Profitability of Medical Insurance: Case Study of United Assurance Policy Insurance Uganda Limited
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The purpose of the study was to evaluate the profitability of medical insurance. The study was conducted at UAP insurance company Uganda limited headquarters in Kampala. The objectives of the study were; to establish the effect of underwriting practices, fraud, advertising, insurance regulation, number of years of the company’s existence and pricing patterns on profitability of medical Insurance. The researcher used regression analysis and the research design adopted was descriptive in nature. The research focused on primary data that was collected using self-administered questionnaires. Data analysis was carried out using Uni-variate tools of frequency tables and Bi-variate tests using Chi-square test. The research findings revealed that there is a significant relationship between pricing patterns and profitability of medical insurance. It was also established that there is a significant relationship between medical insurance underwriting practices and profitability of medical insurance. The research found out that there is a significant relationship between insurance regulations and profitability of medical insurance. Results revealed that there is a significant relationship between profitability of medical insurance and insurance fraud. There is a significant relationship between number of years of insurance company existence and medical insurance profitability. Finally, results revealed that there is a significant relationship between medical insurance profitability and advertising . Insurance companies need to educate the public on the benefits of having medical insurance. They need to invest in modern technology that can be used to detect fraud. The government of Uganda should subsidize medical insurance premiums to enable the poor people access the service. Medical is of a remarkable importance to the social and economic development of developing countries since healthy population is much more productive. Thus it is of great need that individuals embrace this wonderful service.
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