Protazio Sande Asst. Dir, Mkt Research and Dev’t
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Transcript of Protazio Sande Asst. Dir, Mkt Research and Dev’t
The Insurance Industry in the year 2013: Achievements, Challenges and Agenda for 2014 – The Regulator’s
Perspective
Protazio Sande
Asst. Dir, Mkt Research and Dev’t
April 20, 2023
Outline1) Preamble2) Achievements
Capacity and GrowthRegulatory developmentsSupervision and Compliance
3) Challenges4) Agenda for 20145) Conclusion
April 20, 2023
PreambleCompanies have been resilient in the
face of challenges ….industry expected to grow at a higher rate than in 2012
Strides have been taken in a positive direction in the last 11 months by some companies
Opportunities to leverage our potential exist as we move into 2014
April 20, 2023
Capacity and GrowthInnovations in productsPublic AwarenessTechnical CooperationOil and GasAgricultural InsuranceBancassuranceResearch and DevelopmentParticipation in the regional activitiesNational Health Insurance Schemes
April 20, 2023
Regulatory InitiativesPioneering the establishment of Policyholder
Compensation Fund and the Insurance Appeals Tribunal
Streamlining the operations of the Complaints Bureau
Reviewed the Insurance Regulations, 2002Microinsurance RegulationsMerged the Insurance Act with the Amendment
and a reprint is now availableHMOs: Interim guidelines for Licensing and
supervision and Income & Expenditure Reporting format
Motor Third Party Act and RegulationsApril 20, 2023
Supervision and ComplianceLicensing
National Re-insurance company (Uganda Re)2013 licenses (22 Insurers, 07 HMOs, 30 Brokers, 18 Loss Assessors, 1027 Agents by end of October 2013)
Offsite Inspections Onsite InspectionsCompliance with ICPsEfforts to acquire RBS Software
April 20, 2023
ChallengesCompliance (timeliness in submissions,
data quality/legitimacy)Market conduct issues (Undercutting;
premium remittance; claims settlement…..)
Financial management issues (expense ratios…)
Public awareness/confidence-deficitSlow pace of innovations (new products,
simplified products and processes, markets etc)
April 20, 2023
Challenges cont’d……..Gaps/ Restrictions in the Insurance
ActEnforcement of Workers
Compensation InsuranceMacroeconomic challenges ranging
from high lending rates, volatile Forex market, to high utility tariffs coupled with inflation and falling consumers’ real income.
April 20, 2023
OpportunitiesStrong growth: 6% forecast growth in
economy 2014Strong growth in the service, construction
and manufacturing sectorIncreased investment in infrastructure dev'tMore than average prospects for growth in
agricIncreased commitment to economic
integration in EACRenewed energies in Government
commitment to poverty alleviation.... Microinsurance
April 20, 2023
Agenda for 2014Separation of life and non-life companiesRBS (Financial issues, Governance issues,
Organizational and internal controls); investment in software, skills…
Research into non-convention delivery channels
Compliance : Act, Regulations, Guidelines (significantly lower tolerance for customer detriment; more credible deterrence)
Market Conduct: Premium remittances, Unfair market practices, Claims settlement .. (Monitoring compliance to established standard) April 20, 2023
Agenda for 2014 cont’d…………Engagement of relevant Authorities – NPA to
come up with a National Risk Management Policy; URA for enforcement of Insurance on imports ….
Insurance of Government Assets –planned engagements
Big Qn for 2014: Keeping relevant in an ever changing environment – However good, you can do better
Managing and leveraging a paradigm shift to product and process simplicity
Tighter focus on the root causes of poor customer satisfaction/outcomes April 20, 2023
Conclusive notesI. The success of the Insurance Industry
will be a result of not only the promising momentum of the economy and the business environment in the country, but above all, of the capacity of the companies in this industry to permanently re-invent themselves.
II. Companies which anticipate and plan for change will create their own future. They will dare to innovate and believe in what is new.
April 20, 2023
Conclusion notes cont’dIII. “…..Addressing the concerns of a
Regulator is not the end, as something we put behind us. Rather it must be about putting our traditions behind us and beginning a transformation of how we operate that elevates clients interest, advances openness, spurs innovation, improves services and – most importantly - delivers value based on true relationships….” .
Eliot SpitzerApril 20, 2023
Thanks for your Keen attention
Prosperous 2014
April 20, 2023