UAP Old Mutual demystifies Motor Compressive Insurance

In the world of insurance, motor comprehensive insurance is often misunderstood or overlooked, leaving vehicle owners vulnerable to financial risks. In this interview, Nancy Ashaba, the Underwriting Manager at UAP Old Mutual Insurance Uganda, sheds light on the benefits and importance of motor comprehensive insurance, dispels common misconceptions, and introduces innovative solutions aimed at making this crucial coverage more accessible and affordable for vehicle owners in Uganda. Read on to discover how UAP Old Mutual is revolutionizing the insurance landscape, one policy at a time.

What is motor comprehensive insurance, and how does it differ from third-party insurance?

Motor comprehensive insurance covers accidental damage to the insured vehicle, theft of the vehicle and its parts, and third-party liabilities, such as injuries or property damage. This is in contrast to statutory third-party insurance, which only covers third-party liabilities in the event of injuries or death of the insured. The insurance cover typically runs for a year.

What are the benefits of having motor comprehensive insurance, and why is it essential for vehicle owners in Uganda?

The benefits of having motor comprehensive insurance include financial protection against accidents, theft, fire, and other risks. It is essential for vehicle owners in Uganda to take up motor comprehensive insurance because it offers complete coverage and peace of mind.

How does motor comprehensive insurance provide financial security?

Motor comprehensive insurance safeguards you from financial devastation, providing peace of mind and protection for your valuable investment. Without it, unexpected car repair costs or replacement expenses can deplete your hard-earned savings. This comprehensive coverage shields you from financial loss in the event of theft, damage, or destruction of your vehicle, its accessories, or spare parts, resulting from accidents, fire, riots, or other unforeseen events. It also ensures that you are covered for third-party liabilities, providing compensation to others in the unfortunate event of an incident or injury caused by you.

Can you share some common misconceptions about motor comprehensive insurance, and how does UAP Old Mutual’s offering address these concerns?

Common misconceptions about motor comprehensive insurance include the beliefs that it is too expensive or only necessary for new vehicles and high-end car owners. This stems from a lack of awareness about the product. UAP Old Mutual's offering addresses these concerns by educating the public about motor comprehensive insurance and its benefits and offering affordable payment options to empower vehicle owners to make informed decisions about their insurance needs.

How can UAP Old Mutual make motor comprehensive more accessible for vehicle owners in Uganda?

UAP Old Mutual can make motor comprehensive insurance more accessible by offering flexible payment plans, such as monthly instalments, educating the public about its benefits, and leveraging technology to simplify the insurance process.

Why did you introduce the monthly payment plan for motor comprehensive insurance, and how does it work?

The monthly instalment payment plan was introduced to make motor comprehensive insurance more affordable and accessible. The plan allows customers to pay the annual premiums in monthly instalments, making it easier to budget and manage their finances. For example, a customer can pay UGX 100,355 per month instead of UGX 1,204,262 at once for a vehicle valued at UGX 24.5 million.

How do you anticipate this monthly payment plan will impact customer experience and satisfaction?

The monthly payment plan is expected to create a better customer experience and satisfaction. Historically, insurance has been perceived as a costly and intangible product, only beneficial in uncertain circumstances. The traditional lump sum payment approach has been a significant barrier, leading many to opt for the cheaper, statutory third-party insurance instead. However, with our innovative monthly instalment plan, comprehensive insurance becomes more accessible and affordable. Customers can now enjoy better benefits and peace of mind by paying for their comprehensive insurance in manageable monthly instalments, aligning with their budget and financial preferences.

How do you foresee the insurance industry evolving in the context of motor insurance, and what role will UAP Old Mutual play in this evolution?

The insurance industry will evolve with technological advancements and increasing demand for digital services. UAP Old Mutual Insurance will continue innovating and expanding its offerings to meet these changing needs by leveraging technology to improve efficiency and enhance customer experience. UAP Old Mutual Insurance (U) Ltd will also focus on personalized marketing and creating better processes for customers to have a seamless experience.