GoldStar Insurance has marked 30 years of providing insurance services in Uganda, with the company pledging to invest more in digital solutions, artificial intelligence (AI), human resources and cybersecurity to meet the changing needs of customers.
GoldStar Insurance Chief Executive Officer John Kawuma said the company will increase investment in digital insurance solutions as customers increasingly demand faster, more convenient and innovative services.
Kawuma made the remarks during an interview on the sidelines of the company’s 30th anniversary celebrations held at Kabira Country Club in Kampala.
He said GoldStar, which he described as one of Uganda’s top five insurance companies, is focusing on strengthening its digital insurance platforms, enterprise management systems, AI capabilities, human resources and cybersecurity.
“Our commitment is to invest more in digital insurance solutions and other technologies that can help us respond to the changing needs of our customers,” Kawuma said.
He said the company has maintained an average growth rate of about 15 per cent, compared with an industry growth rate of about 2 per cent at the close of last year.
Kawuma said GoldStar wrote insurance business worth Shs53 billion, of which Shs15 billion was paid out in claims.
He encouraged farmers, particularly those in rural areas, to take up agricultural insurance to protect themselves against losses caused by drought and other climate-related challenges.
He said farmers can also reduce losses by embracing modern agricultural technologies such as irrigation, quality fertilisers and improved seedlings.
Kawuma also encouraged city traders to insure their businesses and property against risks such as fires, which he said have caused millions of shillings in losses in arcades and commercial buildings.
Partnership with Victoria University
Kawuma said GoldStar Insurance has partnered with Victoria University to encourage students to pursue professional courses related to the insurance industry.
He said the partnership has already helped some graduates secure employment opportunities at GoldStar Insurance.
Victoria University Vice Chancellor Prof. Lawrence Muganga said the partnership has contributed to increased interest among students in insurance-related professions.
Regulator calls for public sensitisation
The Acting Chief Executive Officer of the Insurance Regulatory Authority of Uganda, Sande Protazio, represented by the Director of Supervision, Bernard Obel, congratulated GoldStar Insurance upon reaching the 30-year milestone.
Obel said the achievement reflected years of dedicated efforts to provide quality, effective and efficient insurance services to the public.
He noted that although insurance uptake remains low in Uganda, companies such as GoldStar are steadily building customer confidence and strengthening their reputation in the sector.
Obel said insurance is a complex industry that requires companies to build trust through integrity, honesty, respect for regulatory requirements and effective service delivery.
He also called on insurance companies to conduct comprehensive public sensitisation campaigns to help Ugandans better understand the benefits of insurance.
He said the regulator would continue working with stakeholders, including educational institutions, employers, employees, government and private-sector players, through continuous capacity-building programmes aimed at increasing insurance uptake.
Ruparelia pledges continued investment
GoldStar Insurance Vice Chairperson of the Board of Directors, Dr Sudhir Ruparelia, said the company’s journey began 30 years ago with a vision of contributing to the development and growth of Uganda’s insurance sector.
He said the anniversary was an opportunity to celebrate the progress made since the company was established.
Ruparelia pledged the board’s continued investment in the insurance sector, including the adoption of digital and AI-powered insurance tools.
He said the technologies would help the company reach more young people, particularly a generation that increasingly prefers fast, convenient and digitally delivered services.
Ruparelia also thanked President Yoweri Museveni and the government for what he described as an enabling environment that has allowed businesses such as GoldStar Insurance to expand their services and reach more communities.
