Ecobank Uganda M.D, Grace Muliisa Jubilee Health Insurance CEO Dan Musiime
In a strategic move aimed at enhancing access to health insurance, Ecobank Uganda has partnered with Jubilee Health Insurance Uganda to offer a range of health insurance products to their customers. This partnership underscores the growing importance of leveraging synergies within the financial and insurance sectors to expand services to a wider audience.
According to recent data, by the end of 2022, medical insurance accounted for 22.37% of the total insurance market share. However, only 3.5% of Ugandans have purchased their own medical insurance policies, with the remaining 96.5% having policies through their formal employment. Jubilee Health Insurance CEO, Dan Musiime explained that with healthcare costs continuously rising, it has become essential for stakeholders in the sector to take proactive steps to protect the public from the financial uncertainties associated with medical emergencies.
The partnership will offer a variety of health insurance products, including individual and family coverage, corporate medical plans, SME health insurance, and specialized packages for children and seniors. This platform streamlines key processes such as lead management, onboarding, quotations, policy issuance, and renewals, ultimately enhancing both the intermediary and customer experience.
Ecobank Uganda’s Managing Director, Grace Muliisa, emphasized how the bank’s agency banking and digital platforms are pivotal in improving access to financial services. “Our goal is to provide a seamless experience from awareness to policy acquisition. Digital and physical channels are key to making this process easier and more convenient for our customers,” Muliisa said.
Recent trends show the growing significance of bancassurance in Uganda’s insurance market. In 2023, the industry saw a 9.9% increase in gross written premiums, amounting to Shs 179.5 billion, up from Shs 142.7 billion in 2022. This partnership aligns with Ecobank and Jubilee Health Insurance’s vision of transforming how Ugandans access and engage with insurance services.
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