Old Mutual Uganda has introduced a motor comprehensive insurance benefit for Unit Trust customers, expanding its financial wellness offering to combine investment with insurance protection.
The new benefit builds on the company’s earlier integration of Unit Trusts with life insurance benefits and is aimed at providing customers with a broader package of financial solutions.
The move comes amid low uptake of comprehensive motor insurance in Uganda. According to the Insurance Regulatory Authority of Uganda, only about 15 per cent of insured vehicles have comprehensive cover, leaving many motorists exposed to potentially high costs arising from accidents and other unforeseen events.
Andrew Makumbi, managing director of Old Mutual Insurance Uganda, said the new benefit was intended to make insurance protection more accessible while encouraging Ugandans to invest for their future.
“Insurance and investment are critical pillars of financial wellness. Old Mutual is now extending the proposition to include General Insurance through a special offer on Motor Comprehensive Insurance for all Unit Trust customers,” Makumbi said.
He said the initiative would create greater value for customers by bringing investment and protection under one financial solution.
“Through this benefit, we are making quality protection more accessible while rewarding customers who are investing in their future. This reflects our commitment to developing solutions that address the financial challenges faced by Ugandans,” he said.
Zaccheaus Kisesi, managing director of Old Mutual Investment Group Uganda, said customers were increasingly looking for investment products that address more than wealth creation.
“Today’s unit trust holders are looking for solutions that not only grow their wealth but also support other aspects of their financial needs. We are redefining what customers should expect from an investment solution by integrating investment with protection benefits,” Kisesi said.
Nancy Ashaba, acting general manager of Old Mutual Insurance Uganda, said inadequate insurance protection can undermine household financial stability when unexpected events occur.
She said people facing major financial shocks may be forced to sell income-generating assets, borrow at high costs or divert money intended for essential needs.
“Insurance provides a financial cushion that helps reduce this burden and accelerates recovery, enabling customers to stay on track towards their financial goals,” Ashaba said.
She said integrating insurance and investment was part of Old Mutual’s broader approach to financial wellness, aimed at helping customers build wealth while protecting themselves against financial shocks.
The company said the new benefit forms part of its strategy to build an integrated financial ecosystem covering different stages of customers’ financial journeys.
Customers can open a Unit Trust account with Old Mutual Investment Group from Shs100,000 and access the insurance benefits attached to the investment proposition.
The company said the combined offering is intended to encourage more Ugandans to adopt both investment and insurance as part of their long-term financial planning.
