Jubilee Life – DTB Bank Launch Product
Diamond Trust Bank Uganda – DTB and Jubilee Life Insurance Company Limited have launched Jubilee Venture Plan, a new product designed to diversify investment options in Uganda.
The plan offers a shorter investment duration, allowing customers to save for specific future financial goals such as purchasing land, constructing a home, pursuing real estate ventures among others. The Jubilee Venture Plan also offers savers the added benefit of building a substantial fund that provides financial support to their loved ones in case of their passing.
The product announcement was made today, as Jubilee Life Insurance rewarded its DTB Bancassurance agents for surpassing targets in the first quarter of 2024. The seven winners, who booked a total of UGX1.2Billion, were awarded an all-expenses-paid trip to Cape Town, South Africa.
Bancassurance has increasingly become a key revenue stream for the insurance industry, as recent trends indicate. In 2023, the industry recorded UGX179.5 billion in gross written premiums, marking a 9.9% increase from UGX142.7BN in 2022. Specifically, Jubilee bancassurance individual life contributed UGX45Billion gross written premium to this total in 2023.
“We must regularly review and improve our value chain to make sure it works well and find ways to increase efficiency. Bancassurance has proven to be a valuable channel for reaching a broader audience, leveraging the extensive network of banks to increase insurance accessibility,” said Kumar Sumit Gaurav, CEO Jubilee Life Insurance.
With the banks boasting of approximately 25M accounts, Godfrey Sebaana, CEO DTB, asserts that banks are not just channels for selling insurance but key stakeholders in expanding financial services access to Ugandans.
“Banks are uniquely positioned to enhance access to financial services due to their extensive data resources, which can guide product and service innovation and boost uptake. There are more opportunities to explore given the expansion and deepening of the bank agency services and exploitation of mobile digital channels,” Sebaana said.
As of 2021, insurance penetration in East Africa stands at 1.2% across the region, with Kenya at 2.2%, Tanzania at 0.6%, and Uganda at 0.8%. Despite this, Uganda’s insurance sector experienced steady growth of 11.29% in 2023, with total premiums increasing from UGX 1.4 trillion in 2022 to UGX 1.6 trillion in 2023.
“We view this as a glass half full. While insurance penetration presents challenges, there is notable growth in written premiums. For example, life insurance premiums grew nearly 30% from UGX 501.6 billion in 2022 to UGX 611.4 billion in 2023. This growth is one of the reasons we are celebrating and rewarding our bancassurance agents for their outstanding performance. The low insurance penetration underscores the significant growth potential, as the market is still unsaturated. By leveraging synergies within the finance sector, there is considerable opportunity for further expansion,” noted Kumar.
With a minimum premium of UGX100,000, the Jubilee Venture Plan provides an opportunity for investment growth with competitive guaranteed returns and additional built-in inbuilt benefits.
About DTB
Diamond Trust Bank Uganda (DTBU) is an affiliate of the Aga Khan Fund for Economic Development with offices in Tanzania, Burundi, Kenya and Uganda. DTBU has 37 branches, 54 ATMs and over 800 Agents across the country. Founded in 1946, DTBU is regulated by the Bank of Uganda and offers an array of banking services to the population. DTB is an equal opportunities employer with over 57% female staff.
For media inquiries, please contact:
For Diamond Trust Bank – DTB
Samuel Matekha
Cell: +256 772 427188
Email: smatekha@dtbuganda.co.ug
For Jubilee Life Insurance company Uganda Limited
Camila Mindru
Cell: +256 77582 961
Email: camilla.mindru@jubileeuganda.com
