Business
ICT to drive insurance penetration
Publish Date: Apr 19, 2014
ICT to drive insurance penetration
ICT minister John Nasasira hailed the partnership between insurance and the ICT sector
  • mail
  • img
newvision

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

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Total CEO de Margerie killed in Moscow as jet hits snow plough
MOSCOW - The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as it was taking off from Moscow's Vnukovo airport on Monday night....
Govt to identify key opportunities for growth
THE Government and World Bank are preparing a joint ‘Country Economic Memorandum’ report, which will identify key opportunities and challenges to accelerating socio-economic transformation...
Business guide in conflict resolution developed
A business guide for the business community to resolve conflicts without resorting to courts of law has been developed....
Mining to increase Agriculture production
Agriculture production in Uganda is set to increase with the establishment of mining and oil extraction industries despite concerns from the public that the discovery of oil in Uganda will affect the sector negatively....
Farmers to benefit from sh60b grant
UGANDAN farmers are set to benefit from a low-interest agricultural loan facilitated by a $24.7m (sh60b) grant from the International Fund for Agricultural Development...
Uganda’s coffee exports drop
UGANDA coffee exports for September fell by 7% to 207, 927 60-kg bags of coffee, compared with the same month a year ago, an industry source said...
Do Ugandan tycoons prepare their children to take over their business empires?
Yes
No
Can't Say
follow us
subscribe to our news letter