Jubilee Insurance executive sees the future of insurance in technology

Kampala, Uganda | THE INDEPENDENT | Technology is the main catalyst to spur insurance adoption and penetration for the foreseeable future, according to Diana Ndege Ssempasa of Jubilee Life Insurance.

Ssempasa who was speaking at 13^th Munyonyo said he emerged as the second runner-up agent of the year 2023 at the annual insurance agent awards held recently at Speke Resort.

“As foot soldiers, we need to embrace technology,” he said, “most people now have smartphones, so we should sell a lot online.”

Organized by the Uganda Insurers Association, the awards recognize and reward the efforts of outstanding agents, who are also the driving force and face that drives and represents the industry respectively.

He expressed optimism at the growing appreciation of insurance in the country, specifically attributing it to increased knowledge about the sector in general, the services and products it offers.

“Now there is a lot of publicity. Some people have their expirations. So, insurance is believed and, in fact, people are becoming aware of the need to have insurance.”

Chairman of the Executive Committee of the Uganda Insurers Association, Latimer Mukasa, underlined the importance of agents to the industry, stating that; “Agents play an important role in ensuring our success as an industry and represent more than 60% of the insurance workforce. They are a very viable and visible channel to promote this industry,” Mukasa said.

According to the Uganda Insurance Regulatory Authority 2022 market report, general insurance grew by 22% from Sh736 billion to Sh898 billion, while life insurance grew by 26% from Sh397 billion. to Sh501 billion, giving an overall estimated growth of 21% for the industry.