Technology is the major catalyst for spurring insurance uptake and penetration in the foreseeable future according to Jubilee Life Insurance’s Diana Ndege Ssempasa.
Ssempasa who was speaking at the 13th Annual Insurance Agents Awards held recently at Speke Resort Munyonyo said emerged as the second runners-up agent of the year 2023.
“As the foot-soldiers, we need to embrace technology,” she said, “Most people now have smartphones so we should be doing a lot of online selling.”
Organized by the Uganda Insurers Association, the awards recognize and reward the efforts of the outstanding agents, who double as the engine and face that runs and represents the industry respectively.
She expressed optimism regarding the growing appreciation of insurance in the country specifically attributing this to the increased awareness about the sector in general, the services and products offered.
“There is a lot of advertisement now. Some people have got their maturities. So, there is belief in insurance, and actually, people are becoming aware of the need for insurance.”
The Chairman of the Executive Committee of Uganda Insurers Association Latimer Mukasa underscored the importance of agents to the industry stating that; “Agents play a significant role in ensuring our success as an industry and make up more than 60% of the insurance workforce. They are a very viable and visible channel for promoting this industry,” Mukasa said.
According to the 2022 Insurance Regulatory Authority of Uganda market report, general insurance grew by 22% from Shs736bn to Shs898bn while Life Insurance grew by 26% from Shs397bn to Shs501bn giving an overall estimated growth of 21% for industry.