Insurance brokers say they are business advisors not commission agents
Insurance Brokers Association of Uganda (IBAU) members have said the public should cease calling them commission agents, but instead refer to them as business advisors.
The call was made during IBAU 1st Annual Conference, held at Kampala Hotel Africana on Friday.
Held under the theme: “The deepening Agenda, Brokers’ Strategy”, participants unanimously agreed they should be referred to as business advisors to command respect in the public and the corporate world.
“This issue of being referred to as commission agents is what brings about meaningless payment to brokers by their clients, yet the services brokers offer are professional services and not merely linking the buyers and those who sell goods or services”, said Joseph Muguluma Walusimbi, a Business Development Consultant, while presenting IBAU Resolutions, at the end of the Conference.
He said their challenges include; lack of professionalism among some brokers, high cost of technology to run their business professionally and lack of cooperation for various brokers’ associations to work together, for a common goal among others.
The chairman, IBAU, Solomon Rubondo called on insurance brokers to collaborate at all times.
“It is paternal to have the Insurers journey with us on this trek to deepen insurance services; and this collaboration testifies a new covenant between all of us as the body of insurance professionals. The sponsorships from various insurers manifests the goodwill towards IBAU and its programs, an avenue to be maximised for the ultimate benefit to the insuring community of today and the years to come”, he said.
Maurice Amogola, IBAU trustee, said: “Since we live in the world of risk, we have to constantly innovate and communicate effectively on old and emerging risks”. He cited recent natural calamity events in Mozambique, Zimbabwe and Malawi, which show that; risk is constantly evolving, which requires us to be effective risk managers.
“Closer to home, we have suffered calamities in Bududa, Eastern Uganda and the recent tremors that affected parts of Kenya, and were felt as far as Masaka in Central Uganda. Further, the volcanic Ngora Rock, also in Eastern Uganda requires us to monitor potential eruption and consequential damages”, he added.
