Kampala — The Insurance Regulatory Authority of Uganda (IRA) has officially launched the 2024 Annual Insurance Innovation Awards (AIIA).
The Authority is inviting all licensed industry players to participate. Now in its fifth year, the AIIA aims to recognize innovators who are reshaping the role of insurance in people's lives and businesses, embracing disruptions, and turning them into opportunities.
Speaking through the Director of Strategy and Market Development, Mr. Sande Protazio, IRA Chief Executive Officer Kaddunabbi Ibrahim Lubega emphasized the Regulator's commitment to keeping the industry ahead of emerging trends and technologies.
"Innovation is not just about technology; it is about mindset. It's about the willingness to challenge the status quo, take risks, learn from failure, and relentlessly push forward," he said.
Kaddunabbi further noted that innovation now lies at the core of how the insurance industry operates, delivers value, and creates opportunities for clients. "Given the changing customer expectations and evolving business models, innovation is a key driver for the growth and sustainability of the insurance industry," he added.
The awards are open to all licensed industry players, including insurance companies, brokers, Health Membership Organisations, Bancassurance agents, individual agents, loss assessors, InsureTech firms, and journalists covering insurance-related matters.
The AIIA features ten categories: Most Innovative Life Insurance Solution, Most Innovative Non-Life Insurance Solution, Most Innovative Insurance Brokers' Solution, Most Innovative Bancassurance Agent Solution, Most Innovative Individual Insurance Agent Solution, Most Innovative Loss Assessors/Adjusters' Solution, Judges' Special Award, InsureTech Solution of the Year, Insurance Media Personality of the Year, and People's Choice Award.
Entries for the awards will close on January 24, 2025, and winners will be celebrated at a gala dinner on March 14, 2025, under the theme "Redefining Insurance: Trust, Innovation, and Inclusivity." Kaddunabbi highlighted the importance of the theme, noting its focus on building trust, exploring innovative solutions, and reaching underserved masses. "The theme underscores the need to deliver value, foster inclusivity, and develop mechanisms that transform the insurance landscape," he said.
Participation in the AIIA has steadily increased over the years. In 2020, only 9% of industry players participated, growing to 12% in 2021, 13% in 2022, and 15% in 2023.
This year's target is 20% participation. Kaddunabbi also noted that past awards have led to innovative products tailored to Uganda's needs, citing examples such as the Kameeza Plan, Muno-Mukabi, and Insured Rights for Safe Boda.
The Awards are organized by IRA in collaboration with the Insurance Training College, Uganda Insurers Association, Uganda Bankers Association, Insurance Brokers Association of Uganda, and the Uganda Association of Insurance Agents. Ruth Namuli, Chairperson of the Uganda Insurers Association, commended the IRA for its dedication to fostering innovation. She stated, "With rapid advancements in technology and shifting customer expectations, innovation is essential for ensuring the relevance and sustainability of the insurance industry. These awards foster a culture of creativity and inclusivity."
Paul Seremba, Principal of the Insurance Training College, also praised the initiative, noting its role in boosting industry innovation. "Innovation is core to insurance. We must adapt to changing lifestyles and trends to address low penetration levels," he said.
Paul Muhame, Chairperson of the Insurance Brokers Association of Uganda, pledged continued support for the awards, recognizing their importance in driving progress within the sector.
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To ensure fairness, IRA has contracted Adroit Consult International to oversee the selection process.
Deborah Amia Poni, Manager at Adroit Consult, emphasized the firm's commitment to an objective and transparent evaluation. Key evaluation criteria include customer centricity, inclusivity, originality, utilization of technology, design and distribution models, scalability, and compliance with Environmental, Social, and Governance (ESG) principles. This year, the competition scope has been expanded to include innovations developed within the last 36 months, allowing for submissions of thoroughly tested solutions.
The 2024 AIIA Gala will take place at the Serena Hotel Kampala, promising a prestigious celebration of excellence and innovation in the insurance industry.
