Key Business Points
- Diversify your insurance offerings: United General Insurance (UGI) and Old Mutual Life Assurance Company have launched Auto360, a comprehensive insurance product that combines motor and life insurance benefits, addressing a gap in the industry.
- Meet changing customer needs: Malawian customers are seeking more than conventional motor insurance policies, and Auto360 provides peace of mind and protection for every journey, on the road and in life.
- Increase insurance penetration: The collaboration between UGI and Old Mutual is expected to boost insurance uptake, particularly in micro-insurance, by offering products that respond to the needs of Malawians, such as "kuthandiza kwa ife" (helping each other).
The launch of Auto360 is a significant development in Malawi’s insurance industry, as it brings together two essential types of insurance coverage into one package. According to UGI Chief Executive Officer Grant Mwenechanya, the product completes the process from the vehicle to the owner, the driver’s family, and other dependents, offering comprehensive benefits that go beyond the car. This innovative solution is designed to meet the changing needs of Malawian customers, who are seeking more than just conventional motor insurance policies.
Old Mutual Life Assurance Company Managing Director Mark Mikwamba emphasized that Auto360 provides peace of mind and assurance that every journey, on the road and in life, is protected. By embedding life insurance benefits into UGI’s motor cover, the two companies have created a transformative product that responds to the needs of Malawians. The Reserve Bank of Malawi (RBM) has praised the collaboration, describing it as an important step forward for the insurance sector. RBM Director of Pension and Insurance Supervision Kaluso Chihana noted that bundling life and general insurance is not only innovative but also aligned with RBM’s efforts to promote collaboration and boost insurance uptake, particularly in micro-insurance.
The launch of Auto360 is expected to increase insurance penetration in Malawi, as it offers real value to customers. As Chihana said, "When people see real value, the insurance penetration rate will increase." This development is a positive step for Malawi’s business community, as it provides new opportunities for growth and investment in the insurance sector. With Auto360, Malawian businesses and individuals can now access comprehensive insurance coverage that meets their changing needs, providing "ulimbe wokhazikika" (security and protection) for their vehicles, families, and dependents.
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