Mauritian insurer MUA has debuted into the Rwandan market as MUA Insurance Rwanda following the rebranding of Phoenix Insurance, a regional player.
By teaming up, the two firms are seeking to have relevance in the local market to drive up insurance penetration which remains fairly low in the country.
To rebrand and take over operations of Phoenix Insurance, MUA increased its stake in the local firm from 50 per cent to 80 per cent.
The Mauritian firm is in the process of increasing its presence in the East African region.
MUA Group Chief Executive officer Bertrand delivers his remarks at the event.
Casteres Bertrand, the Chief Executive Officer MUA Insurance, said that the two companies have had relations for about four years, which puts them in an idea position to tackle the challenges in the local market.
“We are paying tribute to the proud reputation and the collective history of our brands, as they were known in each of our markets, hoping to even be more competitive,” he noted.
Bertrand said that the group’s strategic plan will be implemented by the management team based in Rwanda and Mauritius after endorsement by the board of directors.
He said that the strategy reflects a common regional ambition which will see the group actively explore opportunities to grow their market share and business as well as making acquisitions across the region.
“We mark an important milestone with the launch of a new group with presence in East Africa that share business identity in all our business divisions and countries,” he added.
The company CEO also noted that, under the new brand, MUA will be driven by the latest expertise and greater capacity to serve its customers better with simple and innovative products, in Uganda, Kenya, Tanzania, Rwanda and Mauritius.
He stressed that, MUA is targeting about 76 businesses that meet their requirements and will allow them to achieve one of their major strategy goals, to grow East Africa’s contribution to the group prospects within five years.
“In 2017, we made an integration plan and the five functions were real insurance, financial reporting, investments, best management, and IT which were outsourced in Mauritius to avoid duplication in those markets, this was the first step of the incubation plan which worked successfully as we have ended up in Rwanda,” Bertrand said.
He further noted that 2018, is the first year of operations of the new strategic plan that covers Mauritius, Kenya, Rwanda, Uganda and Tanzania with a team of 650 employees.
“We hope to be use increased digitalization, mobile apps, hoping to honour our promises to our customers with the best products and services,” the chief executive added.
Vice Governor of the National Bank of Rwanda, Monique Nsanzabaganwa, said that the government is anticipating a huge contribution from the new player in terms of digitalized and innovations, new markets, continued investments, capital growth and professionalism among other aspects.
She urged the firm to reach out to the youth and other different communities through innovations such as mobile app and internet, new products which address youth’s challenges.
Nsanzabaganwa noted that there is a room for improvement in the Rwandan insurance sector as well as learning opportunities from new entrants such as MUA Rwanda.
By working together, she said that Insurers can make progress in aspects such as increasing the level of public awareness on the need for insurance.
“The National bank looks forward to work with you to make sure that there is accountability and protection of the consumers and shareholders. We are also hoping to work together to streamline the industry, leading to growth of the sector,” she urged.
According to Gaudens Kanamugire, the Managing Director, MUA Rwanda, the development presents an opportunity to go further and build a strong regional group and will drive quality insurance.
“This is an opportunity for networking and to learn from each other,” he said.
He noted that Phoenix Insurance Rwanda is not losing its corporate identity, despite the rebranding after existence for 106 years.
“MUA Insurance is the new beginning of changing for the better, for the future of the group, and becoming one visual and strong brand,” he added
He added that the reunion is also expected to lead to better service delivery, more aggression in the market, and new digital services where customers will be able to purchase insurance and pay services online.
“Our colours have changed to a warm orange, complemented by blue, representing tranquillity and peace of mind, the arrows on the logo symbolize the group’s unity,” Kanamugire noted.
MUA operates within the financial services industry specialising in Insurance, Corporate Pension Schemes, Investment and Loans for both individuals and corporates.
With about 65 years of experience and the combined expertise of our 5 distinct business entities, MUA offers customised and tailor-made solutions to suit all your needs.
MUA recently launched E-Document, designed to simplify the lives of its customers by proposing a paperless documentation system.