Prudential Uganda and Diamond Trust Bank (DTB) on Thursday launched a partnership in which they seek to extend affordable insurance services to all Ugandans.
The partnership also seeks to boost the deepening of insurance and financial protection from the current 0.6% insurance penetration in Uganda.
Through the Memorandum of Understanding, the two committed to bolstering further reach of insurance products and comprehensive financial solutions to the market.
Mr. Tetteh Ayitevie, CEO of Prudential Uganda noted “At Prudential, we have always strived to make a real difference in the lives of our customers. This partnership with Diamond Trust Bank enables us to extend our reach and provide more people with access to our insurance products. We are excited to be part of this transformative journey.”
He noted that the uniqueness of this partnership is the fact that DTB’s customers are the same that Prudential seeks to extend its insurance products.
He urged everyone who thinks that insurance is expensive to think of the benefits associated with it.
“You might say paying a premium is expensive but imagine the future of your dependents without the benefits that would come, that’s even more expensive.”
“Insurance gives you a unique opportunity to apply some discipline in your financial planning and put some money aside on a monthly basis. The blessing with insurance is that by the payment of one premium, an asset is established,” he added.
DTB’s CEO Mr. Varghese Thambi said that the partnership empowers customers with choices that cater for their financial needs to enable them to advance with confidence and success.
“The partnership with Prudential is an attestation of our commitment to offer an array of services under one roof. Together, we aim to provide convenience and financial security that will positively impact our customers,” Mr. Varghese Thambi added.
The strategic partnership will see the integration of Prudential’s insurance products and services within selected Diamond Trust Bank branches in Uganda. Key products under the partnership will give chance to Ugandans to invest for business and life needs through the Pru-edu save insurance covers and the Investor Plus polices to cater for a working group heading into retirement.
The partnership comes at a time when the world is driving the public engagement on a savings and investment culture through the world saving month. The DTB -Prudential partnership is signed to simplify the process for customers who seek solutions for savings and investment.
“The insurance penetration in Uganda insurance is about 1%. This needs to be improved. There is a cost as a premium but compared to the benefits the policyholder is getting are very high.”
