Sanlam Life Insurance continues to draw life changing marks to it different clients country wide.
Speaking to the media on Tuesday morning, Sanlam Life Chief Executive Officer Mr. John Lintari revealed how the company had managed remit all the compensation and Payment claims by its clients.
Luntari also announced how Sanlam was rewarding a bonus of 8 percent to all its policy holders after the insurance company recorded a hefty 42 percent growth in its business in 2018 with a 58% growth in assets.
Sanlam’s staggering performance in life business is well above the industry growth which stood at 18 percent in the same financial year and signals the rebirth of Life Insurance following the demerger from General insurance business.
This huge milestone is attributed the growth to increased awareness in the market for life insurance and the entry of banks as new channels of distribution mainly through bancassurance.
Since October 2017, IRA has licensed 17commercial banks to operate as bancassurance agents and there are more partnerships that continue to be developed between insurers and banks to ensure accessibility to insurance products.
“2018 was an excellent year for Sanlam, due to increased awareness in the life insurance market place coupled with the entry of commercial banks into the sector which provided a solid alternative distribution channel” John Lintari said during a press conference held at their offices in Bugolobi.
Lintari said that Sanlam’s success is mainly attributed to the continuous work of the company’s committed intermediaries, mainly agents, who for the past 5 years have been winning big at the annual the agent of the year awards organized by the association of insurers due to their outstanding performance. “As we celebrate 10 years in the next few months, we will continue to offer quality products and services that have enhanced value to our stakeholders in a fair and transparent way in order to fulfill the goals of our business objectives”
During the same period, Life insurance business sector grew by 129% a clear indication that Life business in on the upsurge and may soon become the biggest contributor to growth in the entire insurance industry.
According to Lintari, the biggest challenge the industry is facing is still low awareness and general mistrust in relation to compensation and payment of claims.
“In order to further increase insurance penetration from the current0.84% of the GDP, the industry as a whole must continue to educate and sensitize the market on the benefits of insurance especially when misfortunes occur. The industry must also honor their obligations on time so that the market can gain confidence in insurance products and services”
With the right insurance you can always have peace of mind that you, your loved ones and your belongings will be taken care of when you are surprised by unexpected life events.
“At Sanlam in Uganda we offer a comprehensive range of solutions for individuals, institutions and SMEs to address their unique financial needs and risks. Whether the need is savings, life or general risk, medical aid or liability – talk to one of our Wealthsmiths for trusted advice and the right financial solution for you. ” He added.