Diamond Trust Bank (DTB) and UAP Old Mutual Life Assurance have signed a partnership to boost appreciation and acquisition of insurance services in Uganda through Bancassurance. The partnership was officiated by Maina Kariuki; the Executive Director of DTB and Harrison Gongo; the Managing Director UAP Old Mutual Life Assurance.
Maina Kariuki, highlighted that from the inception of Bancassurance over 10,000 customers have benefited from insurance services. He adds that they have seen the great impact insurance can have on the lives of people and communities especially in times of uncertainty and hard times.
In his remarks, Kariuki said, “We are sure that with the partnership with UAP Old Mutual Life Assurance, we shall impact many lives in Uganda. We urge Ugandans to embrace life insurance policies to relieve them of challenges during periods of uncertainty.”
The partnership is meant to grow DTB Life insurance portfolio to 100,000 policies in a period of three years, with the purpose of supporting more Life insurance policy holders’ security in cases of life emergencies and beyond.
UAP Life Insurance policies will be sold at 10 DTB branches across the country. Key products that will be sold include; SOMESA Life Insurance Plan, Sure Deal Life Insurance Plan, and Group Family Protection. These will target both existing and new customers of DTB in the retail and SME segment.
UAP Old Mutual Life Assurance is a market leader in Life Insurance with 19% market shareholding UGX53 billion of Uganda’s total Life Insurance gross underwritten premium of UGX276 billion.
The new partnership will boost the growth of Insurance premiums and positively impact on lives of policyholders during times of need. During the Covid-19 second lockdown alone, DTB Bancassurance paid UGX1.2 billion to policyholders as support to cover Covid-19 related emergencies.
The DTB-UAP partnership will greatly benefit parents and students as it will promote insurance policies that will cover tuition for education services for all levels of education.