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Prime Insurance’s medical revenue hits over RWF 2.5 billion in six months

By IGIHE
On 8 September 2024 at 11:43

Prime Insurance, a leading insurance company in Rwanda, has reported a significant increase in medical insurance revenue, generating over RWF 2.5 billion in the first half of 2024.

The insurer disclosed this during an interactive breakfast with medical services providers including hospitals, clinics and pharmacies working with the company’s medical insurance.

Since the launch of Prime Insurance medical cover in December 2021, Prime Insurance medical insurance is growing at a promising rate thanks to the partenrship with service providers in this space.

In 2023, Prime Medical Insurance generated RWF 3.5 billion, while by August 1, 2024, it had already earned over RWF 2.8 billion.

Col (Rtd) Eugène Murashi Haguma, the CEO of Prime General Insurance, emphasized that medical insurance plays a crucial role in the well-being of the population and should be improved to provide clients with quality services.

He stated, “Insurance is a way for many people to pool their money together. The money they contribute is not ours; it belongs to our clients. What we aim for is to ensure that people never lack medical care because we manage that money well and provide treatment until the agreed-upon term ends.”

Mike Byusa, the Commercial Director at Prime General Insurance, noted that the growth of medical insurance at the company is promising, as it accounted for 20% of the total income in the first six months of 2024.
He mentioned that discussions with their partners aim to assess how well the services are received, exchange ideas, and determine where to focus efforts for further improvement.

From the discussions, he revealed that Prime Insurance identified areas for further enhancement, such as speeding up the reimbursement process for medical claims, accelerating service delivery, and improving communication with partners.

Umutoni Carine, a representative from a hospital working with Prime Insurance, highlighted that meetings with the company’s management reinforce collaboration and are expected to improve.
She said, “It is a good initiative for Prime Insurance to bring us together to exchange ideas. These discussions are beneficial for expanding our cooperation. We talked about suggestions and areas needing more effort, and we hope these will be addressed.”

Aimé Lambert Kadende Shyaka, an employee at Kipharma Pharmacy, emphasized that both parties should work to strengthen their cooperation, particularly in stabilizing fluctuating medicine prices in the market.
In the six months ending June 2024, Prime General Insurance earned over RWF 11.6 billion, with RWF 2.5 billion coming from medical insurance.

Prime Insurance anticipates that by the end of 2024, it will generate over RWF 4 billion from medical insurance services.
Currently, Prime Medical Insurance offers individual and family medical insurance services, as well as coverage for various organizations.

Prime Insurance has demonstrated how its medical insurance is advancing.
Prime General Insurance CEO, Col (Rtd) Eugène Murashi Haguma, in discussion with some of the company's partners.
Prime General Insurance’s Commercial Director, Mike Byusa, has urged partners to enhance operational efficiency.
Prime General Insurance CEO, Col (Rtd) Eugène Murashi Haguma, highlighted that medical insurance is crucial for the well-being of the population.
Carine Umutoni praised the collaboration between her organization and Prime Insurance.
Dr. Peace is among those who provided feedback on areas for further improvement.
Some contributors have suggested continuing to expand collaboration and have requested that this process be expedited.
Munyaneza Janvier, representing Frontier Diagnostic Center, indicated that there are aspects of the collaboration that need improvement.

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