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IRA To Recognize Top Innovative Insurance Firms, Banks

IRA boss Ibrahim Kaddunabbi Lubega

The Insurance Regulatory Authority (IRA) has announced the inaugural Insurance Innovation Awards aimed at recognizing the role innovation plays in advancing the insurance sector in Uganda.

The IRA CEO, Alhaji Ibrahim Kaddunabbi Lubega while announcing the awards Wednesday in a Zoom press conference said that the COVID-19 pandemic has led to economic disruption in all productive sectors of the economy-insurance inclusive and the providers are challenged to review their business models so as to survive in what has come to be known as “the New Normal”.

 “You may wish to note that over the years, insurance companies, brokers and other service providers in the industry have introduced new products and services, retooled existing capabilities and offered insights and counsel to their customers as they strive to survive and adapt to changing market demands. These efforts deserve to be acknowledged in some special way,” Kaddunabbi said.

According to IRA, the focus of these awards is on use of new technologies, new products and services, and other advancements in the insurance industry with the aim of fostering innovation and creativity in insurance sector.

The Authority added that the recognition of exceptional innovations this will inspire the industry to evolve, renovate and better serve insurance customers.

To ensure transparency and accountability, the Authority hired Bryan Toshi Bwana of Global Consulting Service.

There will be five categories including Most Innovative Insurer Award ( Life And Non-Life) and for one to take the accolade, they must produce evidence of innovation in applying the latest technologies; structured products; distribution techniques.

 “Companies that will have innovations in solving community needs with effective and efficient distribution channels will be highly sought after,” Bwana said.

In the second category of the Most Innovative Insurance Broker Award, the winners are required to demonstrate how innovation has brought about new business, improved number of written policies and growth in clientele base.

For the third category of most Innovative Bancassurance Agent Award, awards seek to recognize some of the 19 banks that have partnered with insurance firms through their agent bankers to streamline the insurance sector.

Bwana said that for any bank to win this award, they have to show evidence of how agents leveraged on innovation to increase market share and customer base and explain some of the innovative strategies were explored to improve customer experiences.

The other categories are Innovative Life Insurance Agent Of The Year and Innovative Non-Life Insurance Agent Of The Year

The deadline for submission of proposals is 30th November 2020 with the awards slated for 17th December 2020. 

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