By Vision Reporter
Until recently, Ivan Mugeere, a proprietor of a tour company had not considered taking a life insurance policy.
He says most insurance policies in Uganda are not well explained and that insurers complicate compensation.
However, the insurance sector is adapting to the needs of the average Ugandan by introducing low cost micro-insurance policies, cutting red tape on compensations and opening a complaints bureau for aggrieved clients.
Kaddunabi Lubega, the Insurance Regulatory Authority (IRA) executive director, notes that collaborations with other sectors, especially, with the information and communications technology sector, will bridge the gap between the sector and the public.
Edith Kutesa, the M-Cash chief, said collaboration between Liberty Life Assurance and M-Cash has benefited from the use of biometric technology to verify the identity of clients to cut fraud.
Joseph Almeida, the Liberty Life chief, pointed out that collecting premium through mobile money cuts business costs and keeps premiums low.
ICT minister John Nasasira hailed the partnership between insurance and the ICT sector. He noted that mobile banking and electronic payment solutions are a great step towards achieving financial inclusion
ICT to drive insurance penetration