dfcu Bank recently launched a Bancassurance campaign dubbed ‘Cover with Us’. We spoke with Robert Muhiire, dfcu’s Principal Officer – Bancassurance
dfcu Bank recently launched a Bancassurance campaign dubbed ‘Cover with Us’. We spoke with Robert Muhiire, dfcu’s Principal Officer – Bancassurance about the new campaign and the overall value of insurance to individuals, families, and businesses.
Can you please give us an overview of dfcu Bank’s new campaign, ‘Cover With Us,’ and what it entails?
dfcu Bank’s new campaign, ‘Cover With Us,’ represents the Bank’s commitment to providing affordable insurance coverage to its customers and the general public.
The Bank wants to emphasize the importance of insurance and how it offers a fallback position for individuals and businesses in the event of unforeseen risks, that may have a significant negative impact on their livelihoods and businesses.
Could you share some details about the specific offerings and benefits that customers can expect from the ‘Cover with Us’ campaign?
We have diverse product offerings and a pool of partner insurance companies for the customers to choose from. The products includes both traditional insurance and special customer value propositions bundled with traditional banking products.
Our flagship insurance products include the popular education plans, investments plans, then the bundled life insurance covers that are offered with our Pinnacle account and Investment Clubs account.
We also offer traditional insurance products with enhanced insurance benefits; including Motor insurance for individuals and businesses, home insurance packaged with coverage for domestic workers and liability insurance, health insurance, travel insurance, insurance for businesses including medical insurance for employees, workers compensation, group personal accident insurance, fire insurance for stock and buildings and many more.
Why should I purchase this insurance through dfcu Bank?
dfcu Bank is a licensed insurance agency, with trained insurance staff per regulatory requirements. The Bancassurance business is regulated by the Insurance Regulatory Authority of Uganda which ensures professional standards are adhered to.
When you purchase insurance through dfcu, our most important role is to ensure that we provide you with professional insurance advice, ensuring that you purchase the right insurance for your needs. We shall work with you to identify your areas of risk, and when risks materialize, we shall administer the claim to closure.
With over 15 insurance partners to choose from, it is convenient to purchase insurance from us because we shall do the window-shopping on your behalf, ensuring that you have a choice of products to compare before you firm up your decision to purchase. What’s more, we are a one-stop shop for financial products and services. You walk into the Bank for banking transaction and walk out with insurance as well.
We distribute products, some of which individuals would never be able to purchase on a standalone basis, some with sophisticated benefits.
How do I claim?
First of all, a claim may be triggered when an insured event takes place. This could be a fire, accident, theft, sickness, death, or liability to third parties. An active insurance policy must be in place.
When the insured event takes place, immediately notify the Bank through our customer service channels or through your Relationship Manager preferably in writing and provide information on the claim event, when it took place and the place of occurrence. We shall revert to you with the required documentation. We shall coordinate the claim to settlement from there on.
How long does the claim process take?
It depends on the type and circumstances of the claim. If all documentation is in place, the claim could take between 7 days to 30 days. However, where investigations are involved, it could take slightly longer.
What happens if you are not satisfied with the insurer’s claims settlement decision?
A claimant has a number of options should they fail to be satisfied with the claims settlement decision by the insurer. The options include:
Upon receipt of the final unsatisfactory declinature from the insurer, the claimant may make a formal complaint to the Insurance Regulatory Authority of Uganda (IRA) for advice and intervention.
The claimant may seek Alternative Dispute Resolution (ADR) based on the specific policy clause on dispute resolution.
The claimant may seek legal redress as a matter of last resort.