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Insurance industry investing in motivation to shore up uptake
UIA CEO Mr Jonan Kisakye
Insurance industry players are looking to anchor on motivation as way to deepen penetration as well as contribute towards economic growth.
Industry players are already experimenting different ways to increase uptake, currently hovering at about 1 per cent, despite its noticeable contribution in terms of claims payout, revenue to government and employment opportunities it provides to the economy.
The Uganda Insurers Association (UIA) is encouraging its members to aggressively adopt digitalization coupled with innovative solutions to address the gaps between the insurance sector and the end client.
Importantly, according to the UIA CEO, Mr Jonan Kisakye, motivation of industry players will remain key on the agenda, explaining the idea behind the annual Insurance agents awards whose theme this year rotates around: Celebrating the role of an agent in the insurance cycle.
The Agent of the Year awards acknowledges the contributions that life agents make towards growing the insurance industry in Uganda.
According to Mr Kisakye, since its inception years ago, the awards has progressively led to an improvement in the quality of individual life insurance business in the country as evident by the substantial growth noted by the Insurance Regulatory Authority (IRA)-the sector regulator.
The sector experienced a 20 percent growth in uptake in 2022, demonstrating growth in insurance coverage against risks. Steadily the sector is gaining more trust through payment of claims, which as of December 2022, shored up written premiums to Shs242.49b.
