Old Mutual enters partnership to curb operational costs

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The Head of Operations at Old Mutual Life Assurance, Joshua Akena says it’s imperative that innovations help companies curb operational costs and increase returns so as to make business sense.

Aken’s observation comes as Old Mutual Life Assurance officially announced a partnership with NxtPe and Airtel Money on Tuesday at Nakawa Business Park to launch a new digital payment solution that transforms how customers pay their life insurance premiums.

He explained that the platform will allow customers to pay premiums instantly and securely via Airtel Money, with the added benefit of setting up standing orders directly from their Airtel Money wallets.

This innovation also removes the complexity of traditional bank standing orders, ensuring convenience, control, and ease for users while cutting costs for the insurance company.

“With NxtPe and Airtel Money, we are placing convenience in the hands of our customers. Whether you're at home or on the go, you can pay your life insurance premiums with just a few taps. More than that, the ability to set up automatic payments from your Airtel Money wallet gives customers peace of mind and full control.”

Japhet Aritho, managing director of Airtel Mobile Commerce Uganda Limited (AMCUL) highlighted that this integration is part of Airtel Money’s wider mission to digitize the Ugandan economy and expand financial inclusion, ensuring that every Ugandan, regardless of where they live, has access to essential financial services.

“At Airtel Money, we believe in enabling every Ugandan to do more. This partnership with Old Mutual and NxtPe reflects our commitment to simplify everyday financial services while deepening insurance penetration in the country. It's digital inclusion with real-life impact.”

In the recent past, the Insurance Regulatory Authority of Uganda (IRA) committed to continue encouraging and supporting insurance service providers to embrace innovation so as to increase uptake and access to insurance services by Ugandans.

“Innovation is not just about technology; it is about mindset. It’s about the willingness to challenge the status quo. It’s about taking risks, learning from failure, and relentlessly pushing forward,” IRA CEO, Ibrahim Kaddunabbi Lubega noted during a recent media briefing.

Kaddunabbi also stated that although the insurance industry like in other markets has recently been shaped by those who dare to think differently, explore new avenues, and embrace change, there are still avenues to explore to improve penetration.

“More than ever, innovation is at the heart of how we operate, deliver value, and create opportunities for our clients. It’s simply the key driver for the growth and sustainability of the insurance industry given the changing customer expectations, and evolving business models.”