Prudential Assurance takes over IAA business
Prudential Assurance has acquired the interests and policies of International Air Ambulance Healthcare, In a move seen as an indication of the harsh times facing the Insurance sector in Uganda.
Bernard Obel, the Director of Supervision at the Insurance Regulatory Authority urged insurers to embrace the digital revolution to be able to find new customers while also make it easier for customers to access services.
Congratulating Prudential Assurance over the successful transfer of IAA policy holders to its business, Obel said mergers and acquisitions breed healthy competition and bring about customer-centric innovations and improved service delivery which will in turn result in greater insurance penetration and more people being protected.
Obel extended the advice to insurers while witnessing the handover of 50,000 policy holders, staff and agents of International Air Ambulance Healthcare (IAA Healthcare) to Prudential Assurance Uganda Limited.
Arjun Mallik, Regional CEO of Prudential Eastern and Central Africa said, this development is a major milestone for the company’s business in Uganda and demonstrates it’s commitment to rapidly expand in Africa.
He said Prudential Assurance wants to help people get the most out of life.
“At Prudential, our purpose is to help people get the most out of life. We want to assure our new and existing customers that we are committed to continuously provide them with quality and affordable health insurance, delivered with the highest level of service,” said Mallik.
When asked what prompted this transfer Sukhmeet Sandhu, CEO of International Medical Group (IMG) noted that whereas it was still profitable, the Group decided to refocus, repurpose and concentrate on healthcare provision, thus transfer its IAA health insurance business to another company that would provide quality and affordable services of international standards across its network in Uganda.
Today, Prudential is one of the largest life and health insurers Uganda, providing a full-suite of health, savings and protection solutions through its market-leading distribution and servicing team.
Prudential was recently recognised as the most innovative life insurer by the Insurance Regulatory Authority of Uganda.
The Board chairman of Prudential Insurance Owek. Apollo Makubuya called on Ugandans to take up different insurance policy covers as a backup plan to safe guard thier future in times of emergencies like in this pandemic.
Makubuya stressed that today policy holders at Prudential Assurance have an advantage of enjoying free daily cash pay outs as long as they have been hospitalised due to covid19.