December 12, 2014

AIG Sets Up Academy To Train Insurance Stakeholders

In a move aimed at sustaining and growing the level of uptake of insurance products and services, insurance company, AIG has  launched the AIG Academy.

Elisha Khisa (L) the CEO Insurance Institute of Uganda, IRA CEO Ibrahim Lubega (2R), Maurice Amogola Board representative of IIU and Anna Othieno MD AIG Uganda pose for a photograph after launching the AIG Academy
Elisha Khisa (L) the CEO Insurance Institute of Uganda, IRA CEO Ibrahim Lubega (2R), Maurice Amogola Board representative of IIU and Anna Othieno MD AIG Uganda pose for a photograph after launching the AIG Academy

The AIG Academy is a free-of-charge organization that provides training courses in the field of Insurance and soft skills related courses in cooperation with Institute of Insurance Uganda.

General Insurance trainings are offered by Institute of Insurance while Product Trainings are offered by AIG professional guidance. Other courses will include entrepreneurship and sales courses.

Speaking during the launch, Mrs. Anna Othieno, the Managing Director AIG Uganda said that the goal of the AIG Academy is to help distribution partners become more successful by reinforcing their knowledge in three key areas; Product knowledge, technical sales skills and Career development.

Al Hajj Kadunabbi Lubega, the CEO IRA  greets Anna Othieno, the MD AIG Uganda during the launch of the AIG  Academy of Excellence.
Al Hajj Kadunabbi Lubega, the CEO IRA greets Anna Othieno, the MD AIG Uganda during the launch of the AIG Academy of Excellence.

“To remain relevant in the competitive and dynamic world, we must embrace continuous professional development.By improving technical skills therefore, participants will be able to serve their clients better and in the long run grow a profitable business with satisfied clients,” she said.

Othieno also explained that unlike the customary practices in the sector, which are characterized by the training programs organized at certain intervals or in case of need, the program was structured in such a manner that it can offer services according to an “Annual Training Schedule*”, that has been prepared.

Will the Academy help identify near insurance opportunities? Yes, key industrial specific and/or in-depth courses shall be developed in the future.

The CEO of the Insurance Regulatory Authority (IRA) of Uganda, AL hajj Kaddunabi I. Lubega who was the chief guest at launch lauded AIG for spearheading an initiative that seeks to enrich stakeholders’ in-depth knowledge of insurance.

“As the regulator of the sector, we are happy to note that the uptake of insurance products is growing. We believe that with increased awareness, we shall grow the sector to match our peers in the region. This initiative will go a long way in giving stakeholders that much needed knowledge nourishment,” he said.

The insurance industry in Uganda recorded a Compound Annual Growth Rate of 18.8% during the period 2009 – 2013 with insurance penetration also increasing to 0.675% in 2013 from 0.601% in 2009.

Analysts also expect that insurance penetration will rise to 0.731% in 2018 buoyed by a strengthening economy and rising exports.

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