Turaco Insurance Brokers Limited has announced a strategic partnership with Airtel Mobile Commerce Uganda Limited (AMCUL) and Prudential Assurance Uganda to provide ‘Hospital Sente’, a low-cost hospital cash insurance product aimed at increasing access to insurance for underserved communities, and low-income households.
Hospital Sente offers hospital cash pay out to beneficiaries upon inpatient hospitalization at any accredited hospital. This benefit is paid for up to 10 nights within a policy year. It also offers a funeral benefit which provides cover to the member on death due to natural or accidental causes. This benefit is payable to member’s nominated next of kin.
Affordable insurance
“Most Ugandans today remain unreached by mainstream insurance, all while being the most vulnerable to financial shocks caused by illness, accidents and death. Strategic partnerships like these remain critical to enabling underserved Ugandans access to affordable insurance that provides a safety net in their times of need and ultimately peace of mind. I thank Airtel Money and Prudential for joining us in driving mass market insurance adoption in Uganda,” said Hamza Mutebi, General Manager, Turaco.
Indeed, in Africa, the insurance penetration rate is still low, currently standing at only about 3 per cent. This figure is much lower in Uganda (0.8 per cent) compared to neighbouring Kenya and Tanzania, where the rates stand at 3 per cent and 1 per cent respectively. Through the partnership, Turaco’s insurance solutions will be able to reach 8 million Uganda Airtel Money customers.
Hospital admissions
“We are excited to partner with Prudential Uganda and Turaco to offer the insurance product that eases our customers’ financial burden associated with hospital admissions and death. We believe that this partnership will help increase access to insurance for low-income households and help protect families against unexpected events,” said Airtel Mobile Commerce Managing Director, Japheth Aritho.
The product which is underwritten by Prudential Uganda, comes in 3 different plans and can be accessed conveniently by dialling USSD code *185*7*6#.
“We are proud to partner with Airtel Mobile Commerce Uganda Limited (AMCUL) to bring this important product to the Ugandan market. We believe that this partnership will help us reach more customers and provide them with the financial protection they need,” said Prudential Uganda CEO, Tetteh Ayitevie.
