Stanbic Uganda’s partnership with SafeBoda that has seen over 30,000 riders and regular customers secure personal insurance cover in the event of accidents has received industry approval as the “Most Innovative Bancassurance Agent 2023” at the Insurance Regulatory Awards ceremony held on Friday in Kampala.
Executed as a partnership with SafeBoda and Liberty, the microinsurance product secures personal accident cover for riders per trip, improving road safety and financial assurance for medical care in case of injury for both rides and their passengers.
“Innovation is not always just about products; it’s also about solutions which could be delivered through collaborative partnerships aimed at serving the critical needs of the lower income customers—tonight’s recognition of our partnership with SafeBoda and Liberty, is an important vote of confidence by the industry,” said Tich Makonese, Head of Insurance and Asset Management at Stanbic Uganda.
Christian Wamambe, the Vice President for SafeBoda said, “by leveraging each other’s strengths, we have developed an innovative solution that addresses the needs of those traditionally excluded from insurance. I want to thank Stanbic Bank and Liberty for thinking outside the box putting the client first.”
The partnership extends beyond insurance coverage, with initiatives like the Financial Fitness Academy and road safety programs empowering riders with essential knowledge and skills. Dogo Singh, Head of Bancassurance, reaffirmed the bank’s commitment to expanding insurance offerings.
“Our upcoming endowment products mark another milestone in our journey in offering responsive solutions into new territories. For the first time, we will offer endowment solutions to our over 500,000 client bases. These plans not only offer life cover but also serve as versatile investment tools, clients can save for child’s education, home ownership aligning with our mission to empower individuals and businesses to secure their futures with simple, easy to use solutions,” said Singh.
