Housing Finance Bank is Uganda’s most innovative bancassurance agent for 2020 after it won the award for its groundbreaking insurance products at the Annual Insurance innovation awards.
Managing Director Michael Mugabi received the award on behalf of the financial institution he heads, during a ceremony at the Kampala Serena Hotel on December 18.
In his remarks at after receiving the award, MD Mugabi noted that clients had great expectations in the insurance sector.
One of such, he explained, are rapid responses and customized services.
The banking guru challenged insurance service providers to continue to prioritize customer service.
“In the year ahead, as Housing Finance Bank we pledge to maximize customer-oriented service, execute maximum competitiveness in products, business operation, and systematically establish and strengthen mid-and long-term strategic partnerships,” he noted.
Sector watchdog Insurance Regulatory Authority (IRA) initiated the Insurance Innovation Awards, starting in 2020.
The aim, IRA explained, is to recognize the centrality of innovation and creativity in advancing the insurance sector, with emphasis on integration of new technologies, new products and services.
Housing Finance Bank won the award two years after IRA licensed it to sell insurance products to its customers.
The license was granted on April 13, 2018.
In just one year, the financial institution’s insurance market share rose from 2.7 per cent in 2018 to four per cent in 2019.
The bank’s leading insurance product is the Group Life Insurance.
The product is integrated into the Saveplus Savings Account, an incremental savings account for future investments with free embedded insurance. It comprises: Life Cover of up to Shs25m, Total Permanent Disability Cover of up to Shs12.5m, Medical Cash benefit and Last Expense Benefit.
Housing Finance Bank has seen more customers sign up for this product, resulting into a 47 per cent growth in uptake – from 1,671 in August 2019 to 2,464 in November 2020.