Kampala, Uganda | JULIUS BUSINGE | The Insurance Regulatory Authority of Uganda has unveiled the 2023 insurance innovation awards for all players licensed by the Authority, including insurers, Health Membership Organisations, Brokers, Bancassurance Agents, Individual Agents and loss assessors.
The Uganda Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega said on Nov.23 that this year, they have moved to recognise the role of the media and Insurtech in the value chain – by opening up the awards to the media fraternity and technologists who have a bearing towards insurance.
“These awards, seek to recognise and promote excellent innovations in 2023 that seek to respond to challenges that are faced by the industry. The innovation awards have gained traction over the last three years from 2020 when we had the inaugural edition to the most recent (2022). The number of applicants and the quality of solutions submitted have been improving year-on-year,” he said.
“We expect that this will only get better this year as we continue to motivate industry players to innovate solutions that help solve challenges affecting the industry.”
The 2023 award ceremony will be held on March 15, 2024, under the theme: “InsureVate: Igniting Excellence in the Insurance Sector”.
The categories of this year’s innovation awards will include; Most Innovative Insurance Solution (Life); Most Innovative Insurance Solution (Non-life); Most Innovative Insurance Solution – Broker; Most Innovative Insurance Solution – Bancassurance Agent; Most Innovative Insurance Solution – Individual Agent; Most Innovative Insurance Solution – Loss Assessors; Judges Special Award; Insuretech Solution of the year; Insurance Media Personality of the year; People’s Choice Award. To ensure maximum transparency, we have engaged a consultant – Adroit Consult International, to undertake this exercise.
Jonan Kisakye, the chief executive officer for the Uganda Insurers Association said, that innovations in the insurance sector are critical for driving penetration that is only at 0.88%. “We are happy that the regulator has consistently organized these awards and we hope that gain a lot as players,” he added.