Insurance CEO Highlights Technology as Key Driver for Industry Growth
Speaking at the 61st CEO Breakfast meeting in Kampala, Kaddunabbi noted that embracing innovation and technological solutions is crucial to driving the industry to new heights.
Lubega Ibrahim Kaddunabbi, the Chief Executive Officer of the Insurance Regulatory Authority (IRA), has emphasized the pivotal role of technology in advancing Uganda’s insurance sector.
Speaking at the 61st CEO Breakfast meeting in Kampala, Kaddunabbi noted that embracing innovation and technological solutions is crucial to driving the industry to new heights.
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Kaddunabbi called for greater collaboration among insurance sector players, stressing the need for continuous engagement with customers to enhance service delivery.
"Adopting technology is the future of innovation and taking the insurance industry to greater heights," he said.
With the global and local economies facing tough times, the significance of insurance in mitigating financial pressures on businesses and trade has become more evident.
However, as the industry adapts, technology and innovation are taking centre stage in efforts to expand the sector’s reach and efficiency.
The use of data analytics was highlighted as one of the key advancements transforming the sector.
Insurance companies can now assess risk more accurately and tailor products to meet the specific needs of customers, offering more competitive pricing.
This shift is helping to personalize services and improve customer satisfaction.
In addition, technology is enhancing accessibility, optimizing operational efficiency, and improving overall customer experience.
Industry leaders agree that leveraging these tools is essential for overcoming existing challenges and advancing financial inclusion across Uganda.
As the insurance landscape continues to evolve, the ongoing collaboration between traditional insurers and tech innovators will be instrumental in shaping a more dynamic, resilient, and inclusive industry.
In conclusion, Kaddunabbi's remarks signal a strong commitment to integrating technological solutions into the core of Uganda's insurance sector, paving the way for sustained growth and improved service delivery.
