The Insurance Regulatory Authority (IRA) has launched the Annual Insurance Innovation Awards 2023.
This is the fourth time IRA will be holding these awards, this time themed on ‘Insure Vate: Igniting Excellence in the Insurance Sector.’
Speaking at the launch on Thursday, Hajj Ibrahim Kaddunabbi Lubega, the Executive Director of Insurance Regulatory Authority (IRA), said the awards seek to recognize and promote excellent innovations in 2023 that seek to respond to challenges that are faced by the insurance industry.
The awards winners will include underwriters, brokers, bancassurance agents, individual agents, individuals, loss assessors and media innovation, taking place in March next year.
Saul Sseremba, the CEO of Insurance Training College, said over the three years, the innovation awards have led to many innovations in the industry.
Protazio Sande, the Director for Research and Market Development at IRA, said innovation especially over the last three years has achieved its goal of reaching more people with different products and is changing the attitude of the public towards insurance.
The awards were launched in 2020, coinciding with the onset of the COVID-19 pandemic that boosted digital transformation. Then, insurance penetration was just over 0.7 per cent and has since moved to about 0.88 per cent, according to available industry figures.
The premium has also grown from about 974 billion in 2019 to 1.6 trillion Shillings expected for this year, partly due to enhanced payment of claims and the payment of bonuses on life products.
Jonan Kisakye, the executive director of the Uganda Insurers Association called on the government to take an interest in supporting innovation in insurance because a larger industry will contribute more to the economy, especially through taxes.
The application process is open to all players licensed by the Authority, including insurers, Health Membership Organizations, Brokers, Bancassurance Agents, Individual Agents and loss assessors.
The applications process is open starting November 23, 2023 to January 2, 2024. The application categories are 10. The awards gala will be held on March 15, 2024.