Absa partners with UAP Old Mutual to rollout medical insurance

Kampala, Uganda | THE INDEPENDENT | Absa Bank in partnership with UAP Old Mutual unveiled Absa Medical Insurance policy targeting self-employed and non-salaried individuals in the drive to increase access to health insurance.

The policy that covers treatment for critical illness, inpatient, optical, dental, maternity, disability cover, funeral expenses, a wellness programme and international cover for travel outside East Africa is available in four attractive packages, namely: Platinum – Shs 1,343,000; Gold – Shs 1,150,000; Silver – Shs 956,000 and Bronze – Shs 750,000 per annum.

Absa Bank Managing Director, Mumba Kalifungwa, said, “majority of the population relies on cash payments from savings, sale of property or crowdfunding to cover unexpected health emergencies, and our motivation for unveiling this product is to play a part in helping more people acquire access to affordable insurance, so as to improve the quality of life of more people in Uganda.”

According to the World Bank’s Uganda Human Capital Index for 2020 15% of Uganda’s population incurs catastrophic health expenditure measured as out-of-pocket spending, which exceeds 10% of household consumption or income.

The Insurance Regulatory Authority of Uganda says, less than 1% of Ugandans have health insurance, and in an effort to increase these numbers, insurance companies have been partnering with banks to tap into the latter’s customer bases to offer affordable and convenient insurance products under the bancassurance model.

Stephen Chikovore, the Managing Director of UAP Old Mutual, said they are thankful for partners like Absa Bank Uganda, who are being open and encouraging innovation towards creating products and policies that will have a positive impact on the lives of more Ugandans.

Today, we have officially launched a partnership with @AbsaUganda to provide medical insurance for their customers.#TutambuleFfena #AbsaMedicalInsurance pic.twitter.com/c23Y3qS02A

— UAP Old Mutual Uganda (@UAPOldMutualUg) July 25, 2023