Insurance companies have been encouraged to leverage technology to create tailored products that meet the specific needs of their customers.Speaking at the 61st CEOs’ breakfast meeting organized by the Insurance Regulatory Authority at Kampala Serena Hotel, Michael Niyitegeka, Executive Director of Refactory Ltd, emphasized that understanding individual customer attributes is key to driving growth in the insurance industry.“If the industry is to grow, insurers must understand each customer’s unique characteristics and tailor solutions accordingly. Customers are looking for convenience, and insurers who can provide that will win their loyalty,” Niyitegeka noted in his keynote address.He added that customers today demand more than just generic insurance products—they want solutions that align with their personal needs, preferences, and life circumstances. Insurers who can meet this demand will remain relevant in an evolving market.Niyitegeka urged insurers to use technology to gather insights into their customer base, enabling them to better understand and cater to individual needs.“There’s a need to create value around your products. Many people spend time online, but is your company one of those they consider during that time? If your products don’t have a digital distribution channel, you will struggle to stay competitive,” he said, noting that over 70% of Uganda’s population is under 30 and increasingly reliant on digital devices for services.Al Haj Ibrahim Kaddunabbi Lubega, CEO of the Insurance Regulatory Authority, echoed this sentiment, stressing that the future of the insurance industry depends on the ability to adapt to technology.“Insurers must engage with consumers before developing products. It’s critical to be intentional and use technology that speaks to the needs of the people,” Kaddunabbi said.https://www.ugbulletin.co.ug/insurers-urged-to-embrace-technology-for-customized-solutions/
