Ecobank Uganda, a subsidiary of Ecobank Transnational Incorporated, the leading Pan African Bank operating in over 35 African countries, and Jubilee Health Insurance Uganda have partnered to extend health insurance services to their customers
The move further emphasizes the increasing need to leverage synergies within the financial sector to effectively get services to the end user.
Statistics reveals that by the close of 2022, medical insurance business commanded 22.37% market share of the total insurance industry, but with only 3.5% purchasing own policies. 96.5% have policies because they are formally employed.
Jubilee Health Insurance CEO Dan Musiime, reasons that with the ever-increasing healthcare expenses, there’s need for the stakeholders to play a more active role to caution the public from the uncertainties that come with the medical situations.
“Over the years bancassurance has proven to be a necessity that is beyond an insurance selling channel. Yes, it boosts uptake tapping into the bank’s footprint both digital and physical, offers convenience, advisory among other services. But more than that we get valuable feedback from the customers which can advise innovations within the value chain” he said.
Ecobank Uganda Managing Director, Grace Muliisa, echoed this sentiment, stressing the role of agency banking and digital channels in broadening access to financial services.
“These innovations enhance the customer journey from awareness and education to access and policy acquisition. This convenience can drive behavior change and encourage uptake of financial products,” she said.
The health insurance Product suite available through this partnership includes individual/family cover, Corporate medical plans, SME health insurance, and specialized packages for children and seniors.
To ensure a seamless onboarding experience, bank sales officers will use J-Force, Jubilee’s exclusive digital portal for intermediaries. J-Force simplifies key processes such as lead management, onboarding, quotations, policy issuance, and renewals. Streamlining both the intermediary and customer experience.
Recent trends highlight the significance of bancassurance. 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.
During the Insurance Innovation Awards 2024, the Insurance Regulatory Authority CEO Ibrahim Kaddunabi Lubega noted that in order to offer a meaningful value proposition to customers the sector had to be steered away from over reliance on legacy systems and processes that could not deliver the desired future.
