Claver Serumaga, the Executive Executive Director, Commercial Banking at Equity Bank Uganda reflected on how banks have navigated the tension between regulation and customer service.
47th OESAI Conference : Equity Bank’s Claver Serumaga Higlights trends in regulation and customer service
Serumaga was speaking at the 47th organisation of Eastern and Southern Africa Insurers (OESAI) Conference and Annual General Meeting on August 26, 2025 at Munyonyo Speke Resort Convention Centre.
Serumaga said that while regulation was once seen as a constraint, banking has proven it can actually build trust and efficiency.
He explained that insurers too can turn compliance into a catalyst for innovation by embedding it into the customer journey.
With digital tools and transparency, regulation and customer centricity can work together to strengthen long-term relationships and credibility, added Serumaga.
The State Minister of Finance, Planning and Economic Development (General Duties), Hon. Henry Musasizi, challenged members of the OESAI to move beyond diagnosing risks and focus on delivering practical solutions that meet the evolving client needs. Hon. Musasizi underscored the urgency for insurers to expand inclusion and rebuild public trust.
“The barriers are well known: limited awareness, affordability constraints, and persistent trust deficits. Today, I challenge us to move beyond diagnosis to providing solutions by embedding microinsurance and community-based schemes into national social protection frameworks, investing in building trust and governance, and harnessing innovation through mobile and digital channels,” Hon. Musasizi said.
He further cautioned insurers against overemphasizing profitability as the sole measure of success, urging them to consider their broader impact as well.
“Success for the insurance industry should not be measured only in profitability, but in how many lives are protected; how many businesses recover from shocks; and how many communities are made more resilient. Insurance should not only be viewed as a business, but as a public good and a pillar of shared prosperity,” he noted.
OESAI is a membership organization with 135 member companies, spanning countries both within and beyond the region.
Speaking at the same event, the Insurance Regulatory Authority of Uganda (IRA) Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega, urged insurers to prioritize customer experience as a driver of growth, profitability, and penetration.
“The next gains will come from three things: agility, simplicity, and fairness – how fast you issue and pay claims; how easy products are to understand; and how well customers are treated across the insurance life cycle,” he said.
IRA’s CEO Alhaj Kaddunabbi Ibrahim Lubega speaking at the 47th OEASAI Conference
Highlighting IRA’s progress, Alhaj Kaddunabbi remarked that the Authority has strengthened its systems to meet global best practices in customer service.
“We are now ISO 9001:2015 certified. This certification reinforces customer focus and continuous improvement in our service delivery. It ensures transparent service standards, clearly defined processes, and improved data management, which hold us accountable to our stakeholders,” he noted.
A section of delegates at the 47th OESAI Conference
Running until August 27th, the 47th OESAI Conference has brought together over 680 delegates from the insurance industry, business community, government, and regional stakeholders. The conference provides a platform to share experiences and address both opportunities and challenges within the evolving business environment