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JOY, GLAMOUR AS MOST INNOVATIVE INSURANCE SOLUTIONS ARE AWARDED

It was joy and glamour as the insurance industry’s most innovative solutions for 2022 were honored at a dazzling awards gala held Friday March 10th, at Serena Hotel, Kampala.

Industry players and individuals driving change through innovative insurance solutions were recognised in nine award categories including most innovative insurance solution – non-life, most innovative insurance solution – life, most innovative insurance solution – Bancassurance agent, most innovative insurance solution – InsurTech, most innovative insurance solution – Broker, most innovative insurance solution – agent, media personality of the year, judges’ special award and people’s choice award.

The Insurance Regulatory Authority of Uganda (IRA) organised the awards gala in partnership with the Deposit Protection Fund, the Uganda Insurers’ Association, the Insurance Training College, the Insurance Brokers’ Association of Uganda, Zep Re and the Uganda Reinsurance Company. It was organised under the theme “Celebrating Innovation for Excellence in Insurance”.

Winners

Liberty General Insurance Limited scooped the most innovative insurance solution (non-life) for its Jumia Liberty Gadget Insurance solution while Britam Insurance Company (U) Limited emerged first runner up in this category for its Insurance Everywhere solution.

Liberty Assurance Uganda’s online portal for member claims reimbursements solution scooped the most innovative insurance solution (life) while Prudential Assurance Uganda Limited’s Prudential-Absa family protection solution emerged first runner up under this category.

Diamond Trust Bank (U) Limited’s Digital innovation for life insurance investment policies solution took the most innovative insurance solution (Bancassurance agent) award while I&M Bank (Uganda) Limited’s Group family life protection plan emerged first runner up under the category.

The most innovative insurance solution – InsurTech was won by Turaco Insurance Brokers Ltd for its Integrating systems for seamless policy administration solution while Prudential Assurance Uganda Limited’s Prudential PruHub mobile solution emerged first runner up.

The most innovative insurance solution -Broker category was scooped by aYo Insurance Brokers Uganda Limited for its aYo senkyu plan solution while Minet Limited’s Afya pap digital wellness application solution came in the second position.

The most innovative insurance solution – agent category was scooped by Ms. Lydia Musiimire of UAP Old Mutual General Uganda Limited while the media personality of the year award went to New Vision’s Nelson Mandela Muhoozi.

The Judges’ Special award went to Liberty Life Assurance Uganda for its Online portal for member claim reimbursement solution while Prudential Assurance Uganda Limited bagged the People’s Choice award.

Supporting national efforts

Speaking at the award gala, the Minister for Kampala Capital City and Metropolitan Affairs, Hon. Minsa Kabanda applauded IRA for the innovation awards, saying that innovation is critical in solving social and economic challenges across all sectors of the economy.

She added that innovation in the industry would help deepen insurance penetration and also support national efforts for sustainable economic growth and development.

“Insurance plays a key role in enabling Ugandans to accumulate savings while providing protection for their families. This is expected to immensely contribute to improving Uganda’s savings-to-Gross Domestic Product, which currently stands at 22.1% according to World Bank,” she said.

She added: “As a country, an increase in savings is central to our development agenda of increasing households’ capacity to generate incomes and get out of poverty.”

She commended award winners for their efforts in supporting industry growth and contributing towards a future where every citizen in Uganda can be able to access insurance easily and affordably.

The IRA Board chair, Dr. Isaac Nkote Nabeta alluded that the awards are a purpose-driven initiative by the Authority aimed at developing and professionalising insurance in Uganda.

“IRA is always looking for ways to motivate, facilitate and promote sector innovation and development through recognising players that have been more innovative than others,” Dr. Nkote said.

He urged all industry players to continue innovating for the good of the industry.

Dr. Nkote also appealed to the government for favaourable taxation for the insurance sector to promote growth, adding that this is good for attracting more players and insurance clients.

Passionate about innovation

The IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega said the awards seek to reward the best innovative solutions that are transforming the industry for the benefit of insurers and customers alike. He noted that the bigger goal of the awards is to catalyse innovation in the insurance sector.

“Success depends on innovation. Be it nations or companies, if you don’t innovate; if you cling to the old way of doing things hoping that the pace of change will slow; if you do not take risks for fear of failure, then failure is inevitable,” Alhaj Kaddunabbi said.

He added: “No one – no organisation, no government – can hide under the duvet and hope that change will not affect them.  Far from it: we need to embrace change and create new ways to harness its power. Change and innovation must be part of every successful insurance player.”

Alhaj Kaddunabbi noted that IRA is passionate about promoting innovation because it is through innovation that solutions to the challenges affecting the industry, including solutions befitting the currently underserved population, will be developed.

He urged industry players to engage their teams and generate new solutions that advance the industry.

“Partner with insurTechs if you wish or get support from the Future Lab of the Innovation Village to grow your innovative ideas into full-scope solutions that can be tested into our regulatory Sandbox, which we run in partnership with The Innovation Village,” he said.

The Insurance Training College Principal, Mr. Saul Sseremba noted that innovating is a sure way to grow the industry as it improves service delivery.

“Our clients need to access services from the comfort of their places of convenience. We believe in innovation and shall keep supporting it,” he said.