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Insurers Urged on Professional Development to Match Evolving Industry Demands

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The Annual Insurance Week 2024 officially opened with calls for professionalism in the industry as it strives for popularity among the public.

Members of the public continued to voice concerns about the relationship between the ordinary person and the insurance industry, still seen as designed for the rich and elite.

Dominated by the boda boda riders, the small-scale and casual entrepreneurs insisted that it was hard to benefit from insurance, the reason many do not go for it except for compulsory ones like Motor 3rd Party.

They also blamed the work staff at insurance companies for indifference towards them.

Saul Seremba, the chief executive of the Insurance Training College of Uganda, said this was evidence that professionalism among the staff was key if the sector was to gain popularity.

He said that as the industry grows and evolves, practitioners also need to renew their qualifications to match the standards and requirements.

The week is an annual event aimed at bringing together all insurance players like companies, the regulator and other government agencies as well as the public to exchange views on how to make the industry more inclusive.

It is also aimed at showcasing innovations in the industry as well as gauging what the public thinks about it.

Haji Ibrahim Kaddunabbi Lubega stressed the importance of training and acting professionally in the sector adding that this goes with integrity.

Christopher Bakesiga, the Business Manager at the Insurance Brokers Association of Uganda urged Ugandans who are still afraid of embracing insurance to use the brokers.

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The insurance brokers advise the clients or prospective insurance clients on what suits the buyer, in response to the need and circumstances presented.  

Bakesiga said insurance products are designed to fit into a client’s needs as well as financial capacity.

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