Uganda launches 2024 Insurance Innovation Awards

The 2024 Insurance Innovation Awards have been launched with a call to all stakeholders to participate and ensure the growth of the insurance sector.

Mr Ibrahim Kaddunabbi Lubega, the Chief Executive Officer of the Insurance Regulatory Authority (IRA), said many products and processes have come out of the innovation awards and are boosting the industry’s growth and reach.

Mr Protazio Sande, the Director of Strategy and Market Development, who read Mr Kaddunabbi’s statement at the launch on Wednesday,  cited products like Munno mu Kabi, Safe Boda and the Kameeza Insurance. 

Mr Sande said these are niche products that target a specific group of people or a defined need. 

The insurance industry has been growing at a high 11 percent on average in the last few years in terms of gross written premiums, which now stand at 1.7 trillion shillings a year, but this is not yet reflecting in penetration.

Ruth Namuli, the Insurers Association of Uganda chairperson, said the growing and rapid integration of technology in all aspects of human life, should make innovation important in prioritising consumer needs, adding that without innovation, the industry will be doomed. 

Mr Saul Sseremba, the Principal of the Insurance Training College of Uganda, said Uganda is yet to use her innovative prowess to grow its insurance penetration rate, which stands at just 1 percent.

 But Mr Sseremba said he is confident that efforts by leaders to promote innovation are yielding results, with numerous ‘revolutionary’ products attributed to these initiatives. The push for innovation as a strategy to accelerate industry growth began in 2018 and gained momentum in 2020 with the launch of the Insurance Innovation Awards, aimed at recognizing outstanding innovators.

The annual innovation awards targets registered players in the insurance industry but not all are yet to embrace them.

According to the Insurance Regulatory Authority (IRA), over the last four years of the innovation awards, the number of participating entities and persons has grown from 7 percent to 15 percent last year. The hope that this edition will attract at 20 percent.

This year’s insurance week is slated to run in March 2025 under the theme “Redefining Insurance: Trust, Innovation and Inclusivity”.  The awards categories will feature best innovations in Life, Non-life, Broker, Bankassurance Agent, Individual Insurance Agent, Loss Assessors/Adjuster, Judges’ Award, Media Personality award and People’s Choice award.     

The process is being handled by Adroit Consult International, an independent consultant to ensure transparency.

The applications for the Annual Insurance Innovation Awards (AIIA), season 5, are now open for all licensed participants to submit their proposals for review. All insurance companies, insurance brokers, Health Membership Organisations, bancassurance agents, individual agents, and loss assessors are encouraged to participate.

To acknowledge the contribution of the media and Insurtech in the value chain, IRA introduced a special category for Media Personality of the Year and InsurTEch of the year in recognition of their impactful work on the insurance industry.

The 2024 entries are in the following 10 categories;

i. Most Innovative Life Insurance Solution

ii. Most Innovative Non-life Insurance Solution

iii. Most Innovative Insurance Brokers’ Solution

iv. Most Innovative Bancassurance Agent Solution

v. Most Innovative Individual Insurance Agent Solution

vi. Most Innovative Loss Assessors/Adjusters’ Solution

vii. Judges Special Award

viii. Insuretech Solution of the year

ix. Insurance Media Personality of the year

x. People’s Choice Award