The Chairman of Life Committee at the Uganda Insurers Association Emmanuel Mwaka says it’s prudent that insurance companies become more innovative so as to boost the amount of premiums collected.
Speaking at the UIA Insurance Agents Awards 2023 edition held at Hotel Africana in Kampala on Thursday, Mwaka noted that this will be the sole way to increase the commissions that agents take home.
“We are today celebrating the role of agents in the insurance cycle and they deserve it. As you may be aware in 202, we registered over 1 trillion shillings in premiums and we are looking to grow this to more than 2 trillion shillings.”
Mwaka however says despite all these initiatives, the welfare of the agents remains crucial. He notes that companies need to be more innovative so as to sale micro-insurance products and in turn grow commissions paid to the agents.”
This year’s edition also introduced the Motor Third Party Agents Awards with agents celebrated from all regions of the country.
The Chief Guest Ibrahim Kaddunabi Lubega, the CEO Insurance Regulatory Authority (IRA) who was represented by the Director Supervision and IRA, Bernard Obel noted that these awards are meant to motivate agents.
Obel challenged the agents to continue updating their knowledge by studying more about the latest solutions in the insurance sector.
“Continuous profession development is critical for the agents. This way they will be updated and will be able to sell the policies well since they know exactly how they work. However most importantly, we need to look at avenues that can help us grow penetration generally.”
This winner of the agents’ awards of the year Namwanje Hasifah from Jubilee Insurance walked away with a cash prize of Shs3 million.