UGANDA | IRA | INSURANCE | INNOVATORS

The Insurance Regulatory Authority (IRA) awarded innovative solutions in the insurance industry Friday evening.

Nine categories were recognized in the Insurance Innovation Awards 2022, including that of the Media Personality of the Year, which was presented to New Vision journalist Nelson Mandela Muhoozi.

Prudential won the People's Choice Award at the awards ceremony at Serena Hotel in Kampala.

Hajjat Minsa Kabanda, the Minister for Kampala Capital City & Metropolitan Affairs, was the chief guest, and in her speech, she said innovation is key to solving the social and economic challenges of the country across all sectors.

Insurance Regulatory Authority CEO Ibrahim Lubega Kaddunabbi

She said the public needs to be made aware of the benefits of insurance, especially given that Uganda's saving rate is still very low—22.1%, according to World Bank statistics.

"Insurance is a key aspect of saving and increasing savings is part of Uganda's development agenda. Savings stimulate and increase investment, which is a vital component of development," said Kabanda.

"The government and the regulator [IRA] have played their part in ensuring a conducive investment environment for businesses in the industry. This is an encouragement for you to even innovate more."

'Change and innovation'

The IRA chief executive officer, Ibrahim Lubega Kaddunabbi, said it is through innovation that the insurance industry can get solutions to its challenges.

"We need to keep evolving. If we don't innovate and cling to old things and hope to get results, we can only be dreaming," he said.

"No organization can hide from innovation. Change and innovation must be part of every insurance industry player. When you innovate you transform the sector and serve the clients better."

Hajjat Minsa Kabanda, the Minister for Kampala Capital City & Metropolitan Affairs

Saul Sseremba from the Insurance Training College agreed that innovating is a sure way to grow the industry as it improves service delivery.

"Our clients need to access our services from the comfort of their places of convenience. We believe in innovation and we shall keep supporting it," he said.

'Enhancing inclusion'

Dr. Isaac Nkote, IRA board chairman, said the awards are "a purpose-driven initiative by IRA that is committed to developing and professionalizing insurance in Uganda".

"IRA is always looking for ways to motivate, facilitate and promote sector product innovation and developments through recognizing players that have been more innovative than others," he said.

"I call upon all insurance players to innovate for the good of the industry. This event is our strategy to promote insurance in the country because, without our presence in the population, we cannot do much. This is a good way of enhancing inclusion as we do more awareness drives."

Nkote talked of the need to have an insurance sector that is well-taxed to promote its growth.

He said this is good for attracting more players and subscribers, and encouraged more women to join the insurance industry.

This year's awards were held under the theme: 'Celebrating innovation for excellence in insurance'.

The previous edition — the inaugural one — was held in 2020.