The Insurance Regulatory Authority of Uganda (IRA) will on March 11, award the most innovative industry players.
This follows the launch of the second Insurance Product Innovation Awards at the Authority’ office at Kyadondo Road, Kampala.
Speaking at the launch ceremony, the IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega, said the awards seek to recognize exceptional innovation and inspire the industry to evolve, innovate and better serve the insurance customer.
He explained that the awards were introduced in 2020 after realising that innovation is increasingly becoming critical to the long-term success of the insurance industry as it is key to not only improve the life of customers but also bring about business growth.
With innovation, the CEO said, companies can develop sustainable competitive advantage and better respond to external challenges, such as evolving consumer preferences, growing business complexity, shifting market dynamics, and the ever-expanding technological advancements.
“As the Regulator, we are always looking for ways to motivate, facilitate and promote Sector Product Innovation and Developments. These awards speak to that very well as they are intended to serve as a catalyst for innovation in the insurance industry,” he said.
He noted that the best new ideas and practices that are transforming the industry for the benefit of insurers and customers alike, will be rewarded at a gala to be held at Kampala Serena Hotel.
Submission of proposals was opened on Friday February 11, 2022 and is expected to close on Monday February 21, 2022 at 5pm.
This year’s awards are being held under the theme “Innovation amidst turbulence”.
The awards are thus expected offer powerful insights into how well-equipped insurers are as the economy emerges from the pandemic.
The pandemic which saw the government institute restrictive measures to curb the spread of the corona virus forced, insurance players to review their business models so as to survive in the new normal.
The awards are also expected to provide a platform for knowledge and information dissemination among industry players by sharing the best practices, experiences and expertise to further foster innovation and creativity in the insurance services value chain and subsequently expand the insurance market boundaries.
The Uganda Insurers’ Association Chief Executive Officer Paul Kavuma noted that while they had anticipated the pandemic to shrink industry growth, it showed resilience and has continued to grow. He noted that their prayer is to maintain the growth momentum going forward.
Josephine N. Kasekende, a member Board of Directors at the Insurance Brokers Association of Uganda (IBAU) said the umbrella body has encouraged its members to innovate ideas that can make processes simpler and more fun for their client and themselves, and make work easy for everybody else.
Best innovators will be awarded in five categories; the most Innovative Insurance Product Pward, which is sub-divided into two – the most Innovative Insurance Life Product Award and the most Innovative Insurance Non-Life Product Award.
The second category is the most Innovative Insurance Broker Award, the third is most Innovative Bancassurance Agent Award, the fourth is the most Innovative Insurance Agent Award and the fifth is the Judges Special Award.
To ensure transparency, IRA has engaged Adroit Consult International as the consultant to undertake the exercise.