By Kampala Sun Writer
UAP Old Mutual Life Assurance in conjunction with Diamond Trust Bank have concluded the sales promo dubbed KWATA VIBE with a reward ceremony to recognize the winners. T
he promo that was kickstarted last year was intended to encourage and motivate bancassurance staff as they sold insurance to the bankable population within DTB reach.
The reward ceremony took place at Diamond Trust Bank Head office on Kampala Road was officiated by Benson Okot, the Head of Retail Banking DTB and Mr. Patrick Kimathi the Managing Director UAP Old Mutual Life Assurance Uganda Limited.
The promo which was launched in July 2022, was meant to grow DTB Life insurance policy sales in a period of 6 months, with a purpose of creating more value for the two parties, create awareness about Life Insurance and UAP Old Mutual’s value proposition. Having run in 10 DTB branches across the country, the criteria for winning in the promo included:
• Annualized premium achieved.
• Number of policies sold.
• Subsequent premiums for all new policies.
The day’s winners were Lillian Ddungu from DTB – Nansana branch who walked away with a Sofa set, Norah Acham from Kampala Road branch who won a Hisense Washing machine and dryer.
Patrick Kimathi, the Managing Director of UAP Old Mutual Life Assurance, in his address thanked the DTB Bancassurance team for embracing the promo and participating for the benefit of the bank and UAP Old Mutual .
He highlighted that UAP Old Mutual’s value preposition to the clientele of DTB is to have and maintain a fruitful relationship for purposes of safeguarding and growing their generational wealth.
He commended the DTB team for embracing the Old mutual brand that has been in business for over 177 years as we work towards accelerating the achievements made in 2022.
The Head of retail banking noted that there is need for UAP Old Mutual and DTB to strengthen the partnership and work as a team which will create value for both parties. He then said that “DTB has the client base and vale can be attained if the sales team think of looking for business outside the banking hall.
The Head of Distribution and Marketing, Stephen Lubowa, noted that the bancassurance has been pivotal in pushing insurance uptake since its inception in The Financial Institutions Amendment Act, 2016. He thanked the team for their contribution towards UAP’s Gross underwritten premium, which has improved over the years.
UAP Old Mutual Life Assurance Uganda Limited is in position 2 in Life Insurance with 19% market share holding Ugx.53 Billion of Uganda’s total Life Insurance gross underwritten premium of Ugx.276 billion.
About UAP Old Mutual.
UAP Old Mutual Group is a subsidiary of Old Mutual Limited, a listed company on the Johannesburg Stock Exchange with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. As a Pan-African financial services company with a strong heritage of 177 years, it has presence in 13 markets across Africa. In East Africa, the Group has over 1.5M customers, 1,400 employees, 12 iconic properties and over USD 2B in funds under management in the region. In East Africa, the Group operates an Integrated Financial Services (IFS) business structure that is a result of a merger between Old Mutual, UAP Holdings and Faulu Microfinance Bank. Together, the Group provides Investments, Savings, Insurance and Banking services.
In Uganda, Old Mutual provides General Insurance, Life Assurance and Asset Management with the headquarters located at Nakawa Business Park.
