Insurance brokers urged to develop inclusive, affordable policies

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Players in the insurance brokerage sector have been advised to develop affordable, inclusive, and accessible policies that cater to all individuals interested in purchasing insurance products.

This approach is intended to benefit low-income earners, the middle class, and the high-income segment, encouraging broader participation in insurance coverage.

The Head of Communications at the Insurance Regulatory Authority of Uganda (IRA), Mariam Nalunkuuma, who represented the Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega, made these remarks during a press conference on Wednesday at the Fontis Residence Hotel in Kampala.

The briefing was held to announce the 7th Annual Insurance Brokers Association of Uganda (IBAU) Conference.

“We encourage brokers to come up with innovations on how users can easily access insurance policies,” Nalunkuuma said.

Despite an increase in revenue collected by insurance brokers from sh453 billion in 2022 to sh542 billion in 2023, they were urged to focus more on inclusion and accessibility for all Ugandans.

She emphasised that inclusive service provision is vital. As regulators, IRA is seeking ways to bring onboard more low-income earners into the insurance space.

“One of the reasons we’re taking the conference outside Kampala is to engage with communities in other regions and bring more brokers on board,” she explained.

The 7th IBAU Conference is scheduled to take place from April 23–24 in Mbarara at Las Vegas Hotel under the theme “A Whole New World.” The event will explore how the insurance landscape is evolving in response to global trends.

Paul Muhame, Chairman of the Insurance Brokers Association of Uganda, said this year’s conference aims to bring together key industry players for dynamic discussions on transformative trends shaping the insurance sector.

“We are moving from human capital development and transformative leadership to tackling emerging global risks and tech-driven innovation,” Muhame noted.

He added that IBAU is collaborating with sponsors based in Kampala, but the decision to host the conference in Mbarara is intended to highlight the value of insurance beyond the capital.

“Our focus is on affordability, accessibility, awareness, and inclusiveness especially for low-income earners,” he said.

Brokers Speak Out

One of Uganda’s major challenges has been low awareness about insurance. This is why IBAU has partnered with sponsors who offer a variety of products tailored for different segments, including individuals and families.

Martin Mutyaba, General Manager of Corporate Business at Sanlam Life Insurance, highlighted the role of digital transformation in making insurance more accessible.

“We are seeing a lot of innovation in the digital space. Our goal is to provide insurance products that are easily accessible to the public,” he said.

Mutyaba added, “We have developed micro insurance options and are digitising processes. Many innovations are now mobile-based, improving customer experience and responsiveness to client queries.”

Brian Kayima, General Manager Corporate at Sanlam Uganda, said their main innovations are centred on enhancing customer service.

“In the past, insurance companies needed physical offices in different parts of Kampala. But now, with digital platforms, we can reach our customers without a physical presence,” Kayima explained.

“There is now an online platform where customers can access all the services they need. We are launching new products that can be purchased via mobile phone, with premiums as low as sh1,000–2,000, making them accessible even to low-income earners,” he said.