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ask your life insurance adviser

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By Allan Lwanga

Posted  Friday, June 13   2014 at  01:00

In Summary

The low penetration of life insurance is perhaps your biggest opportunity

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Dear sir, How can I use Life Insurance to enhance my supermarket business?

The most important aspect of supermarket businesses and perhaps any other is customer value and satisfaction. Other factors such as the quality of the product, the price, marketing etc. will more often than usually be preceded by how your customer feels as soon as he walks into your supermarket.

The stiff competition in Uganda today has led many business decision makers to start thinking of ways they can attract more customers and improve. Unfortunately, most start by lowering prices or offering zero fees on selected products, a red ocean strategy that greatly reduces business revenues e.g. in the telecom sector.

Imagine a situation where if I buy from your supermarket, I receive a number of points and on accumulation say 100 points, I qualify for a life insurance policy worth Shs1,000,000. Interestingly, the cost of such a policy to the supermarket can be as low as Shs8,000. Any shopper will be locked onto your business for life since it protects their very existence and keeps growing with increasing points.

Supermarkets in the UK such as Tesco or Sainsbury’s have been selling life insurance for years. You need a unique value proposition that no one has in Uganda today. The low penetration of life insurance is perhaps your biggest opportunity.
For more information on insuring your future, please contact; lifeadvisor@uap.co.ug, www.facebook.com/uaplifeadvisor or text 0755353545
The writer is the Corporate Sales Manager for UAP Insurance.