KAMPALA – The Insurance Training College (ITC) is set to host a 3-day Insurance Industry Stakeholder’s Week with a series of events from November 22nd to November 24th, 2022.
Under this, the College will on Tuesday launch the ITC Secondary School Empowerment Program (ISEP) where it intends to interest young people in the sector and make them understand the benefits of being part of insurance.
Under this program, the College also intends to provide to students infrastructural support, educational material donations, study scholarships, career guidance and mentorship support to community secondary schools for the next three years, beginning with Mackay Memorial College in Nateete, a government-aided school overseen by KCCA, with 1280 students primarily from surrounding communities.
Speaking to press at College in Kampala, Mr. Saul Sseremba, CEO/Principal at ITC noted that the launch will be followed by the 5th Ssebaana Kizito Memorial lecture/webinar on Wednesday, November 23rd, 2022, at 9 am hosted by renowned health and nutrition specialist Dr. Paul Kasenere under the theme “Insurance Health, and Wellness”.
“The webinar is named after Uganda’s insurance godfather, the late John Ssebaana Kizito, who was at the helm of establishing the Insurance Institute of Uganda (U) and the Uganda insurers Association (UIA), among other initiatives. He is also credited with founding Uganda’s first indigenous insurance company, Statewide insurance Company Limited (SWICO).”
On the final day, November 24 2022, ITC will hold its 7th Graduation Ceremony at Hotel Africana, where 1,200 graduands will be awarded bringing the total number of professional insurance graduates to 5,836 since 2015.
Mr. Sseremba revealed that the day will be capped off by the insurance industry Annual Dinner and Awards Ceremony, which will recognize insurance practitioners who have been certified at various professional levels.
He noted that this week was created with the perspective of a wholesome professional in mind, which is why it includes community service, a lecture on health and wellness, academic progression, and recognition for professional contributions made throughout the year. The week also presents an opportunity for the insurance sector to interface with the insurance public
“We are grateful to all of our partners, including Statewide Insurance Company Limited (SWICO), KCCA and, of course, the insurance Regulatory Authority of Uganda (IRA),” he added
On the performance of the sector, Mr. Sseremba noted that much as insurance penetration in Uganda still lags below 1%, there is a great improvement in performance in terms of premiums collected.
“Last year we hit a trillion in premiums collected, compared to last 10 years when we were at about shs200 billion. That points to appreciation of the insurance by the public. Yes, we have not enough but as the premiums increase, GDP also increases.”
“We need to increase our efforts so that the rate at which we grow is higher than the rate at which the economy grows. Life insurance is growing at around 30% per year,” he said.
According to him, the sector has been battling a challenge of trust but with the efforts in training professionals, people will feel safe knowing that they are handled by the in the professionals.
“If the public feels that people now serving us are professional, they’ll be able to come for our services.”
Ms. Evelyn Nkalubo Muwemba – CEO Statewide Insurance Company – SWICO said that it was wise for stakeholders to embark on training people in insurance in order to be like other countries who have advanced in the sector.
“With insurance stakeholders, this is a very positive move and we are ready to walk with the college on the way and I hope it’ll be an annual event but as for the awareness, that should be continue all the year round.”
“I think you can only groom a person if you inculcate whatever you want them to believe in when they are still young. That’s why it is important to go to schools for these people to understand what insurance is,” she added.