In a bid to care for riders and clients, Safe Boda has partnered with Liberty Insurance and Stanbic Bank to launch a safe ride package dubbed ‘Plus Ride’ whose aim is to insure the rider and the client.
Plus Ride, an innovative mass insurance product that was unveiled to the public on Thursday at the Safe Boda Academy in Kampala, has been specifically designed to cover both the Safe Boda riders and the passengers.
However, Safe Boda riders will also be paid a daily compensation of Shs 50, 000 for up to 15 days if they are unable to go to work as they undergo treatment for injuries arising from an accident.
For just Shs 6000 a month or Shs 2,000 a year, Ugandans who use Safe Boda as a means of transport will be assured of up to Shs1,000,000 in insurance cover, in case of an accident.
In case of damaged goods being delivered by a Safe Boda rider, permanent disability or death arising from an accident, the client would be entitled to Shs2.5 million on the annual premium of Shs72,000 paid directly through the Safe Boda App at once or in monthly instalments of Shs6,000.
Speaking during the lunch, SafeBoda Country Director Catherine Tulina Kafumbe, expressed her enthusiasm for the collaboration, saying safety has always been at the heart of SafeBoda’s mission.
“The introduction of these insurance policies is a significant step towards ensuring the well-being of our drivers and passengers. We believe the initiative will elevate road safety standards across Uganda. We think that every day in the spirit of innovation we must think about how we can protect our riders, clients and the community.”
In the same spirit the Managing Director of Liberty General Insurance Uganda Limited Mr. Peter Makhanu, alluded that the Liberty Plus rides offer coverage to SafeBoda customers who have chosen this ride as well as the rider while travelling in the event of death, permanent total disability, medical bills, and for riders, it offers additional cover in the event they are unable to work after 48 hours.
He added, ‘’SafeCar Pay As You comprehensive insurance is a motor comprehensive cover uniquely designed to enable car owners to access comprehensive insurance on a monthly basis, unlike the known traditional annual covers. Your vehicle, passenger, and third-party liabilities with agreed terms and conditions are fully covered at the time of purchase for as long as you paid a premium for that specific month. The product is still in the regulatory sandbox, and we are glad to say SafeCar is the first client to enjoy such a new experience’’.
Sam Mwogeza, the Executive Head of Personal and Private Banking at Stanbic Bank Uganda also noted that investing in insurance will enable their clients to have a more assured personal finance development journey, allowing them to save more without worrying about the usual challenges of life such as spontaneous medical expenses.
Wamambe Christian, the Head of Financial Innovations at SafeBoda, added: “The ‘Triple Cover’ solution and the Safe Car ‘’As You Go’’ policy are testaments to our commitment to offering holistic protection. Our collaboration with Liberty Uganda aligns perfectly with our dedication to delivering meaningful value to our community.”
Senior Superintendent of Police Godwin Arinaitwe welcomed the new product from Safe Boda and also thanked them for training their riders to adhere to traffic rules.
“We normally see few Safe Boda riders in accidents because most of them have acquired training from here and they respect traffic rules,” he said.
According to the 2022 Uganda Police annual crime report, road accidents increased by 16.9 per cent with a total of 20,394 cases of road accidents registered in 2022 compared to 17,443 the previous year; 61 per cent of all accidents were reportedly a result of reckless driving.
The report adds that at least 22 people were killed out of every 100 crashes. Insurance penetration in Uganda is below 1 per cent of the total population and Ugandans are forced to pay expensively out of pocket, for medical care in the event of accidents.
Liberty Insurance, SafeBoda, and Stanbic Bank are now hoping to change Uganda’s discourse by showcasing the value of having insurance coverage.