Liberty General Insurance and partners unveil "Protecta Bode"

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Liberty General Insurance Uganda Limited, in collaboration with Stanbic Bank Uganda's Bancassurance Agency and SafeCar by SafeBoda has unveiled "Protecta Bode," an innovative car insurance product designed to bridge the gap between the statutory third-party insurance and motor comprehensive.

The product launch was held this week at Sheraton Hotel, Kampala.

A report by the Insurance Regulatory Authority Status of Motor Vehicle Insurance in Uganda - Study Report, September, 2020 suggests that 86% of car owners buy third-party rather than motor comprehensive, a significant gap in purchase between the two insurance types.

The product name "Protecta Bode" blends cultural resonance with clarity; 'Protecta' derives from the English word "protect," adapted with a Luganda linguistic flair to evoke a protective shield in a locally relatable way, while 'Bode' draws from the Luganda word for "body," directly highlighting the coverage's focus on safeguarding the vehicle's physical structure.

According to Raphael Bisaso, the Head of Marketing and Distribution, Liberty General Insurance Uganda, Protecta Bode provides compensation for accidental damage to the external body of the vehicle caused by sudden and unforeseen incidents.

In addition, the cover extends to third-party liabilities resulting in bodily injury, death, or property damage and medical or life benefits for the driver following an accident.

Its Premium Rate is 1.5% of the vehicle’s market value and also offers broader coverage compared to statutory third-party insurance, which only covers bodily injuries at a low limit.

While motor comprehensive insurance is often perceived as expensive, Protecta Bode is designed to meet the actual needs of most motor users, focusing on incidents that affect the vehicle’s body and third-party liability.

Initially rolling out to SafeCar's 6,000 car drivers, it aims to expand as a standalone option, fostering financial inclusion for low-income motorists and potentially tapping into the 9,000 boda riders in SafeBoda's network who will potentially upgrade from owning and riding a boda to owning and driving a SafeCar.

"This partnership exemplifies our commitment to innovative solutions that empower Ugandans at every level. By focusing on car body coverage through 'Protecta Bode,' we're making insurance relatable and attainable, starting with SafeBoda's trusted network to bring real value to drivers on the road,” Peter Makhanu, managing director of Liberty General Insurance Uganda Limited said.

Meanwhile, Samuel Mwogeza, the executive director and Head, Personal & Private Banking (PPB) at Stanbic Bank Uganda commended the partnership highlighting how it will bridge the banking and insurance sectors for seamless access.

“This is more than coverage, it's a step toward economic resilience for drivers facing daily risks, and we're excited to see it grow alongside SafeBoda's 10th anniversary celebrations."

Christian Wamambe, the Country Director, SafeBoda Uganda noted that SafeBoda is dedicated to enhancing the lives of drivers and the communities they operate in.

“Protecta Bode' not only offers affordable protection for vehicle bodies but also aligns with our mission to promote driver wellbeing and road safety. Through this collaboration with Liberty and Stanbic, we're empowering over 15,000 drivers and cyclists, and further drive training and infrastructure improvements for safer roads."

As an initial step, the partners announced a forthcoming CSR campaign to promote road safety through boda driver training at SafeBoda's Academy, installation of zebra crossings in 10 Kampala locations, and additional signage ensuring safer roads during the festive season.

It is worth noting that this isn’t the first time Liberty General Insurance Uganda, Stanbic Bancassurance, and SafeBoda have teamed up to transform mobility safety.

Back in 2023, the trio launched SafeRide, a pioneering product offering riders an insurance safety net, allowing customers to select rides with coverage for passengers in case of accidents, providing peace of mind through compensation for medical expenses and other costs.

This initiative, which earned the 'Most Innovative Bancassurance Agent 2023' award at the Insurance Regulatory Authority Awards in March 2024, showcased their innovative microinsurance for personal accident cover, reinforcing safety in Uganda’s transportation sector.