images

03 May 2021

INSURANCE AGENTS ASKED TO PROVIDE RIGHTFUL INFORMATION ON INSURANCE PRODUCTS

The Insurance Regulatory Authority of Uganda (IRA) has encouraged insurance agents to be mindful about the kind of information they share with potential insurance clients concerning different insurance policies.

Being a direct link between insurance companies and clients, the call is to ensure that the public is not misguided or misled into buying insurance policies which they do not understand.

“The best thing you can do for anyone interested in buying an insurance policy is to help them understand how a given policy operates. This will help the person in making the right decision, well knowing what is contained in the policy”, said Alhaj Kaddunabbi Ibrahim Lubega, the IRA CEO. He added that giving wrong information to the client for the sake of making sales does not only impact the reputation of an agent but also the insurance company in question and the whole industry at large.

Alhaj Kaddunabbi was speaking to the media on the sidelines of the Life Agent of the year awards event organized by the Uganda Insurers Association (UIA)to acknowledge the contribution that life agents make towards growing the insurance industry in Uganda. 

Paul Kavuma, the Uganda Insurers Association Chief Executive officer echoed the IRA CEO’s message saying that the conduct of insurance agents has a great impact on the consumption of insurance services in this country and insurance agents being ambassadors of insurance companies in the public should uphold the highest standard values of selling insurance products, truthfulness being the core.

The IRA CEO further took this opportunity to encourage insurance agents to make use of different social media platforms to reach out to a large audience since a number of people in Uganda have embraced these technologies. This will go a long way in bringing more people into the insurance space thus increasing the penetration of insurance services.

Some of the life agents who were able to get awards in different categories included; Ms. Driwaru Joyce from Liberty Life as the best new agent of the year, Mr. Katsigwa Edgar from UAP as the winner for the highest premium underwritten, Ms. Alowo Elizabeth from Sanlam as the winner for the highest number of policies, Ms. Bahati Lydia from Liberty Life as the winner in the category of persistency award, and Ms. Ssempasa Dianah Ndege from Jubilee Life as the winner for the agent of the year award.