The Insurance Regulatory Authority of Uganda has launched the 2024 Annual Insurance Innovation Awards (AIIA) with a call to all licensed industry players to participate.
Now in its fifth year, the AIIA seek to recognise innovators who are reshaping the role of insurance in people’s lives and businesses, embracing disruptions and transforming them into opportunities.
In a speech read for him by the Director of Strategy and Market Development, Mr. Sande Protazio, the IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega said the launch highlights the Regulator’s continued commitment to keeping the industry ahead of emerging trends and technologies.
“Innovation is not just about technology; it is about mindset. It’s about the willingness to challenge the status quo. It’s about taking risks, learning from failure, and relentlessly pushing forward,” he said.
He noted that now, more than ever, innovation is at the heart of how the insurance industry operates, delivers value, and creates opportunities for its clients.
“Given the changing customer expectations and evolving business models, innovation is now a key driver for the growth and sustainability of the insurance industry,” he said.
The Awards are open for all licensed industry players including insurance companies, insurance brokers, Health Membership Organisations, Bancassurance Agents, individual agents and loss assessors, InsureTech and journalists who write about insurance-related matters.
Categories
The Awards are in 10 categories including the most innovative life insurance solution, the most innovative non-life insurance solution, the most innovative insurance Brokers’ solution, most innovative Bancassurance agent solution, the most innovative individual insurance agent solution and the most innovative Loss Assessors/Adjusters’ solution. The others are the Judges’ special Award, the Insuretech solution of the year, the insurance media personality of the year, and the People’s Choice Award.
Entries for this year’s Awards are open until January 24, 2025. Winning entries will be celebrated on March 14, 2025 at a prestigious gala dinner, under the theme “Redefining Insurance: Trust, Innovation and Inclusivity”.
Alhaj Kaddunabbi noted that the theme was carefully selected to highlight the importance of building and maintaining trust, exploring new solutions or mechanisms to deliver value and daring to reach the unserved and underserved masses.
Increased participation
Participation in the Awards has been improving over the years in both processes and numbers, according to Alhaj Kaddunabbi. For instance, in 2020, 9% of industry players competed in the awards before rising to 12% in 2021, 13% in 2022 and 15% in 2023. Twenty (20) percent is targeted this year.
He further noted that different products that speak to the needs and dynamics of the Ugandan population have also come on market as a result of the innovation awards. He cited Kameeza plan, muno-mukabi and insured rights for safe boda.
The Awards are organized by IRA in partnership with the Insurance Training College, the Uganda Insurers Association, the Uganda Bankers Association, the Insurance Brokers Association of Uganda, the Uganda Bankers Association and the Uganda Association of Insurance Agents.
The Uganda Insurers Association chairperson, Ms. Ruth Namuli said the launch of the Awards signifies IRA and the industry’s commitment in using innovation to put customers’ interests at the forefront.
She added that with rapid advancement in technology, shifting customer expectations, and the evolving global business landscape, innovation becomes not just a necessity but relevant.
“The Awards are more than just recognition, they are about fostering a culture of creativity, trust in the insurance industry, inclusivity, resilience, and forward- thinking in the industry,” she said, adding that while the industry continues to be resilient, crafting solutions and processes that expand the reach and make insurance more efficient, inclusive and more sustainable, is the only way of guaranteeing progress and supporting the transformation.
The Insurance Training College (ITC) Principal, Mr. Saul Seremba also commended IRA for consistence, noting that the Awards have been key in boosting innovation in the industry.
“Innovation is core to insurance; we cannot do business as usual if we want to grow the insurance industry,” he said, adding that it is through innovation that speak to people’s changing lifestyles and trends that the industry will address the low penetration challenge.
The Insurance Brokers Association of Uganda (IBAU) chairperson, Mr. Paul Muhame commended IRA for consistence, and pledged the Association’s continued support to the success of the Awards.
Independence
To ensure maximum transparency, IRA contracted a consultant – Adroit Consult, to undertake this exercise.
Ms. Deborah Amia Poni, Manager Adroit Consult said the firm will deploy a robust and transparent criterion to ensure that the selection process remains objective, fair, independent, and transparent, recognizing initiatives that are genuinely and truly transforming the insurance industry.
Among the key parameters to be evaluated in this competition are customer centricity, inclusivity, originality, utilization of technology, design and distribution models, potential to scale, and compliance to Environmental, Sustainability and Governance (ESG) aspects.
She noted that the window for this year’s competition has been broadened from innovations developed within 18 months to the last 36 months to allow submissions of thoroughly tested innovations.