Diamond Trust Bank has signed up a partnership with UAP Old Mutual Life Assurance Uganda limited to boost appreciation and acquisition of insurance services in the country through Bancassurance.
The partnership was signed today at Diamond Trust Bank Head office on Kampala road and was officiated by Mr. Maina Kariuki the Executive Director of DTB and Mr. Harrison Gongo the Managing Director UAP Old Mutual Life Assurance Uganda limited.
The partnership is meant to grow DTB Life insurance portfolio to 100,000 policies in a period of three years, with a 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. These will target both existing and new customers of DTB in the retail and SME segment.
DTB Executive Director, Maina Kariuki, highlighted that from the inception of Bancassurance over 10,000 customers have benefited from insurance services.
“We have seen the great impact insurance can have on the lives of our people and communities especially during periods of uncertainty and hard times, and we believe this is the time to make services more accessible to a majority of Ugandans,” said DTB’s Maina Kariuki.
“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,” he added.
UAP Old Mutual Life Assurance Company limited is a market leader in Life Insurance with 19% market share holding Ugx.53 Billion of Uganda’s total Life Insurance gross underwritten premium of Ugx.276 billion.
The new partnership will boost the growth of Insurance premium and positively impact on lives of policy holders during times of need. During the Covid-19 second Lock down alone, DTB Bancassurance paid Ugx1.2 billion to Policy holders 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. Key products to be sold under the UAP-DTB partnership include; SOMESA Life Insurance Plan, Sure Deal Life Insurance Plan And Group Family Protection.