KAMPALA – UAP Old Mutual Insurance Uganda has introduced a monthly payment plan for comprehensive motor insurance, making it more accessible and affordable for vehicle owners in the country.
According to Nancy Ashaba, Underwriting Manager at UAP Old Mutual Insurance Uganda, the monthly installment payment plan is designed to make motor comprehensive insurance more affordable and manageable for customers. “Instead of paying the annual premium in one lump sum, customers can now pay in monthly installments, making it easier to budget and manage their finances,” she explained.
The monthly payment plan is expected to create a better customer experience and satisfaction, as it addresses the common misconception that motor comprehensive insurance is too expensive. “Historically, insurance has been perceived as a costly and intangible product, but with our innovative monthly instalment plan, comprehensive insurance becomes more accessible and affordable,” Ashaba said.
In an interview on Monday, June 24, Ms. Ashaba said also addressed common misconceptions about motor comprehensive insurance, such as the belief that it is too expensive or only necessary for new vehicles and high-end car owners. “These misconceptions stem from a lack of awareness about the product,” she explained. ”
The monthly payment plan allows customers to pay the annual premium in monthly instalments, making it easier to budget and manage their finances. 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.
“Motor comprehensive insurance provides financial protection in case of accidents, theft, fire, and other risks. It is essential for vehicle owners in Uganda to take up motor comprehensive insurance because it offers complete coverage and peace of mind,” Ashaba emphasized.
UAP Old Mutual Insurance Uganda palns to educate the public about the benefits of comprehensive motor insurance and leverage technology to simplify the insurance process, making it more accessible to vehicle owners in Uganda.
The insurance industry in Uganda is expected to evolve with technological advancements and increasing demand for digital services. UAP Old Mutual Insurance Uganda is poised to play a significant role in this evolution, innovating and expanding its offerings to meet the changing needs of customers.
Looking ahead, Ashaba foresees the insurance industry evolving with technological advancements and increasing demand for digital services. “The insurance industry will evolve with technological advancements and increasing demand for digital services. We will continue innovating and expanding our offerings to meet the changing needs of vehicle owners in Uganda,” she said.
