Insurance Sector to Acknowledge Journalists and Tech Innovators
Ibrahim Kaddunabbi Lubega, CEO of the Insurance Regulatory Authority (IRA), has announced plans to recognize the contributions of the media and Insurtech in enhancing insurance penetration through the Insurance Awards 2023.
The 2023 Insurance Innovation Awards, which accepted nominations from December 2023 to January 3, 2024, are open to all licensed players in the insurance industry, including insurers, Health Membership Organizations, brokers, Bancassurance Agents, Individual Agents, and loss assessors.
Acknowledging the vital roles played by the media and technologists in the insurance value chain, Lubega highlighted the decision to include journalists and tech players in the awards.
The awards aim to commend and encourage outstanding innovations in 2023 that address industry challenges, with a noticeable increase in participation and solution quality over the years.
Scheduled for March 15, 2024, the 2023 award ceremony will revolve around the theme “InsureVate: Igniting Excellence in the Insurance Sector.”
Categories for this year’s innovation awards encompass various sectors, including Life and Non-life insurance, brokers, Bancassurance Agents, Individual Agents, Loss Assessors, along with special recognitions for Insurtech Solution, Insurance Media Personality, and People’s Choice Award.
To ensure transparency, the regulator has enlisted Adroit Consult International as a consultant for the awards process.
Industry leaders stress the significance of innovations in boosting insurance penetration, currently standing at 0.88%.