KAMPALA, UGANDA – UAP Old Mutual Insurance Uganda has launched an innovative monthly payment plan for motor comprehensive insurance, aimed at increasing accessibility and affordability for vehicle owners.
The new payment plan, which allows customers to pay premiums in monthly installments, is expected to revolutionize the insurance industry in Uganda.
According to Nancy Ashaba, Underwriting Manager at UAP Old Mutual Insurance Uganda, the traditional lump sum payment approach has been a significant barrier to comprehensive insurance uptake. “The monthly payment plan is expected to create better customer experience and satisfaction. Historically, insurance has been perceived as a costly and intangible product, only beneficial in uncertain circumstances. However, with our innovative monthly installment plan, comprehensive insurance becomes more accessible and affordable,” Ashaba explained.
“Customers can now enjoy better benefits and peace of mind, by paying for their comprehensive insurance in manageable monthly instalments, aligning with their budget and financial preferences. This plan is designed to break down the traditional lump sum payment barrier, making comprehensive insurance more attainable for a wider range of customers,” Ashaba added.
The monthly payment plan is designed to be flexible and affordable, with premiums payable in monthly instalments. For example, a customer can pay UGX 100,355 per month instead of UGX 1,204,262 at once for a vehicle valued at UGX 24.5 million.
According to Ashaba, the benefits of the monthly payment plan include financial protection in case of accidents, theft, fire, and other risks, complete coverage and peace of mind, flexible and affordable payments, and access to comprehensive insurance for a wider range of customers.
The introduction of the monthly payment plan is part of UAP Old Mutual Insurance Uganda’s strategy to expand its offerings and meet the changing needs of vehicle owners in Uganda.
“We believe that our innovative monthly payment plan will make motor comprehensive insurance more accessible and affordable, providing financial protection and peace of mind for a wider range of customers,” Ashaba concluded. “We are committed to leveraging technology to improve efficiency and enhance customer experience, and this payment plan is just the beginning.”
