A model regulator of a secure and developed insurance industry

IRA LAUNCHES THIRD INSURANCE INDUSTRY INNOVATION AWARDS

The Insurance Regulatory Authority of Uganda (IRA) has launched the 2022 insurance Industry Innovation Awards.

This is the third edition of the awards and it comes on the heels of the earlier two that were successfully held in 2020 and 2021, respectively.

The awards will among others identify and reward innovations that are ensuring that clients cope with the increasing economic pressure being witnessed in the country.

Winners will be those players that will have exhibited proactiveness in provision of solutions that address identified needs, and in an effective and efficient manner.

The 2022 awards are being organised under the theme “Celebrating Innovation for Excellence in Insurance.”

The competition for the most innovative player is open to all insurers, Health Membership Organisations, Brokers and Bancassurance Agents and Agents licensed by IRA.

Winners will be recognised at an award gala to be held on March 10, 2023 at Serena Hotel, Kampala.

The awards are organised by IRA in partnership with the Uganda Insurers Association, Insurance Brokers Association of Uganda and the Insurance Training College.

Alhaj Kaddunabbi noted that the awards are timely as they serve as a motivator for the industry community and others to always be mindful of innovation.

He further noted that the previous two awards have improved innovation across the insurance industry value chain.

“Since the first awards, we have noted fundamental shifts towards customer centricity, improvement in market conduct and refocus of operational strategies towards service excellence,” he said.

IRA CEO speaking to the media during the launch.

He commended all industry players for the resilience that kept them at the helm even at the peak of Covid-19 pandemic, when they responded with courage and conviction by leveraging technology to create positive impact.

“As the regulator, we must play our role in recognising these innovative efforts and hope the awards will be an inspiration for all to adopt similar positive and innovative mindset,” he noted.

Background

These awards were introduced to recognise players that significantly improved their products, processes, services level, reach and / or general operations for the benefit of various stakeholders, including policyholders and beneficiaries.

The awards, according to the Director Planning, Research and Market Development IRA, Mr. Protazio Sande, seek to provide a platform for knowledge and information dissemination by sharing best practices, experiences and expertise, fostering innovation and creativity in the insurance services value chain and subsequently expanding the insurance market boundaries.

Mr. Sande noted that innovation is key because it leads to higher productivity where greater outputs can be achieved from the same inputs.

Sande Protazio speaking to the media

The Uganda Insurers Association Chief Executive Officer Mr. Jonan Kisakye also encouraged industry players to fully participate, saying that the awards provide an opportunity to showcase what the industry is all about.

He further challenged industry players to remain committed to innovation, saying that the evolving risks require to players to evolve at the same pace, in terms of the solutions offered.

“I challenge sector players to continuously innovative and participate in any forum that allows us to display and showcase the innovative spirit of the industry,” he said.

Mr. Kisakye applauded IRA for creating this platform and for consistence.

Categories

Moses Asasira, the Adroit Consults International Projects Coordinator said the award categories have been broadened from five to nine in order to reward others that are equally playing a critical role in growing the insurance sector.

Moses Asasira, the Adroit Consults International Projects Coordinator

The award categories are:

  1. Most Innovative Insurer – Life. The parameters to be considered under this category are customer centricity, client value, originality, technology utilisation, design and distribution models and potential for scaling up.
  1. Most Innovative Insurer – non-life. (Customer centricity, client value, originality, technology utilisation, design and distribution models and potential for scaling up)
  1. Most Innovative Insurance Broker Award (customer centricity, client value, originality, industry achievements approach to client service and retention and contribution to innovation and utilisation of technology)
  1. Most Innovative Bancassurance Agent Award (customer centricity and value addition to the client, originality of the product, market coverage and approach, utilisation of technology and strengthening collaboration with other sectors in the industry)
  • Most Innovative Insurance Agent Award (customer centricity and value addition to the customer, originality of idea/ innovation, growth operations, approach to client service and retention, approach to service delivery and technology utilization)
  • Judges Special Award (to be decided by judges)
  • Insuretech of the year (relevancy to the market, users of the service, system design, solution to increasing efficiency and effectiveness in the market and scalability and integration possibilities and security)
  • Insurance Media Personality of the year (relevancy of report, reach, content analysis and impact and sustainability)
  • People’s Choice Award for their most preferred insurance product/service provider (to be voted by general public)