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Officials from both institutions announced on Thursday that the deal will go a long way in deepening insurance and financial protection that stands now at just 0.6% in Uganda.
“This is an opportunity for us to serve the customers of DTB; we like what the bank is doing with its focus on SMEs and also customer convenience and in that spirit, we think that this partnership will be very successful,” said Tetteh Ayitevie, CEO of Prudential Uganda
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“We are pleased to have this partnership because DTB is a steward here in East Africa with over 70 years of experience. We are grateful that they chose to partner with us in this regard."
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On his part, DTB's CEO Mr. Varghese Thambi welcomed what he termed as a "marriage between DTB and Prudential for the bancassurance partnership” and expressed optimism about the deal’s potential to transform the the market.
“Insurance in Uganda is very low; this needs to improve. It is true that there is a cost in form a a monthly premium, but compared to the benefits, that premium is very little,” he said.
“Everyone should have some affordable life insurance coverage. And partners such as Prudential have products that suit every person according to their stature.”
The 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.