Insurance industry players have been urged to be intentional and position customers at the heart of their innovations in order to churn out solutions that speak to consumer needs.
Speaking during the 61st CEOs Breakfast meeting at Serena Hotel, Kampala on September 19, 2024, Mr. Michael Niyitegeka, the Executive Director, Rafactory, a software skilling academy, said this will allow co-creation and enable insurers innovate demand-driven products, given the evolving consumer needs.
The breakfast meeting was organised by the Insurance Regulatory Authority of Uganda (IRA) at Serena Hotel, Kampala on September 19, 2024, under the theme: Tailoring Insurance Solutions: Deep Insights into Customer Needs and Preferences.
Mr. Niyitegeka said the industry should be intentional and take advantage of the massive data collected in the industry to study and understand customers’ needs before designing products.
“Let the customers you are building for be part of the journey. Be intentional; that is when you will make a difference. If you are not intentional, it remains a story,” he said.
He also urged the industry to collectively work together to develop an ecosystem for a sustainable industry growth.
“You can no longer win alone; intentionally invest in things that build the ecosystem,” he said.
He noted that clients demand faster, easier, more personalised and convenient services, adding that the insurance industry should adapt to meet these demands.
The IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega, also retaliated the need for industry players to always engage consumers before developing products and technologies, saying that it is critical in developing solutions that speak to their needs.
“We know some have done it but we need everyone to do it,” he said.
He also appealed to the public to always share their expectations with insurers to enable them serve them better.
The Clarkson Insurance Brokers Chief Executive Officer, Mr. Alex Makata applauded Mr. Niyitegeka for the presentation, saying that involving customers in product development is key in ensuring acceptability and sustainability.
“Innovation has been put at the forefront in many of our companies but how many products are launched in the market and survive for two to three years? Majority die because we do not do enough research that involves consumers,” Mr. Makata said.
Mr. Protazio Sande, the Director Strategy and Market Development at IRA urged players to prioritize digitization as a strategic pillar of all industry players. By doing this, he said, it will enable companies invest a little more in digitization to support innovation.