Insurance companies embrace technology to expand coverage

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The insurance regulators have introduced a risk-based supervision software to help supervise insurance brokers online, as revealed by Bernard Obel, Director of Supervision at the Insurance Regulatory Authority.

Obel emphasized that with technological advancements, insurance companies should not lag behind but embrace technology to expedite their work.

Speaking at a press conference to announce the upcoming 6th Insurance Brokers Association of Uganda (IBAU) annual conference, Obel stated that the software would be implemented within the next three to four months.

"In the next three to four months, we are introducing a risk-based supervision software. By December this year, we shall conduct risk-based supervision, replacing the manual process," Obel explained.

He further highlighted that once the technology is implemented, regulators will have access to comprehensive information about insurance players, enhancing their protection.

Sande Protazio, Director of Research, Planning, and Market Development at the Insurance Regulatory Authority of Uganda, will highlight the role of insurance in promoting economic development and shed light on emerging business issues.

The conference which will be held at the Mbale Resort Hotel will also feature a panel discussion with Presidents of the East African Insurance Brokers Association (EAIBA), moderated by Jonan Kisakye, CEO of the Uganda Insurers Association (UIA), providing valuable insights into regional perspectives.

The chairperson of IBAU Ritah Mutesi explained that since COVID-19 there have been developments in technology with most of the insurance companies offering online services.

“We can start and complete a transaction online because of the advancements in technology. We also have new innovations in marine and motor third party Portal, all these are advancements which we didn’t have before,” Mutesi said.

She revealed that this year’s conference will draw over 250 delegates, including practitioners, insurance industry experts, business leaders, government officials, and members of the local and regional communities.

Ruth Namuli the Chief Executive Officer Sanlam Insurance company addressing the press conference at the Four Point at Sheraton Hotel as the chairperson of IBAUM Ritah Mutesi Kabayiza looks on.

Ruth Namuli the Chief Executive Officer Sanlam Insurance Company, one of the Platinum sponsors to the conference said the insurance industry is changing, urging that their sponsorship comes in at a time when the business is evolving.

“The insurance business has evolved and it continues to change. That is why as Sanlam is glad to be part of the conference, to address issues like Environment Social Governance and Climate Change so that we offer better services to our clients,” Namuli said.

The conference's guest of honour will be Alhaj Ibrahim Kaddunabbi Lubega, CEO of Uganda's Insurance Regulatory Authority, who will deliver a keynote address on the regulatory landscape and its implications for the insurance industry.

The conference is expected to produce resolutions on priorities to drive the adaptation agenda, identify workforce trends and mitigation strategies, recognize emerging concerns such as ESG and climate change, strategies to embrace technological advancements, and agree on skill sets to develop future leaders.