BE AGILE AND RESPOND TO CUSTOMER NEEDS TO GROW – State Minister urges insurance players at the 3rd ITC International Insurance Conference
The 3rd ITC international insurance conference officially kicked off on Thursday 27th Oct 2022 bringing together hundreds of delegates from Uganda and the rest of the Africa, under the theme “Recasting strategy for the disrupted insurance market.”
While giving his remarks, Saul Sseremba, the CEO/Principal at ITC called on all insurance players to be resilient and adaptable and look into the future to cushion against the negative impacts of disruptions. He also mentioned that the choice of speakers was made with the goal of achieving an inward and outward outlook.
The Insurance Regulatory Authority through Francesca Kakooza (Director Legal Services/Board Secretary IRA) who was representing the CEO, Alhajji Kaddunabi Lubega, highlighted the emergence of Fintech which cannot be ignored. She also emphasised IRA’s commitment to provide an enabling environment for industry players to thrive.
The 2-day event was officially launched by the State Minister of Finance, Planning and Economic Development (General Duties), Hon. Henry Musasizi who applauded the Insurance Training College for organizing such conferences which are an opportunity to share experiences from various markets, exchange best practices, share challenges in the industry and deliberate on strategy to derive sustainable solutions.
He further urged players within the sector to serve clients better, highlighting the need to get in-depth insights into the insurance markets because the potential for growth is enormous and must be harnessed – with penetration in Uganda at only 0.8% compared to Namibia and South Africa averaging at 14%.
Following the chief guest, Patty Karuaihe-Martin, MD of NamibRe and Board Chairperson of the Organization of Eastern and Southern Africa Insurers, gave the keynote talk, emphasising the necessity to establish an alluring workplace culture to recruit and retain the best talent.
The rest of day one had an industry leader round table discussions with Rachel Dumba, CEO Steadman Group consulting talking about HR and recruiting employees who are connected enough to open doors, while Collins Babirukamu from NITA-U talked about mobility and the future of information. Patty Karuaihe who was on the panel also highlighted VUCA and what’s happening in the employee space.
Day 2 started with a presentation from the Insurance Regulatory Authority (IRA) about the regulatory landscape in Uganda and its impact on the industry. In his presentation on behalf of the CEO-IRA, Protazio Sande, the Director Planning, and Market Development emphasized the need for regulation to promote growth in any sector. “Regulation should be strict enough to bring order and sanity without killing players,” he added.
Two panel discussions involving senior executives in insurance, banking, corporate governance, and manufacturing were held before the conference was crowned with a dinner with entertainment from Lilian Mbabazi and the Sundowners. The conference was attended by approximately 264 people.
The Board and Management of ITC extend their sincere gratitude to the partners, sponsors, the organizing committee, and everyone who spared the time to attend the 3rd International Conference. You made it a success, thank you!