The insurance industry attributes the recent high growth rates in business to innovative trends, which have facilitated easier delivery of services to the public. The business value, measured by the Gross Underwritten Premiums (the money given to insurance companies by the public for various policies), increased to 1.6 trillion shillings in 2023 from 1.44 trillion the previous year.
Ibrahim Kaddunabbi Lubega, the Chief Executive Officer of the Insurance Regulatory Authority of Uganda, noted that although insurance uptake remains low, there has been increased interest from the public and greater outreach to various segments of the community, largely due to innovation.
Recognizing the significance of these innovations in industry growth, stakeholders aim to unite insurance industry players, innovators, and the public at the Annual Insurance Week starting on Monday at the Railway Grounds, Kampala.
Kaddunabbi highlights innovations such as online insurance products, electronic payment platforms, and reward insurance products offered by mobile money companies, among others.
The Innovation Week aims to showcase new developments in the industry to the public and provide a platform for service providers to gather feedback from the public regarding insurance.
These innovations have also contributed to the resilience of the insurance sector amidst recent economic shocks, including Covid-19, inflation, and natural disasters, according to the CEO.
The week will conclude with an awards ceremony recognizing outstanding innovation by insurance companies and the most innovative media person. The awards, organized under the theme “InsureVate: Igniting Excellence in the Insurance Sector,” seek to foster innovation.
Arthur Mukembo, the head of Future Lab Studio at the Innovation Village, emphasizes that the Week will allow them to listen to the public and determine appropriate responses as innovators.
The event is organized in partnership with the Deposit Protection Fund (DPF), the Uganda Insurers Association, the Insurance Training College, and the Insurance Brokers Association of Uganda, among others.
Comments are closed.