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21 Dec 2020

IRA RECOGNISES OUTSTANDING INNOVATORS FOR THE YEAR 2020

As a way of encouraging innovation in the insurance industry, the Insurance Regulatory Authority of Uganda has recognized various insurance players at the Inaugural Insurance Innovation awards held on Friday 18 December 2020.

Out of the 13 insurance players who participated, the Authority recognized the following:

Prudential Assurance Company Limited - Most Innovative Life Insurer;

ICEA General Insurance Company Limited - Most Innovative Non-life insurer;  

Minet Limited - Most Innovative Insurance Broker; 

Housing Finance Bank Limited - Most Innovative Bancassurance Agent; and  

Turaco Insurance Services - Most Innovative Non- Life Insurance Agent

The following were the runners-up in the respective categories:

Most Innovative Life Insurer - ICEA Life Assurance Company Limited

Most Innovative Non-Life Insurer - Alliance Africa General Insurance

Most Innovative Insurance Broker - Legacy Insurance Services Limited

Most Innovative Bancassurance Agent - Diamond Trust Bank Limited

The State Minister for Finance (General Duties) Hon. Gabriel Ajedra, who was the Chief Guest at the Awards ceremony, advised insurance players to make all taxation proposals affecting the sector to the Ministry of Finance for evaluation and consideration but emphasized the need for a balance between revenue and growth. Watch video

The advice was in response to the outcry by the IRA Board Chairman Dr. Isaac Nkote, calling on the government to review the taxes levied on insurance products, noting that “the high levies are partly contributing to the low insurance uptake in the country.”

“My request is that, during the discussions for the next financial year budget, make proposals for appropriate tax policies that may contribute to the tax base and promote insurance consumption.”  Watch video 

The IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega, noted that the objective of the Insurance Innovation awards was to provide a platform for knowledge and information dissemination by sharing the best practices, experiences and expertise; foster innovation and creativity in the insurance service value chain and subsequently expand the insurance market boundaries.

“Innovation is many things – but its ultimate goal is to improve our processes to better the life of insurance customers and enhance business growth. The time is now for the insurance sector to diffuse, adopt and embrace the use of digital platforms to connect easily with different communities with an aim of improving service delivery and offering real value to insurance consumers,” Kaddunabbi emphasized. Watch Video 

#DrivingInsuranceGrowth #Insurance #BeInsured 

Here is how the event happened