Liberty, Stanbic Bancassurance, SafeBoda launch “Protecta Bode” to bridge Uganda’s motor insurance gap

October 2, 2025 in Business, Companies, Financial Services by Editor

In a tripartite collaboration aimed at reshaping Uganda’s motor insurance landscape, Liberty General Insurance Uganda, Stanbic Bank Uganda’s Bancassurance Agency, and SafeCar by SafeBoda have unveiled “Protecta Bode”, an affordable car body coverage solution designed to sit between statutory third-party insurance and full motor comprehensive cover.

The product launch comes against the backdrop of an industry challenge that has persisted for years. According to a 2020 Insurance Regulatory Authority (IRA) report on motor vehicle insurance in Uganda, an overwhelming 86 percent of car owners purchase only third-party insurance, leaving a vast protection gap since comprehensive cover is widely perceived as unaffordable.

“Protecta Bode” is deliberately crafted to plug this gap. It provides compensation for accidental damage to a vehicle’s body, including repairs, panel beating, and replacement of parts at Liberty-approved garages. It also extends to third-party liabilities such as bodily injury, death, or property damage, alongside medical or life benefits for the driver. With a premium rate of 1.5 percent of a vehicle’s market value, the product offers broader coverage than third-party policies, while remaining far more accessible than traditional comprehensive insurance.

The product’s branding itself carries local resonance. “‘Protecta’ is drawn from the English word ‘protect,’ stylized with a Luganda flair to convey a sense of safety, while ‘Bode’ comes directly from the Luganda word for ‘body,’ making clear its focus on safeguarding the vehicle’s structure,” explained Liberty General Insurance’s Head of Marketing and Distribution, Raphael Bisaso, during the launch.

Initially, Protecta Bode will be rolled out to the 6,000 drivers on SafeCar’s platform, before expanding as a standalone product to the wider market. By leveraging SafeBoda’s network, which now includes over 9,000 boda riders transitioning into car ownership, the initiative also ties into a wider ambition of promoting financial inclusion among low- and middle-income motorists.

Peter Makhanu, Managing Director of Liberty General Insurance Uganda, described the product as a continuation of the company’s strategy to make insurance relevant and practical. “This partnership exemplifies our commitment to innovative solutions that empower Ugandans at every level. By focusing on car body coverage through ‘Protecta Bode,’ we are making insurance relatable and attainable, starting with SafeBoda’s trusted network to bring real value to drivers on the road,” he said.

From the distribution side, Samuel F. Mwogeza, Executive Director and Head of Personal & Private Banking at Stanbic Bank Uganda, underlined the synergy between banking and insurance. “At Stanbic, we’re proud to distribute this product through our bancassurance platform, bridging banking and insurance for seamless access. This is more than coverage—it’s a step toward economic resilience for drivers facing daily risks,” he said, noting the launch also coincides with SafeBoda’s 10th anniversary celebrations.

For SafeBoda, the product aligns with its broader mission of enhancing driver welfare and road safety. Christian Wamambe, Country Director of SafeBoda Uganda, emphasized the impact on their community: “Protecta Bode not only offers affordable protection for vehicle bodies but also aligns with our mission to promote driver wellbeing and safer roads. Through this collaboration, we are empowering over 15,000 drivers and cyclists, while also investing in training and infrastructure improvements for road safety.”

As part of the rollout, the partners announced a corporate social responsibility campaign focused on road safety. This will include training sessions at the SafeBoda Academy, the installation of zebra crossings in 10 high-traffic Kampala locations, and the placement of additional road signage ahead of the festive season.

This latest partnership builds on a history of innovation among the three organizations. In 2023, Liberty, Stanbic Bancassurance, and SafeBoda jointly launched SafeRide, a microinsurance product offering passenger cover during rides. That initiative won the trio the “Most Innovative Bancassurance Agent 2023” award at the IRA’s 2024 Insurance Awards, further cementing their reputation for pioneering safety-led insurance solutions in Uganda’s transport sector.

With “Protecta Bode,” the partners say they intend to sustain that legacy by widening access to insurance, strengthening driver protection, and addressing one of the industry’s most persistent coverage gaps.