Insurance firms have been challenged to create solution-based products that will not only increase penetration but help to lift relieve people of some burdens.
Speaking in Kampala during the launch of Liberty Life’s Soma insurance product, Mr Ibrahim Kaddunabbi, the Insurance Regulatory Authority chief executive officer, said there was need for insurance firms to build products that offer long term solution to the people.
“Fees and tuition for secondary and university is a challenge to many parents and guardians so insurance firms must come up with innovative products … to address this,” he said.
According to a research conducted by Liberty Insurance, most parents and guardians polled identified school fees and tuition as one of the most pressing needs they are struggling with on daily basis.
“School fees [was] top of pressing needs, “Ms Agatha Namara, the business development manager, Liberty Life said last week.
The study, according to Ms Namara formed the basis of the Soma insurance product, which is part of the larger plan through which the insurance firm can address the problems such as school fees.
The insurance product, Ms Namara said, will give parents and guardians am opportunity to support their children through school.