{"id":53408,"date":"2023-07-29T15:13:06","date_gmt":"2023-07-29T15:13:06","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=53408"},"modified":"2023-07-29T12:25:20","modified_gmt":"2023-07-29T12:25:20","slug":"reinsurance-companies-advised-to-embrace-technology","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology","title":{"rendered":"Reinsurance companies advised to embrace technology"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Reinsurance companies in the country have been urged to embrace technology if the sector is set to survive for a long time.<\/p>\n

This call was made by Mr Hillary Wachinga, the managing director of Reinsurance Corporation Limited while speaking to the Monitor on Thursday<\/p>\n

\u201cAs a reinsurance player, we firmly believe that the future of our industry lies in the seamless integration of technology and customer-centricity,\u201d he said, highlighting how technology is already changing the face of the sector.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cEmbrace 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,\u201d he said.<\/p>\n

Al-Haj Kaddunabbi Ibrahim Lubega, the CEO of Insurance Regulatory Authority said no one, no organization, no government \u2013 can hide under the duvet and hope that change in technology will not affect them.<\/p>\n

\u201cSuccess depends on innovation. Be it nations or companies, if you don\u2019t innovate; if you cling to the old ways of doing things, then failure is inevitable,\u201d he said.<\/p>\n

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.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u201cAs a reinsurance player, we firmly believe that […]<\/p>\n","protected":false},"author":84,"featured_media":53407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-53408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nReinsurance companies advised to embrace technology - Uganda<\/title>\n<meta name=\"description\" content=\"Reinsurance companies in the country have been urged to embrace technology if the sector is set to survive for a long ti ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reinsurance companies advised to embrace technology\" \/>\n<meta property=\"og:description\" content=\"Reinsurance companies in the country have been urged to embrace technology if the sector is set to survive for a long ti ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-29T15:13:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690617205.920527.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Reinsurance companies advised to embrace technology\",\"datePublished\":\"2023-07-29T15:13:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology\"},\"wordCount\":328,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690617205.920527.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/reinsurance-companies-advised-to-embrace-technology\",\"name\":\"Reinsurance companies advised to embrace technology - 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