Insurtech a game changer in the MSME insurance broking environment

March 05, 2024

Uganda’s economy, just like many other African countries, is majorly driven by the Micro, Small, and Medium-sized enterprises (MSMEs), which employ the majority of the youth through business start-ups to curb unemployment rates in the country. They however face gross challenges in accessing pertinent services including insurance. Currently, the insurance market is struggling to grow the insurance penetration rate in the country and the MSMEs cannot be ignored as they hold the key to this goal. However, insurance brokers and other insurance players have a hurdle to jump when it comes to their internal processes on how to market insurance products and enrol the MSMEs which needs serious rethinking.

Many brokers have tried to change their internal processes to allow the technological aspect to ease the work of their employees. However, just like any other society that has been comfortable with the old way of doing business, this transformation has not been received the way it would have been expected and many employees try to beat the system by trying to continue working the “normal” way without distorting their comfort zones. However, in the life of an insurance broker, you would want to ask yourself if indeed working the “normal” way is the best use of the company’s resources.