Insurance companies tipped on building trust

Insurance companies have been implored to build trust from their clients by changing in ways that enhance profitability and deliver sustained outcomes.

Speaking during a CEO breakfast organized by the Insurance Regulatory Authority at Kampala Serena Hotel, Centenary Bank Managing Director, Fabian Kasi said it not enough for insurance companies to only focus on making profits without thinking about sustainability.

“There must be transparency in your services. If an insured stops contributing premiums and they lose what they have contributed for the last five years, they will label the insurance company as thieves. But if you explained this to them at the start of the insurance policy well, they will understand and there will not be problems. They will just buy the policy or not buy. Transparency is very key that every time you get a client, you must explain to them very well by providing the key fact documents,” Kasi said.

“That way, you are building trust that without it, there is no business. You must build trust and confidence because that way you will have people into your company. Today you may be able to get profits but tomorrow you wont be able to get them because you didn’t care about the impact that your business is doing to your customers.”

He insisted that profits transcend mere numbers but good practices to ensure sustainable.

“We have to ensure we contribute to the sustainability of the environment to ensure society is positively impacted.”

The Centenary Bank Manager said it doesn’t make sense for companies to just push out products to the market without building trust, noting that it should be the public seeking out the products by these companies.

On this, he urged the companies to design products targeting specific segments of society, including youths, women and refugees.

“Those specific segments should have specific products for them with the use of technology. Invest in technology. It might be expensive but is worth it. Technology will create convenience for customers and this way you will attract more clients, ”Kasi said.

The Insurance Regulatory Authority CEO, Al Haj Ibrahim Kaddunabbi Lubega, urged insurance companies to borrow a leaf from Centenary Bank’s journey from a small bank to where it is now.

“This journey is one where insurance companies must pick lessons for them to grow. For example, one of the quick takeaways is that we must now target the people who are under served or not served at all like youths, women and refugees. This way we shall see an increase in the clientele for insurance companies.”

“Technology is a must have for insurance companies. It is an expensive venture but there is no way out of it. “