Prudential Uganda has been awarded the most innovative life insurance company for the year 2020 at the inaugural Insurance Innovation awards organized by the Insurance Regulatory Authority (IRA).
While recognizing the award, Arjun Mallik, Managing Director, Prudential East Africa said that the reason for innovation is for the service of customers, “innovation is not about implementing a system, indeed, innovation for it to thrive, needs to be an aspect of DNA, of culture, and of how we do things, At Prudential, innovation is in our DNA, we take great take pride in driving continuous improvement and innovation, and these initiatives impact all our stakeholders, the wider community, our clients, staff, agents, partners and our regulator.”
He added that being among the first to receive the inaugural awards by IRA was such an honour especially being recognized for ground breaking innovations achieved is a true testament to the hard work and dedication of the inspirational young team involved inventing and delivery of the innovations.
While speaking at the award gala held at Serena Hotel in December, Al hajji Ibrahim Kaddunabi Lubega, the Chief Executive Officer, Insurance Regulatory Authority said “innovation is many things but the ultimate goal is to improve our processes to make the life of customers better”
The Insurance Innovation Awards are aimed at recognizing, appreciating, and motivating the innovators and the role innovation plays in advancing the insurance sector in Uganda. According to IRA, the focus of these awards is on use of new technologies, new products, services, and other advancements in the insurance industry with the aim of fostering innovation and creativity in the insurance sector.
According to IRA,Prudential was recognized for, among many others:
Innovative Product design: – Being the first company in Uganda to launch a free COVID-19 cover to all customers, public, staff and agents at the height of the Pandemic which impacted over 50,000 individuals and being the first company to launch a dollar denominated product to cater a particular segment of the market, the actuarial services supporting this product equals to over 4.4 billion shillings.
Pioneering Cardiovascular health in Uganda: – 10 million people have been reached with a message to protect their heart through the Omutima Gwo heart campaign in partnership with the Ministry of Health, Uganda Heart Institute and media partners.