Liberty Life Assurance Uganda took home three accolades on the night as Insurance Regulatory Authority rewarded the best innovative players in the country’s insurance sector in the year 2022.
During the awards ceremony held at Kampala Serena hotel on Friday evening, Liberty won the judges’ special award for its online portal for member claim reimbursements; most innovative non-life insurance solution and most innovative life assurance solution for its Jumia Liberty Gadget Insurance product.
Others who won during the night included DTB that received the best in bancassurance innovation, Prudential Insurance that got the people’s choice award, Lydia Musiimire as the best innovative insurance agent and Ayo Uganda as the most innovative insurance broker among other winners as the regulator climaxed the insurance week.
Speaking during the awards, the Insurance Regulatory Authority CEO, Alhaj Ibrahim Lubega Kaddunabbi reiterated that innovation is the future of insurance.
“If you don’t innovate and keep with the old ways of doing things thinking the results will be different, you live in your own world. Non organization, not even government can hide under the duvet and say change will come without being innovation,”Kaddunabbi said.
“Change and innovation are part of every successful insurance player. As the regulator, we reaffirm that the Insurance Regulatory Sandbox guidelines shall improve efficiency and access to insurance services and create new opportunities for emerging technologies without compromising customer protection.”
He noted that IRA launched the InsurX Program which is a unique program that will assist industry players to innovate, test and scale their innovative solutions.
The Kampala Minister, Hajjati Minsa Kabanda hailed IRA for the awards that she said encourage innovation among insurance sector players.
This, she said doesn’t not only see a wide range of products on the market but also helps in penetration of insurance.
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