under this collaboration include Pru-edu save insurance covers and Investor Plus policies, providing opportunities for Ugandans to invest for business and life needs, especially for those transitioning into retirement.

The partnership aligns with global efforts to promote a savings and investment culture, coinciding with World Saving Month. DTB and Prudential aim to simplify the process for customers seeking solutions for savings and investment.

Commenting on the current state of insurance penetration in Uganda, Ayitevie acknowledged the room for improvement, emphasizing that the benefits policyholders receive far outweigh the associated premium costs.

"The insurance penetration in Uganda is about 1%, which needs to be improved. There is a cost as a premium, but compared to the benefits the policyholder is getting, it is very high," he explained.

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