By Thomas Chilaya:
United General Insurance (UGI), in partnership with Old Mutual Life Assurance Company, has launched Auto360, an insurance product that combines motor and life insurance benefits into one comprehensive package.
UGI Chief Executive Officer Grant Mwenechanya said the product addresses a long-standing gap in the insurance industry.
“Traditionally, general insurance companies have insured vehicles while life insurers focused on personal protection. Auto360 brings the two together,” he said.
Speaking during the launch in Blantyre, Mwenechanya said the product combined both and completes the process from the vehicle to the owner, the driver’s family and other dependents.
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“The product offers comprehensive benefits that go beyond the car, delivering real value to customers,” he said.
In his remarks, Old Mutual Life Assurance Company Managing Director Mark Mikwamba said Auto360 was a “truly innovative” solution designed to meet changing customer needs.
He said Malawians were seeking more than conventional motor insurance policies, hence the launch of a product that serves both needs.
“Customers want peace of mind and the assurance that every journey, on the road and in life, is protected. By embedding our life insurance benefits into UGI’s motor cover, we have created something truly transformative,” he said.
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Reserve Bank of Malawi (RBM) Director of Pension and Insurance Supervision Kaluso Chihana praised the collaboration, describing it as an important step forward for the insurance sector.
“We want products that respond to the needs of Malawians. When people see real value, the insurance penetration rate will increase,” he said.
He added that bundling life and general insurance was not only innovative but also aligned with RBM’s efforts to promote collaboration and boost insurance uptake, particularly in micro-insurance.
