Protazio Sande Director Strategy and Market Development, cited products like Munno mu Kabi, Safe Boda and the Kameeza Insurance. The latter was proposed by the Deputy Speaker of Parliament, Thomas Tayebwa, at the awards ceremony for the 2023 edition.
The insurance industry in Uganda is confident that efforts by leaders to promote innovation are yielding results, with numerous ‘revolutionary’ products attributed to these initiatives. The push for innovation as a strategy to accelerate industry growth began in 2018 and gained momentum in 2020 with the launch of the Insurance Innovation Awards, aimed at recognizing outstanding innovators.
Saul Sseremba, the Principal of the Insurance Training College of Uganda says the industry has for long grappled with the issue of penetration which has remained at a low 0.7 to 0.8 percent, adding that Uganda is yet to use her innovative prowess in the region towards this. This shows that the industry is still contributing much less than its potential to the economy, but also reaching a very small population, hence the need to look for innovative ways to boost it, especially researching into what is suitable, desirable and attractive to the market.
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The annual innovation awards targets registered players in the insurance industry but not all are yet to embrace them. According to the Insurance Regulatory Authority (IRA), over the last four years of the innovation awards, the number of participating entities and persons has grown from 7 percent to 15 percent last year. The hope that this edition will attract at 20 percent.
However, speaking at the 2024 Insurance Innovation Awards launch, Ibrahim Kaddunabbi Lubega, the Chief Executive Officer IRA, said many products and processes have come out of the innovation awards and are boosting the industry’s growth and reach. While reading the CEO’s statement, Protazio Sande Director Strategy and Market Development, cited products like Munno mu Kabi, Safe Boda and the Kameeza Insurance.
The latter was proposed by the Deputy Speaker of Parliament, Thomas Tayebwa, at the awards ceremony for the 2023 edition. Sande says these are niche products that target a specific group of people or a defined need.
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The insurance industry has been growing at a high 11 percent on average in the last few years in terms of gross written premiums, which now stand at 1.7 trillion shillings a year, but this is not yet reflecting in penetration.
Ruth Namuli, the Insurers Association of Uganda Chairperson says the growing and rapid integration of technology in all aspects of human life, should make innovation important in prioritsing consumer needs, adding that without innovation, the industry will be doomed.
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This year’s insurance week is slated to run in March 2025 under the theme “Redefining Insurance: Trust, Innovation and Inclusivity”. The awards categories will feature best innovations in Life, Non-life, Broker, Bankassurance Agent, Individual Insurance Agent, Loss Assessors/Adjuster, Judges’ Award, Media Personality award and People’s Choice award.
The process is being handled by Adroit Consult International, an independent consultant to ensure transparency.
