Massive hiring of insurance agents
The regulatory authorities are hiring nearly 5000 agents over the next three years. This need for staff is accounted for by the growing business in the life and non life classes of business and the multiplication of the products offered.
These agents are meant to reinforce the teams already in place. Their main task will be to ensure compliance of the insurance policies with the legislation. They will also be tasked with the duty of verifying that these policies are simple and accessible to the population.
The market has recently witnessed the multiplication of distribution channels with the emergence of bancassurance and online offers. The authorities are, therefore, required to act proactively to ensure that integration of the new components of the market takes place properly.
With 0.86% of GDP in 2014, Uganda is one of the African countries where the insurance penetration rate is lowest.
Read also:
