The Insurance Innovation Challenge receives 53 applications and only ten teams proceed to a five-day hackathon to refine proposed insurance solutions with the potential to expand access by the underserved Ugandans.
The hackathon follows a nationwide call for applications were a few were shortlisted ready to present innovations spanning from agriculture, health, transport, life insurance to digital technology.
While opening the hackathon in Kampala, Mr. Kasaato Edward, representing the Ag. Chief Executive Officer of the Insurance Regulatory Authority of Uganda (IRA), said reaching the hackathon stage has been in itself an indication of the potential identified in the shortlisted solutions.
“An innovation only creates value when it moves from an idea into a solution that people can actually use,” Kasaato said, urging participants to challenge their assumptions, listen to the market and use the five-days to strengthen their solutions beyond the competition.
The hackathon is also part of a broader drive to embed innovation within Uganda’s insurance market development. Kasaato noted that the Authority operates an Insurance Regulatory Sandbox, which provides a controlled environment for promising solutions to be tested and prepared for the market. This complements initiatives such as the Insurance Innovation Awards, established to encourage industry players to develop solutions responsive to changing market needs.
The hackathon is supported by the United Nations Development Programme (UNDP). “The objective is not merely to compete, but to develop solutions that can expand insurance coverage, strengthen resilience and contribute to Uganda’s sustainable development aspirations,” said Tom Sengalama representing the UNDP Resident.
The Insurance Innovation Challenge comes against a significant insurance protection gap, with about 90 per cent of Uganda’s informal workers remaining uninsured, leaving millions of small businesses, farmers and vulnerable households exposed to financial shocks.