Deputy Speaker of Parliament, Thomas Tayebwa, has admonished insurance companies, asserting that in this era of stiff competition, they must innovate relentlessly or risk becoming obsolete.
Addressing participants as the chief guest during the 2023 annual Insurance Innovation Awards organized by the Insurance Regulatory Authority at Kampala Serena Hotel last Friday evening, Tayebwa emphasized the imperative of learning from the best on the continent to discern the prevalent risks compelling people to seek insurance coverage. “Innovation will drive all this,” he affirmed.
Under the theme, ‘Insurevate: Igniting Excellence in the Insurance Sector,’ Tayebwa stressed that innovation would enable insurance firms to develop tailored products for their clientele, thereby enhancing insurance penetration in the country.
Highlighting the significant role of Small and Medium Enterprises (SMEs) in Uganda’s economy, Tayebwa noted that these entities contribute over 2.5 million jobs and account for 90% of the private sector manufacturing output. He urged insurance companies to instill confidence in SMEs to uptake insurance voluntarily, beyond mandatory requirements.
Moreover, Tayebwa advised insurance companies to prioritize cultivating trust among Ugandans, emphasizing the importance of swift and fair claims payouts. “We need to improve on the issue of trust so that people know when I am insured, it is the right thing I did,” he remarked.
He also cautioned insurance companies to remain vigilant against fraudulent claims from clients seeking unwarranted payouts.
Alhaj Ibrahim Lubega Kaddunabbi, CEO of the Insurance Regulatory Authority, echoed Tayebwa’s sentiments on the pivotal role of innovation in advancing the insurance sector. “Innovation is indeed a crucial ingredient for insurance,” Kaddunabbi affirmed, emphasizing the authority’s commitment to embracing change and urging sector players to do the same for a thriving industry characterized by innovation and resilience.
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