Prudential, Diamond Trust Bank in Pact to Extend Affordable Insurance Services

Mr. Tetteh Ayitevie, CEO of Prudential Uganda and DTB Uganda Managing Director Mr. Varghese Thambi exchanging MOU

HABARI DAILY I Kampala, Uganda I In a move aimed at enhancing financial protection and extending affordable insurance services to Ugandans, Prudential Uganda and Diamond Trust Bank (DTB) unveiled a strategic partnership. 

The collaboration, formalized through a Memorandum of Understanding, seeks to uplift the accessibility of insurance products and comprehensive financial solutions in Uganda, where insurance penetration currently stands at a modest 0.6%.

The partnership holds the promise of delivering a multitude of benefits to customers while contributing to the deepening of insurance coverage in the country. Through this venture, Prudential Uganda and DTB are committed to expanding the reach of their insurance products to a broader market.

Tetteh Ayitevie, CEO of Prudential Uganda, expressed enthusiasm about the transformative impact of the collaboration, stating, “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.”

Highlighting the uniqueness of the partnership, Ayitevie noted that DTB’s existing customer base aligns with the demographic that Prudential aims to reach with its insurance products. 

He emphasized the importance of recognizing the long-term benefits of insurance, urging those who consider it expensive to think about the financial security it brings.

“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,” Ayitevie added.

Varghese Thambi, CEO of Diamond Trust Bank, echoed Ayitevie’s sentiments, emphasizing that the partnership provides customers with choices that cater to their financial needs, enabling them to progress with confidence and success. “Together, we aim to provide convenience and financial security that will positively impact our customers,” Thambi said.

As part of the strategic collaboration, Prudential’s insurance products and services will be integrated into selected Diamond Trust Bank branches across Uganda. Key products under this partnership include Pru-edu save insurance covers, allowing Ugandans to invest for business and life needs, and Investor Plus policies designed for a working group heading into retirement.

The timing of the partnership coincides with global efforts to promote public engagement in savings and investment culture during the World Saving Month. The collaboration between DTB and Prudential is poised to simplify the process for customers seeking 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,” remarked a spokesperson for the partnership. As the collaboration takes shape, it is anticipated that this joint effort will contribute to elevating the financial well-being of Ugandans and fostering a robust culture of insurance and financial security

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