Prudential Uganda has won three awards; for the most innovative life insurance product, the most innovative insurance agent, and the overall judges’ special award in the second edition of the Insurance Innovation Awards organized by the Insurance Regulatory Authority of Uganda. Under the same category of most innovative products, Prudential came in both first and third with its Telemedicine offering, an enhancement to Prudential’s health insurance.
Held at Kampala Serena hotel, under the theme “Innovation amidst turbulence”, the awards seek to recognize exceptional innovation and inspire the insurance industry to evolve, innovate and better serve the insurance customer.
While receiving the award, Sheila Sabune, Chief Commercial Officer, Prudential Uganda said, “Prudential is honoured to be recognized once again for innovation inspired by our purpose which is to help our customers make the most out of life in every step of their health, wealth, and wellness journey. The drive to continuously improve our service to customers, staff, agents and our community inspires us to innovate”.
She added that this is the second time Prudential is being recognized since the inception of the awards. In 2020, Prudential Uganda was named the Most Innovative Life insurer in the Inaugural awards. This speaks to the hard work and commitment of the team at Prudential despite the unprecedented challenges ushered in by the Covid 19 pandemic.
While speaking at the award gala, Alhaj Kaddunabbi Ibrahim Lubega, the Chief Executive Officer of, Insurance Regulatory Authority, said, “as the regulator, we are always looking for ways to motivate, facilitate, and promote sector product innovation and development. These awards speak to that very well as they are intended to serve as a catalyst for innovation in the insurance industry and the end goal is to improve service delivery to the insurance customers,”
Specifically, Prudential was recognized for:
i. Most innovative life product for the PRUInvestor Plus product. PRUInvestor Plus is the first award-winning end-to-end digital whole life assurance product with a savings component. The product pays a benefit on death, on the diagnosis of critical illness, and on permanent and total disability. 80% of premiums under this product are allocated to savings and returns declared annually on the savings. Up to 75% of this accumulated fund is available and payable as a benefit after six months and 100% as a benefit every 3 years or on policy maturity. The client has the option to withdraw the accumulated funds or continue saving.
ii. The telemedicine offering which was voted 2nd runner up for most innovative life product is a unique preposition whose purpose is to augment Prudential’s existing health insurance group products. At no extra premium charges, the offering ensures health care is delivered to Prudential’s health insurance customers at their convenience. Prudential partnered with a local Telemedicine Vendor (Rocket Health) who is offering free phone call consultations to our clients.
iii. Most innovative life insurance agent, for two agents; Tonny Mugisha who was named the most innovative life insurance agent, and Dawn Anguezaru 2nd runner up. Tonny Mugisha was recognized for his smart money knowledge series, creative digital communication materials he created to help clients and prospects understand why they need to take out Life Insurance.
iv. The overall judges’ special award for exhibiting the best innovations in all the life insurance categories. Specifically, the awards criteria looked at customer centricity, digitalization and use of technology, scalability, and the unique value proposition.
