How Prudential became Uganda’s leading insurance provider

Huge is big, as they say. In a similar vein, Prudential Assurance Uganda Limited (Prudential Uganda) recently reinforced its rising status as Uganda’s largest insurance provider by acquiring International Air Ambulance Healthcare’s policyholders, personnel, and agents (IAA Healthcare).

The change came after a lengthy transfer procedure overseen by the Insurance Regulatory Authority, the industry’s governing agency (IRA).

Mergers and acquisitions, according to Kaddunabbi Lubega, chief executive officer of IRA, foster healthy competition and lead to customer-centric innovations and enhanced service delivery, resulting in increased insurance penetration and protection for more people.

“The IRA has worked closely with Prudential Uganda and IAA Healthcare to ensure that the transfer process adheres to worldwide standards and that IAA Healthcare policyholders continue to get the same benefits and service throughout the life of their health insurance contracts,” Lubega said.

He said that Prudential’s free Covid-19 extended insurance is a timely intervention that will help your clients if they are hospitalized as a result of the Covid-19 epidemic.

The development, according to Arjun Mallik, regional chief executive officer of Prudential Eastern and Central Africa, is a major milestone for the company’s business in Uganda and reflects Prudential’s ambition to swiftly expand in Africa, which is a key component of the company’s growth plan.

“At Prudential, our mission is to assist individuals in making the most of their lives. We want to reassure our new and existing clients that we will continue to supply them with high-quality, low-cost health insurance while maintaining the greatest level of service,” Mallik added.

“We are pleased to announce that we serve 15 million consumers globally, and this achievement is due to our constant emphasis on addressing the requirements of our clients. Prudential’s expansion in Uganda is based on customer-centricity, innovation, and our track record of honoring every single valid policy for over two centuries.”

Mallik stated that the transfer procedure was thorough, thorough, and developed with the IAA policyholder in mind, in order to fulfill the demands of existing IAA policyholders and provide a seamless and amicable transition to Prudential following the expiration of the previous policy.

“I would want to encourage and reassure IAA healthcare policyholders that the Prudential team is fully prepared to handle and implement your policy coverages. We will continue to provide you with unrivaled service by using our customer-centric model, worldwide network, innovation, and many years of expertise in assisting people in making the most of their lives,” he stated.

IAA Healthcare’s chief executive officer, Andre Tait, said the decision to transfer their health insurance business to Prudential Uganda was made after a review of their operations and the need to refocus and repurpose their business while ensuring continued value to their customers and all stakeholders.

“We are dedicated to making the transfer of all existing and future IAA Healthcare policyholders to our new partner as smooth as possible,” Tait added.

Prudential Uganda’s board chairman, Apollo Makubuya, said the achievement not only marks a new beginning for the company, but also demonstrates their dedication to helping Ugandans make the most of their lives.

He stated that Prudential’s pledge to its clients and communities has always been to be there for them in good times and bad.

“That is why, in addition to our Pru Edusave, Pru Dollar, and Pru Med products, we saw the urgent need to protect our clients from the pandemic’s worst effects and responded quickly. The Covid-19 extended cover provides a free daily cash payout to help our Covid-19 patients who are hospitalized. This coverage is free and available to all of our clients in Uganda who have been hospitalized as a result of Covid-19,” he added.

According to Dr. Fred Muhumuza, an economist, the merger will strengthen Prudential’s position by expanding its reach into areas where IAA operates.

“Mergers lower operating costs and enable firms to grow into new segments or geographic areas. Finally, the customer benefits, as does the economy as a result of increased revenue,” Muhumuza explained.

Prudential began doing business in Africa in 2014, and in 2015, it moved into Uganda.

It is now one of Uganda’s major life and health insurers, offering a comprehensive range of health, savings, and protection products through its market-leading distribution and servicing network.

The Insurance Regulatory Authority of Uganda has named Prudential the most innovative life insurer.