Liberty Life Assurance celebrates 10 years

By Vision Reporters

When the company ventured into the Ugandan market in 2007, Liberty Life Assurance started by offering services to corporate clients as it carefully studied the low income population to understand them better, so as to design products that suit their needs.

In a span of 10 years, the insurance company seems to have achieved its target of being an insurer for all, irrespective of the income status.

From providing only corporate life products, which included risk products and deposit administration, the insurance company now boasts of a number of micro insurance products and services, which have brought on board low income earners who had originally been excluded from accessing insurance services because of the high cost.

Liberty, a specialist life insurance company, has since grown to be a strong brand in Uganda's life insurance market, and as well increased its premiums written and profitability since the initial year of operation.

According to Joseph Almeida, the company's managing director, the company has registered an annual growth rate of 25% since its inception in Uganda in 2007.

Liberty staff members during the cancer run last year. Liberty is a subsidiary of South Africa's Liberty Holdings Limited

He adds that the company's written premiums have increased from sh800m in 2007 to sh39b last year.

He says the company has been profitable since its first year of operation.

The company also grew its underwritten premiums to sh35b in 2015, from sh26.3b in 2014, representing a growth rate of 33.28%.

This is despite a general economic slowdown, which has plummeted growth in many businesses across sectors.

He explained in an interview that the growth has been enabled by their ability to pay clients' claims on time.

Diversifying to retail business

In 2013, Liberty decided to look beyond the corporate companies and started offering retail products that could bring on board new clients and to grow business.

The new retail products, among others, include solace farewell plan, a funeral cover, accidental disability plan, simple life plan and education protector plan.

"We set up the retail business because it was a segment we had not dedicated our services to. Currently, we are looking at developing that area as we also look at developing bancassurance in the future," he said.

Almeida said this will enable the company to have an easy spread risk in terms of costs and income. CLICK HERE FOR MORE ON THIS STORY

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