UAP Old Mutual today concluded their KWATA VAIBU (translated into catch the vibe) Sales Promo with a reward Ceremony hosted by Centenary Bank to recognize the winner.
The promo that was kickstarted last year was intended to encourage and motivate bancassurance staff as they sold insurance to the bankable population within Centenary bank reach.
The reward ceremony took place at Centenary bank, Rubaga Branch officiated by Mr. John Bosco Kalema, the Principal Officer Bancassurance (Centenary Bank) and Mr. Stephen Lubowa the Head of Distribution and Marketing (UAP Old Mutual Life Assurance).
The promo which was launched in July 2022, was meant to grow Centenary Bank’s contribution to UAP’s insurance book in a period of 6 months, with a purpose of creating more value for the two parties, create awareness about Life Insurance and UAP Old Mutual’s value proposition. Having run in 10 Centenary Bank across the country, the criteria for winning in the promo included: Annualized premium achieved, Number of policies sold and Subsequent premiums for all new policies.
Stephen Lubowa, the Head of Distribution and Marketing at UAP Old Mutual Life Assurance, thanked the Centenary bank team for embracing the promo and participating for the benefit of the bank and UAP Old Mutual. He noted that much as the bank has got many sources of income, Bancassurance commissions to the bank make a great impact on their Profit/Loss statements.
He commended the Centenary bank team for embracing the Old mutual brand that has been in business for 178 Years and is still in the business of doing great things.
The Principal Officer, Bancassurance, Mr. John Bosco Kalema said that all bank staff have to put in additional effort to push life insurance into the bankable population of Centenary Bank. He then commended the winner for the good work done and challenged the team to emulate him as bigger and better campaigns from UAP Old Mutual will be running.
UAP Old Mutual Life Assurance Uganda Limited Life Insurance has 19% market share.
UAP Old Mutual Group is a subsidiary of Old Mutual Limited, a listed company on the Johannesburg Stock Exchange with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. As a Pan-African financial services company with a strong heritage of 177 years, it has presence in 13 markets across Africa. In East Africa, the Group has over 1.5M customers, 1,400 employees, 12 iconic properties and over USD 2B in funds under management in the region. In East Africa, the Group operates an Integrated Financial Services (IFS) business structure that is a result of a merger between Old Mutual, UAP Holdings and Faulu Microfinance Bank.
Together, the Group provides Investments, Savings, Insurance and Banking services.In Uganda, Old Mutual provides General Insurance, Life Assurance and Asset Management with the headquarters located at Nakawa Business Park.
