Prudential Uganda has won three awards; the Most Innovative Life Insurance Product, Most Innovative Insurance Agent and the Overall Judges’ Special Award in the second edition of the Insurance Innovation Awards organised by the Insurance Regulatory Authority of Uganda.
Under the same category of Most Innovative Life Product Prudential came both first and third with its Telemedicine offering, an enhancement to Prudential’s Health Insurance.
Held at the Kampala Serena Hotel, under the theme “Innovation amidst turbulence”, the awards seek to recognize exceptional innovation and inspire the insurance industry to evolve, innovate and better serve the insurance customer, according to the organisers.
While receiving the award, Sheila Sabune, Chief Commercial Officer, Prudential Uganda said, “Prudential is honoured to be recognized once again for innovation inspired by our purpose which is to help our customers make the most out of life in every step of their health, wealth, and wellness journey. The drive to continuously improve our service to customers, staff, agents and our community inspires us to innovate”.
This is the second time Prudential is being recognized since the inception of the awards. In 2020, Prudential Uganda was named the Most Innovative Life Insurer in the inaugural awards.
“This speaks to the hard work and commitment of the team at Prudential despite the unprecedented challenges ushered in by the Covid 19 pandemic,” Sabune said.
Other than being the most innovative, Prudential is now Uganda’s largest life insurance company- having bagged business worth UGX95.4 billion in 2021, according to preliminary industry reports released by the Insurance Regulatory Authority (IRA). The company which in May 2021 completed the acquisition of all the medical insurance policies of International Air Ambulance (IAA), estimated at UGX31.7 billion at the end of 2020, now controls 24% of the UGX395.8 billion life industry.
The insurer, which entered the Ugandan market in June 2015, via an acquisition of the life business of Goldstar Insurance, has been the fastest rising life insurer, taking just six years to rise from the bottom to the top of the life insurance sub-sector.
Award details
Bob Okodi, Amref Health Africa Uganda CFO, On Purpose-Driven Finance and Measuring Impact in Lives, Not MarginsPrudential’s PRUInvestor Plus, described by the company as “an end-to-end digital whole life assurance product with a savings component” scooped the Most Innovative Life Insurance Product award. According to a media statement by Prudential, the product guarantees payment of a benefit on death, on the diagnosis of critical illness and on permanent and or total disability. 80% of premiums under this product are allocated to savings and returns declared annually on the savings. Up to 75% of this accumulated fund is available and payable as a benefit after six months and 100% as a benefit every 3 years or on policy maturity. The client has the option to withdraw the accumulated funds or continue saving.
Prudential’s telemedicine offering which was voted 2nd runner up for Most Innovative Life Product is a proposition whose purpose, according to the insurer, is “to augment Prudential’s existing health insurance group products.
“At no extra premium charges, the offering ensures health care is delivered to Prudential’s health insurance customers at their convenience,” the company said in a statement, adding: “Prudential partnered with a local Telemedicine Vendor (Rocket Health) who is offering free phone call consultations to our clients.”
Two Prudential agents; Tonny Mugisha and Dawn Anguezaru were named the most innovative life insurance agent and 2nd runner up respectively. Tonny Mugisha was, specifically recognized for his smart money knowledge series, creative digital communication materials he created to help clients and prospects understand why they need to take out Life Insurance.
For exhibiting the best innovations in all its life insurance categories, and specifically, customer centricity, digitalization and use of technology, scalability and creating a unique value proposition, Prudential, also scooped the Overall Judges Special Award for the night.
Prudential Assurance Uganda Limited is a wholly-owned subsidiary of Prudential Plc which provides life and health insurance and asset management, with a focus on Asia and Africa. The London, Hong Kong, Singapore and New York stock exchange-listed insurer, has a range of products that protect wealth, grow assets and empower savings, has more than 17 million life customers.
Innovation as a catalyst for improved service delivery
While speaking at the award gala, Alhaj Kaddunabbi Ibrahim Lubega, the Chief Executive Officer of, Insurance Regulatory Authority said, “as the Regulator, we are always looking for ways to motivate, facilitate and promote sector product innovation and developments. These awards speak to that very well as they are intended to serve as a catalyst for innovation in the insurance industry and the end goal is to improve service delivery to the insurance customers.”
