The launch of Auto360, a new combined motor and life insurance product, has renewed calls for the insurance industry to focus on people-centred solutions that truly meet the everyday protection needs of Malawians.
Speaking in Blantyre on Thursday night during the unveiling of the product by United General Insurance (UGI) and Old Mutual, the Reserve Bank of Malawi (RBM) Director of Pension and Insurance Supervision, Kaluso Chihana, said the market needs more innovations that prioritise improving lives over profit.
Chihana said the central bank views the new product as an encouraging sign of progress, adding that Malawians deserve insurance packages that genuinely address their real challenges.
“For us what we would like to see is companies coming up with solutions that speak to the needs of Malawians, because it is not good enough to just come up with products to make money. They must speak to the challenges society is facing,” he said.
He noted that the partnership between UGI and Old Mutual represents the kind of collaboration that strengthens the sector, saying it supports risk diversification and delivers value by bundling general and life insurance into one offering.
Chihana added that innovations like Auto360 could help stimulate public interest in insurance, a sector where penetration remains low.
“When customers see value in the product, looking at the area of protection it is offering and a standard premium, most people will have serious consideration about it. That is what will matter for people to actually buy insurance,” he said, while also encouraging more collaboration between life and general insurers, especially in micro-insurance.
Old Mutual Life Assurance Company Managing Director Mark Mikwamba described Auto360 as a timely solution crafted to meet the evolving needs of Malawians.
UGI Chief Executive Officer Grant Mwenechanya said the product fills a long-standing gap by bringing together motor insurance and life protection under a single, customer-friendly package.
“General insurance companies have insured motor vehicles and life companies have insured the life aspect. Now this product completes the process from the vehicle to the owner and his or her family. We are not only talking about the vehicle, but the lives of the people who depend on this person. It is really valuable to the customer out there,” Mwenechanya said.
