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Ecobank Uganda and Jubilee Health Insurance Uganda have teamed up to provide accessible health insurance services to their customers.
This partnership is part of a broader strategy to leverage synergies in the financial sector and deliver critical services more effectively to the end user.
Bancassurance: A Growing Necessity in Uganda’s Insurance Landscape
The partnership comes at a time when medical insurance accounts for a substantial portion of Uganda’s total insurance market, holding 22.37% of the market share by the end of 2022.
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However, despite this growth, only 3.5% of individuals have purchased their own policies, with the remaining 96.5% receiving coverage through their formal employment.
Jubilee Health Insurance CEO, Dan Musiime highlighted the importance of addressing the growing healthcare costs, urging stakeholders to take a more proactive role in protecting the public from the uncertainties associated with medical situations.
“Mistrust of healthcare affordability is rising, and bancassurance has proven to be more than just an insurance sales channel. It plays a critical role in increasing uptake, using both digital and physical bank footprints to offer convenience, advisory services, and insights into customer needs,” said Musiime.
He emphasised that by collaborating with financial institutions, insurers can innovate and adapt their offerings more effectively.
Harnessing Technology to Improve Customer Experience Grace Muliisa, Managing Director of Ecobank Uganda, echoed Musiime’s sentiment, pointing to the importance of digital solutions like agency banking in expanding financial services.
“Innovative tools like J-Force, Jubilee’s digital platform, enhance the customer journey, from awareness and education to policy acquisition, thus driving behavioural change and promoting the uptake of financial products,” Muliisa noted.
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New Health Insurance Options to Meet Growing Demand
The health insurance product suite introduced through this partnership includes individual and family coverage, corporate medical plans, SME health insurance, as well as tailored packages for children and senior citizens.
To simplify the onboarding process, Ecobank’s sales officers will utilise the J-Force platform, which streamlines crucial steps such as lead management, policy issuance, and renewals, ensuring a smooth experience for both customers and intermediaries.
This collaboration underscores the role of bancassurance in Uganda’s insurance sector.
Recent data indicates a steady rise in the industry, with a 9.9% increase in gross written premiums from Shs 142.7 billion in 2022 to Shs 179.5 billion in 2023.
Ibrahim Kaddunabi Lubega, CEO of the Insurance Regulatory Authority, emphasised at the Insurance Innovation Awards 2024 that to deliver real value, the industry must evolve from outdated legacy systems towards more modern, efficient processes.