Insurance regulatory body tasks players to protect clients  

The director supervision at Insurance Regulatory Authority, Mr Bernard Obel has said the Insurance Brokers Association Uganda (IBAU) should collaborate with government to foster a regulatory environment that promotes innovation, competitiveness and protection of insurance clients.

According to him, upholding high standards of the profession and integrity will encourage clients to embrace the different insurance packages which will in turn contribute to economic growth and development.

"Insurance is a critical pillar of our economy that provides protection and stability of individuals and businesses. I urge you to promote integrity and professionalism in the industry as well as advocate for the interests of the clients," he said at a press conference organized by IBAU to announce their sixth annual conference to be held in Mbale from April 17 to 19, 2024.

The conference which will attract over 200 participants from both Uganda and  the East African Community will be held under the theme" Adopting to the evolving business landscape." 

Ms Ruta Mutesi Kabayiza , the conference convener said the meeting will not only enable participants discuss available opportunities in the region but also find ways of addressing critical issues such as environmental , social and governance (ECG) and how to take advantage of artificial Intelligence to improve service delivery.

"Never before, have we had concerns around technology such as use of artificial intelligence. We are going to benchmark from what is going on globally, "Ms Mutesi said.

Ms Mutesi urged people living or working upcountry to embrace different insurance packages, arguing that insurance is not a preserve of the wealthy.

Mr Paul Muhame, IBAU's chairperson said the Covid-induced lockdown digitalized the economy and that insurance sector should move at the same technological pace to remain relevant.