Bluewave Insurance Agency relaunches in Uganda with regional expansion plans

Bluewave’s microinsurance digital system offers low-income users easy access to an array of insurance products while leveraging mobile technology to cut down overheads and operational costs. This further significantly reduces the insurance premiums compared to what traditional companies charge for motor, health and life covers.    

Speaking about its expansion plans, Adelaide Odhiambo, Founder, and Group CEO, of Bluewave Insurance Agency said, "We have been refining our processes, products, and partnerships, we're thrilled to announce our renewed focus on introducing our solutions in Uganda, Nigeria, Ethiopia, Malawi, DRC, Tanzania, Rwanda, and Zambia."

To increase insurance penetration in Africa's markets characterised by low uptake, the company has partnered with large aggregators specifically Mobile Network Operators (MNOs) and banks to distribute affordable micro-insurance products.

In Kenya and Uganda, Bluewave has already created insurance products that are embedded in the services millions of people already use—like M-Pesa and Airtel Money.

Recently the company spearheaded a tripartite partnership between, Airtel Money Uganda, and AAR, to launch a micro-health project that has garnered more than 100,000 enrolments in less than one month. 

“Africa has an ever-growing need for affordable insurance solutions. When we launched Ddwaliro Care, a low-cost comprehensive health insurance cover designed for individuals and large families, we saw a significant uptake in customer enrollments in just a few weeks. This is proof of the market’s readiness to take up insurance designed with them in mind,” explained Adelaide.

Insurance penetration in Africa is still very low and approximated to be less than 3% of the continental GDP, this presents a huge opportunity for growth by availing well-researched products that meet the needs of the African population

Over the next 5 years, Bluewave intends to grow its customer base by making profitable investments in consumer education. “Educating customers about our products has always been a key part of our business strategy,” added Adelaide