PriyaPatel
TLDR:
- Technology is key for the future of insurance uptake and penetration, according to Jubilee Insurance’s Diana Ndege Ssempasa.
- Increased awareness, online selling, and the role of agents are highlighted as significant factors in the growth of the insurance industry in Uganda.
Technology is the major catalyst for spurring insurance uptake and penetration in the foreseeable future according to Jubilee Life Insurance’s Diana Ndege Ssempasa. Speaking at the 13th Annual Insurance Agents Awards, Ssempasa emphasized the importance of embracing technology, particularly online selling due to the prevalence of smartphones among the population. She also noted the growing appreciation of insurance in Uganda, attributing it to increased awareness and belief in the need for insurance.
The role of agents in the insurance industry was underscored by the Chairman of the Executive Committee of Uganda Insurers Association, Latimer Mukasa. He highlighted the significant contribution agents make to the industry’s success, making up more than 60% of the insurance workforce and serving as a vital channel for promoting the industry.
According to the 2022 Insurance Regulatory Authority of Uganda market report, general insurance grew by 22% and life insurance by 26%, contributing to an estimated overall growth of 21% for the industry. This growth reflects the positive impact of increased awareness, technological advancements, and the crucial role played by insurance agents in Uganda.
