In his address at the 6th annual IBAU conference in Mbale, Alhajj Ibrahim kaddunabbi Lubega – Chief Executive Officer - IRA expressed gratitude to the organizing committee, sponsors, and attendees for their commitment to advancing the industry together. He highlighted the theme's relevance to current business landscapes, urging stakeholders to embrace technology, stay updated on regulatory changes, prioritize customer-centric practices, and proactively manage emerging risks.

Alhajj emphasized the importance of moving beyond routine practices towards conducting research that addresses fundamental issues driving industry transformation. He emphasized brokers' pivotal role in providing value-added risk management advice and stressed the need for tailored solutions that enhance financial security and trust between insurers and clients.

Alhajj celebrated brokers' significant contribution, with a notable 540 billion in gross written premiums in 2023, representing 34% of total premiums. He also highlighted regulatory developments aimed at enhancing professionalism within brokerages, including 50% residency requirements for board members, Diploma qualifications for CEOs and ACCA/CPA requirement for CFOs.

In his conclusion, Alhajj reaffirmed the Insurance Regulatory Authority's openness to broker-led ideas for improving services in Uganda, encouraging mutual growth and advancement within the industry.

Mr. Paul Muhame, Chairman of the Insurance Brokers Association of Uganda (IBAU), highlighted key achievements and initiatives that are driving advancements in the insurance industry. Notably, the completion of IBAU's strategic plan for 2024-2026 demonstrates a strong commitment to sustained growth and development. Collaborations with the Insurance Training College have yielded specialized broker courses, raising professional development standards within the field. Self-governance enhancements within IBAU have led to improved interactions with the Insurance Regulatory Authority, fostering a more productive regulatory environment. The establishment of the Insurers Liaison Committee (CLUB) has promoted constructive dialogue between underwriters and brokers, thereby enhancing overall industry operations.

Also; Mr. Muhame emphasized the implementation of a code of conduct to effectively address member grievances and highlighted increased engagement with the Insurance Appeals Tribunal to ensure fairness and accountability. IBAU's partnerships with key stakeholders like the Uganda Insurers Association and Insurance Regulatory Authority are aimed at raising public awareness about insurance and its importance. Lastly, Mr. Muhame expressed sincere gratitude to partners and conference sponsors, with a special acknowledgment of the pivotal role played by the Insurance Training College in professionalizing the insurance industry.

In her remarks, Ms. Mendies the president East Africa Insurance Brokers Association (EAIBA) conveyed her gratitude to IBAU for organizing the conference, emphasizing the importance of exchanging experiences across diverse regions. She highlighted the need for leveraging technology not merely as a tool but as a catalyst for enhancing efficiency, scalability of operations, and ultimately, improving customer experiences. Ms. Mendies called for industry-wide preparedness to adapt to the evolving landscape driven by innovation.

She also touched upon the significance of Environmental, Social, and Governance (ESG) issues, stressing the need for responsible practices within the industry. Financial inclusion, according to Ms. Mendies, has become imperative, urging brokers to play a pivotal role in ensuring universal access to financial services. Ms. Mendies reiterated a commitment to continuous learning, relearning, and embracing new perspectives as the journey progresses. She urged brokers to remain connected and motivated in navigating these dynamic landscapes, encouraging them to commit to ongoing personal and professional growth.

Mr. Frank Molla set the stage by elucidating emerging concerns impacting business landscapes, including ESG factors, AI, geopolitics, and regulatory dynamics. He stressed the importance of integrating these concerns into strategic planning annually and emphasized a shift towards customer-centricity. Mr. Molla highlighted the need for insurers to embrace specific data-driven decision-making and advocated for collaborative engagement with regulators. He identified several key aspects that insurance brokers and mainstream insurers should prioritize.

• Initiate a shift towards customer-centric business models.
• Utilize data-driven insights for informed decision-making.
• Foster collaboration with regulators for effective industry transformation.

Dr. Ndunge emphasized transformative trends in insurance, including the imperative to protect against emerging risks, adapt to regulatory changes, and cater to personalized service demands. She underscored the importance of building consumer trust, engaging with societal issues, and evolving leadership models to navigate challenging environments. She identified several key aspects that insurance brokers and mainstream insurers should prioritize.

• Evolve leadership models to navigate dynamic landscapes.
• Embrace change and invest in technology.
• Prioritize consumer trust and societal engagement.

Mrs. Sylvia Kajubi provided valuable insights into people and leadership trends within the Ugandan market, emphasizing the importance of retention strategies, professionalism in insurance, gender diversity, and collaboration across the finance sector. She identified several key aspects that insurance brokers and mainstream insurers should prioritize.

• Implement retention strategies for workforce stability.
• Promote professionalism and gender diversity.
• Foster cross-sector collaboration for industry growth.

Dr. Sande Protazio highlighted significant threats posed by market competition, regulatory scrutiny, e-commerce dominance, demographic shifts, and evolving market trends. He advocated for strategic responses, including product differentiation, regulatory compliance, hybrid e-commerce strategies, and market trend analysis.

• Focus on product differentiation and research to combat market competition.
• Adapt hybrid e-commerce strategies to complement traditional business models.
• Balance regulatory compliance with business growth strategies.

Gala Dinner in Pictures

Dinner

The Exhibition in Pictures

Exhibition

Certificate of appreciation

Appreciation

Karaoke Night in Pictures

Karaoke

Zumba Session in Pictures

Zumba session

Sight Seeing in CW Mbale zoo