Orient Bank, a leading commercial bank in Uganda, has Wednesday 24, officially unveiled a combined Medical and Life Insurance cover dubbed ‘MediLife.’
MediLife, first of its kind in the market, is as a result of partnership with the world’s oldest, largest and strongest insurance company, Prudential and Uganda’s leading Health Membership Organization, International Air Ambulance (IAA).
Speaking at the launch of the cover, Julius Kakeeto, Managing Director of Orient Bank Limited said the move is aimed at providing affordable health solutions to not only its customers but also their dependants.
“While the healthcare system in Uganda has improved over the years, it has also become more expensive given the rising cost of living.
The purpose of the Medilife insurance cover is to lessen the burden on our customers who have people they care for, enabling them to save more while ensuring that their dependants have access to the best medical facilities in the country,” he said.
Kakeeto also added that, “One may ask why a bank would be interested in health care. The health and general wellbeing of our customers is important to us.
So we combined this interest with the opportunity that came with the change of law that enabled banks to sell insurance services. Our customers can now do all their banking and insurance business at Orient Bank. “
Speaking at the same event on behalf of partners, Arjun Mallik, MD Prudential East Africa said, “We are pleased to partner with Orient Bank and IAA on this product, MediLife because this partnership is a reinforcement of our mantle: ‘Let’s face life together’.
We need a healthy population for the economy to thrive and therefore any honest innovation towards ensuring this happens is definitely one that we are excited to be part of and support.”
According to the Insurance Regulatory Authority Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega,there is need to sensitize the public on how insurance services are operated.
“I wish to remind you that customers are interested in knowing; how the product works, its benefit in the day-to-day life and the claims procedures. Sensitization of the public on insurance services is necessary especially in translating the intrinsic product values into perceived value for the customers.”
Lubega added, “I therefore encourage all insurance players to invest heavily in technological platforms which will enable you reach a wider population and ensure that your products are well understood.”
Orient Bank received a Bancassurance licence from the Insurance Regulatory Authority in January 2018 to sell insurance products in Uganda.