Insurance Regulatory Authority, (IRA) in Uganda on Tuesday revealed is in its final stages of concluding preparations for the Insurance Product Innovations Awards.
These awards are slated for March 11th, 2022, and will begin at 2:00 pm, at Serena Hotel Conference centre, Kampala.
The programme is also intended to reward key distinguished innovators in the sphere of insurance in Uganda.
The Annual Insurance Innovation Awards are also a purpose-driven initiative by IRA, that is committed to developing and professionalizing insurance in Uganda.
IRA is looking for ways to motivate, facilitate and promote sector product innovation and developments, through recognizing players that have been more innovative than others.
Worth noting, the initiative is tailored towards motivating sector players in executing various specific roles to harness the insurance potential in Uganda.
Key contenders in this awards programme will be various agencies that have strategically established themselves as leaders in technology, regarding insurance related activities.
Other agencies, that have in the past exhibited unique and distinguished abilities in trying to inspire others embrace insurance initiatives will also take part.
While announcing the preparations for the ceremony slated for next month, the Chief Executive Officer for IRA Alhajj Ibrahim Lubega Kaddunabbi said this arrangement is hinged on the need to inspire the Ugandan population embrace insurance initiatives.
He also explained that it is intended to sensitize the population on ways to bypass colossal losses they incur in their businesses, due to limited knowledge on insurance policies.
“These awards are categorised into five. The first category encompasses insurance service providers, who are further divided into two, that is to say; life and non life insurance. Winner in each of these will be rewarded. The second category will be comprised of brokers. As you all know, brokers are very crucial in executing insurance innitiatives, and the winner will be rewarded,” said Khadunnabbi.
“The third category will entail bank assurance agents, or insurance oriented banks. We have to carefully examine these banks, and reward the winner. The fourth category will involve insurance agents. These conduct door to door operations, and ensure that insurance initiatives are extended to grass root level individuals,” he added.
The awards programme takes place every year, and several technological insurance innovators have been rewarded.
On December 11th, 2020, Excel Insurance Company, Legacy Insurance, Housing Finance Bank among others, were awarded by IRA for their roles in steering the growth of a technology-based insurance sector.
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