Arthur Kintu, Head of Bancassurance at dfcu Bank
Bancassurance — the collaboration between banks and insurance companies to offer insurance products — has steadily gained ground in Uganda since its introduction in 2017. According to the Insurance Regulatory Authority, Bancassurance premiums grew by 25.4% in 2024, rising from UGX 179 billion in 2023 to UGX 225 billion and capturing 12.8% of the total insurance market.
dfcu Bank, which received its Bancassurance license in 2020, has been a key player in this growth. Arthur Kintu, Head of Bancassurance at dfcu Bank, shared insights with Business Focus on the bank’s offerings and its role in shaping the industry.
What products does dfcu offer under Bancassurance, and what are the benefits?
We focus on three main product lines in individual life insurance — savings, investment, and life cover. These products give customers financial security, help them build wealth over time, and provide peace of mind through protection against unforeseen events.
Which insurance companies does dfcu partner with?
We currently partner with 11 general insurance underwriters, including Sanlam, Jubilee Allianz, ICEA, MUA, Old Mutual, Britam, CIC, and NIC. For life insurance, we work with five underwriters, such as Prudential Life, Jubilee Life, Sanlam Life, Old Mutual Life, and ICEA.
Our wide range of partnerships ensures customers have flexible options tailored to their needs.
How does dfcu make premium payments easy for customers?
Through binder agreements with insurers, we ensure affordability and customization. We also provide Insurance Premium Financing (IPF), allowing customers to spread payments over ten months. Other initiatives include:
- Affordable micro-insurance products
- Renewal reminders to avoid policy lapses
- Multiple payment channels, from branches to online platforms
Who qualifies for dfcu Bancassurance, and how can one apply?
Anyone can access our Bancassurance products. Applications can be made at any dfcu branch or bank touchpoint, with our trained Bancassurance officers ready to guide customers through the process.
What makes dfcu’s Bancassurance offering stand out?
Our competitive edge lies in combining a trusted banking brand with an extensive countrywide branch network. This ensures accessibility and choice for customers. Key differentiators include:
- A broad selection of underwriters
- Flexible payment solutions
- Swift claims processing
- Ongoing customer education
Why should customers buy insurance through dfcu Bank?
We provide a one-stop financial service. Clients can manage banking and insurance in one place, enjoy competitive premiums, and benefit from personalized support from staff who understand their financial journey.
What is the claims process like?
We have a dedicated claims manager who supports customers end-to-end. While the process is currently manual, we plan to automate it within the year. On average, valid claims are settled in 2–3 days after documentation is submitted.
What should be done to increase insurance penetration in Uganda?
Greater customer engagement and faster innovation are essential. Key steps include:
- More flexible payment options, such as monthly premiums.
- Wider access to micro-insurance for low-income earners.
- Community outreach to build awareness.
- Closer collaboration between banks, insurers, and regulators to simplify products.
Your message to Ugandans who haven’t embraced insurance yet?
Insurance is like a seatbelt — it may not seem necessary until the moment it saves you. Life is unpredictable, and cover ensures you and your loved ones are shielded from financial shocks. Whether for health, education, or business continuity, insurance is an investment in peace of mind and future stability. Don’t wait for tomorrow — secure it today.
