Africa-Press – Uganda. Reinsurance companies in the country have been urged to embrace technology if the sector is set to survive for a long time.
This call was made by Mr Hillary Wachinga, the managing director of Reinsurance Corporation Limited while speaking to the Monitor on Thursday
“As a reinsurance player, we firmly believe that the future of our industry lies in the seamless integration of technology and customer-centricity,” he said, highlighting how technology is already changing the face of the sector.
According to him, adopting to use of technology will advance the use of the International Financial Reporting Standard (IFRS) 17 reporting standards which will help position themselves to add value to the insurance industry by assisting underwriters in compliance with the requirements of this standard.
Mr Wachinga said that to have a tail-end of implementing IFRS 17 and wish to extend the same capability to cedants, innovation and technology are key.
The Kenya Reinsurance Corporation Limited added that provision of opportunities for young innovators who have brilliant ideas on how to revolutionise the future of the sector should be given priority.
“Embrace partnerships with different stakeholders in our industry and that is one of the reasons why I am happy to be among you sector players and know that our interaction will yield further insights into how our business can be made stronger,” he said.
Al-Haj Kaddunabbi Ibrahim Lubega, the CEO of Insurance Regulatory Authority said no one, no organization, no government – can hide under the duvet and hope that change in technology will not affect them.
“Success depends on innovation. Be it nations or companies, if you don’t innovate; if you cling to the old ways of doing things, then failure is inevitable,” he said.
Alhaj Kaddunabbi noted that IRA is passionate about promoting innovation because it is through innovation that solutions to the challenges affecting the industry, will be developed.
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