Insurance

• Are you looking for a solution to efficiently manage client funds while benefitting from reduced administration and the ability to automate transactions?
• Do you need the ability to hold funds on behalf of clients while earning competitive tiered rates of interest or paying interest only for the overdrawn/utilized amounts?
• Are your customers concerned about fewer and expensive collection points that are consequently affecting your ability to collect premiums and other related insurance dues?

Our range of multi-channel cash management solutions are tailored to ensure your firm efficiently manages and most importantly affordably collects all premiums and insurance-related dues. We also provide for pooling and sweeping options enabling the bank to pool your collections into a defined liquidity management structure and transfer to nominated accounts for management by the firm or bank’s treasury.

Discover our vast liquidity management solutions below:

Branch collections

• Cash collection via tellers at 34 locations countrywide to insurer accounts
• Direct debit instructions enabled by EFT, inter-account transfers, standing orders, RTGS
• Cheque collection and processing to insurer account
• In branch collections module integrated with insurer systems for easy reconciliations

Agent banking collections

• Cash collection via agents at over 200 locations countrywide.
• Ability to pay for or purchase insurance cover at agent locations through inbuilt collections module

Mobile and internet banking collections

• Direct credit to insurer’s account enabled through mobile and internet banking – EFT, RTGS, standing order or direct credit to insurer account
• Mobile / Internet premium collections – Client ability to buy insurance through payments on the mobile wallet and internet banking
• Inbuilt reconciliation module for insurance firm on internet banking solution

Insurance transactional solutions

• Manage cash flow and keep control of your global firm’s finances with our multi-currency accounts – discover our single fee, interest-bearing, collections, and pay as you go solutions

Investor and custodial services

• Let us help you optimize your pooled funds to achieve your goals.
• Take advantage of our dedicated custodial and investor services team to manage your investments in government securities on the secondary securities market by offering you competitive options
• Access safekeeping and securities management services
• Get reconciliation and reporting support through a robust custodial management system

Payments

• Access multiple payments administration options for the insurance business to simplify all processes
• Access our claims and commission management support services: Simplify claims administration with bulk processing options. Ease processes with bulk claims and commission payments system through the bank’s integrated solutions hosted on the Internet Banking platforms
• Enjoy the ability to overdraw operational accounts to support quick payment processing based on cycles
• Accelerate your internal procurement, simplify your business spending, reduce paperwork, streamline business travel expenses and administrative costs with our Business VISA card

Foreign exchange

• Get a free electronic trading platform with dedicated support from the Bank’s treasury team
• Carry out foreign exchange transactions at your convenience
• Lookup rates and market data through our electronic trading platform
• Get access to pre-and post-trade decision-making tools
• Benefit from the expert analysis of BOA Dealers

With the cash and carry regulation in force, we are here to provide support for your client premium credit options.

Are you looking to meet claims and planned payouts without any delays?

Our financing solutions are built with your institution in mind. We come in as partners to further your vision in an affordable and responsible manner.

Discover our affordable financing solutions for insurance companies below:

• For your clients. Discover our insurance premium finance with the best rates in town. No more delays in collecting your premiums while we take care of the credit administration for you.
• Bidding for provision of insurance services? Talk to us for our highly discounted all-inclusive guarantee pricing available in both UGX and USD denominated facilities
• Meet claims and planned payouts without any delays with our overdraft facilities on your operational account – discover our overdraft solutions. Book an appointment here to meet with our Corporate Banking teams.

Grow your insurance business premiums collections with our partnership opportunities. Book an appointment here to meet with our Corporate Banking teams to discuss areas of partnership.

Our insurance sector Banking model is for all your stakeholders. No matter the level, we will help make it easy to access world-class financial services for all your stakeholders.

Discover our banking options for your stakeholders below:

• Personal Banking - Our Corporate Personal Banking service is an exclusive relationship-based offer to directors, senior management, and other personnel of your company. Your Corporate Personal Banking Relationship Manager compliments your business relationship with us and makes it easier for you to manage all your finances together. Our assistance ranges from management of payroll services, pension plans, Group insurance to personal loan requirements. Discover our special rates on our personal banking suite.
• Suppliers - Your suppliers and contractors will benefit from our competitive trade finance solutions as they undertake various projects for you and the community. These solutions to them also save you the significant cash flow requirements you need to ensure they deliver on time. Discover our Business Banking opportunities.