Ibrahim Lubega the Executive Director of the Insurance Regulatory Authority said that they will also embrace other trends in digital migration.
“Most of everything has gone digital or going digital. If the discussions are fruitful, one will be able to a Third Party Policy online,” Lubega said at the 7th Banking, Finance and Insurance Expo that recently ended in Kampala.
In Third Party Insurance, injuries caused to other people in an accident are covered as well but not the damage caused to the car and motor owners usually incur the cost themselves.
Lubega said they had secured $100million to start online insurance agency licensing.
“Application of insurance agents to acquire a license is also going online. They will no longer require carrying papers to our offices for application.
“We secured the equipment for their easy registration and we’re ready to go,” said Lubega.
The New Vision Uganda reports that it is a legal requirement for drivers to have at least third-party only (TPO) car insurance in order to drive on Ugandan roads to safeguard any other parties involved in an incident.
With the move, it is likely that insurance agents and regional insurance branches will be kicked out of the ecosystem once the technology is fully embraced.