GoldStar Insurance has celebrated 30 years of offering insurance services in Uganda, with the company announcing plans to increase investment in digital solutions, artificial intelligence (AI), human resources and cybersecurity as it responds to changing customer needs.
GoldStar Insurance Chief Executive Officer John Kawuma said the company intends to expand its investment in digital insurance services as customers increasingly look for faster, more convenient and innovative ways to access insurance.
Kawuma made the remarks during an interview on the sidelines of GoldStar Insurance’s 30th anniversary celebrations held at Kabira Country Club in Kampala.
He described GoldStar as one of Uganda’s top five insurance companies and said the firm is prioritising the development of its digital insurance platforms, enterprise management systems, AI capabilities, human resources and cybersecurity infrastructure.
“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.
According to Kawuma, GoldStar has recorded an average growth rate of about 15 per cent, compared with an industry growth rate of approximately 2 per cent at the end of last year.
He said the company wrote insurance business worth Shs53 billion, while Shs15 billion was paid out in claims.
Kawuma urged farmers, especially those in rural communities, to consider agricultural insurance as a way of protecting themselves against losses resulting from drought and other climate-related risks.
He also encouraged farmers to adopt modern agricultural practices and technologies, including irrigation, quality fertilisers and improved seedlings, to help minimise potential losses.
City traders were similarly encouraged to insure their businesses and property against risks such as fire. Kawuma noted that fires have resulted in losses worth millions of shillings in arcades and other commercial buildings.
GoldStar also continues to strengthen its links with education institutions. Kawuma said the insurer has partnered with Victoria University to encourage students to pursue professional courses connected to the insurance industry.He said the partnership has already contributed to some graduates securing employment opportunities at GoldStar Insurance.
Victoria University Vice Chancellor Prof. Lawrence Muganga said the collaboration has helped increase students’ interest in careers and professional training related to insurance.
At the anniversary event, the Insurance Regulatory Authority of Uganda also called for greater public awareness about insurance.The regulator’s Acting Chief Executive Officer, Sande Protazio, was represented at the event by Director of Supervision Bernard Obel, who congratulated GoldStar on reaching the 30-year milestone.
Obel said the company’s achievement reflected decades of effort towards providing quality, effective and efficient insurance services to the public.
He acknowledged that insurance penetration remains low in Uganda but said companies such as GoldStar are gradually building public confidence and establishing stronger reputations within the industry.
According to Obel, insurance is a complex business that requires providers to earn and maintain public trust through integrity, honesty, compliance with regulatory requirements and effective service delivery.
He urged insurance companies to step up public sensitisation efforts so that more Ugandans can understand the importance and benefits of insurance.
He added that the regulator would continue working with stakeholders, including educational institutions, employers, employees, government and private-sector organisations, through ongoing capacity-building programmes aimed at increasing insurance uptake.
Meanwhile, GoldStar Insurance Vice Chairperson of the Board of Directors, Dr Sudhir Ruparelia, said the company was established 30 years ago with a vision of contributing to the development and growth of Uganda’s insurance industry.
He said the anniversary provided an opportunity to reflect on the progress GoldStar has made since its establishment.Ruparelia pledged continued investment by the board in the insurance sector, including the adoption of digital and AI-powered insurance technologies.
He said such technologies would enable the company to reach more young people, particularly a generation that increasingly prefers services that are fast, convenient and delivered digitally.
Ruparelia also expressed appreciation to 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 operations, services and reach across different communities.