Experts advise insurers to embrace change to stay relevant
Court of Appeal’s Justice Geoffrey Kiryabwire, also the lead Judge at the recently concluded inaugural Insurance Innovation Awards, has advised insurers to adapt fast to the changing times in order to remain relevant.
Justice Kiryabwire hinted on the need for insurance companies to change with the times and embrace the move towards digitisation as the 4th industrial revolution driven by technology disrupts the global economic system and how business is done.
“As I looked through the submissions of the contenders for the first insurance innovation awards with my fellow Judges, I realised insurance companies have done a good job changing with the times and being relevant but they need to do more especially with the adaptation of technology and development of digital channels for their products.”
Justice Kiryabwire, himself a former insurer and CEO of an insurance company, said the challenge of COVID-19 and the new normal it has brought about across board is something insurers need to factor into their businesses as well to stay afloat and growing going forward.
Commenting on the distinguished panel of Judges that vetted the winners of the awards, he emphasized the fact that his team was one of the most experienced and distinguished you could come across in the insurance business.
It included big names like PSFU Executive Director Gideon Badagawa, Chartered and multiple award winning Insurer Hajjati Afuwa Sebyala, Elvis Khisa an insurance practitioner in the United Kingdom and Uganda plus George Okotha former Commissioner at the Uganda Insurance Commission the precursor to IRA as some of it’s members.
Speaking on the same occasion the Insurance Training College’s CEO Saul Seremba added his voice to those encouraging innovation as the future of the Insurance industry.
He said, “We as the college may not be able to directly lead innovation in the insurance industry but we shall play our part through emphasizing it as we train the next batch of insurance professionals so that when they hit the market place, it’s not a new concept to them.”
On to this Seremba added that the institution he heads has thrown it’s full weight behind the awards and will continuously support the awards in the foreseeable future because they are very beneficial to the industry as a whole.
As the market experiences rapid changes in the new normal, these awards will help drive the much needed innovation from bottom up to keep the industry thriving. He ended with a call on stakeholders in the industry to join and support these awards he referred to as a milestone in the sector going forward.
The inaugural Insurance Innovation Awards 2020 were put together by the Insurance Regulatory Authority of Uganda with Global Consulting Services as the implementing consultant, accounting firm MAMM and Associates, Uganda Insurers Association and the Insurance Training College as partners together with a distinguished panel of Judges led by Justice Geoffrey Kiryabwire.
With 32 participants in the initial awards, 13 shortlisted and they had 6 winners on the day, Global Consulting Services CEO Bryan Toshi Bwana said they plan to cast the net wider starting this year to involve more players in the industry and also use the awards to deepen the reach and understanding of the insurance industry with in the general public.
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