TIRA eyes inclusive growth through insurance innovation

DAR ES SALAAM: THE Tanzania Insurance Regulatory Authority (TIRA) has reaffirmed its commitment to promoting innovation, financial inclusion and sustainable growth in the insurance sector as part of efforts to expand access to insurance services across the country.

Speaking during the opening of the Risk, Resilience and Regulatory (R3) Lab Workshop, dubbed “Elevating Insurance Innovation,” held in Dar es Salaam on Wednesday, TIRA Commissioner of Insurance, Dr Baghayo Saqware, said innovation is critical to building a modern, inclusive and technology-driven insurance industry capable of responding to the evolving needs of the economy and society.

He said the Authority believes that through collaboration and shared commitment, Tanzania will develop an insurance sector that is responsive, accessible and efficient.

“I encourage all participants to engage openly, share experiences, challenge conventional thinking and contribute practical ideas that will help shape the future of insurance innovation in our country,” Dr Saqware said.

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He noted that innovation is no longer optional in the insurance industry but a necessity, as technological advances and changing consumer expectations continue to transform how insurance products are designed, distributed, serviced and regulated worldwide.

According to Dr Saqware, consumers are increasingly demanding insurance solutions that are affordable, accessible, convenient, transparent and responsive to their needs.

He said Tanzania has made significant progress in strengthening the insurance sector in recent years, citing the expansion of digital financial services, wider mobile connectivity and growing public awareness of financial inclusion.

“These developments provide a strong foundation upon which insurance innovation can thrive,” he said.
Dr Saqware said one of the key topics discussed during the workshop was the proposed establishment of a Regulatory Sandbox for Tanzania’s insurance industry, which would allow insurers to test innovative products and business models in a controlled environment.

He noted that while the framework is expected to support responsible innovation, its success will depend on strong collaboration among regulators, insurers, technology firms, academic institutions, development partners and consumers.

He added that innovation presents a unique opportunity to extend insurance coverage to underserved groups, including low-income households, women, youth, smallholder farmers, small and medium enterprises (SMEs), and workers in the informal sector.

“Through innovation, we can develop products and distribution models that are simple, affordable and tailored to the realities of our people,” Dr Saqware said.

Technical Director at Cenfri, Christine Hougaard said that although substantial progress has been made in developing the insurance sector, many barriers still hinder the achievement of a truly inclusive insurance market.
She emphasised that innovation should not be viewed solely in terms of technology or digital transformation, but also as the ability to do things differently — including rethinking business systems, improving client engagement and designing products based on a clear understanding of consumer needs.

Ms Hougaard said insurers willing to move beyond traditional approaches and adopt new ways of serving customers would be better positioned to expand coverage and build a more inclusive and sustainable insurance industry.

Principal Officer at MUA Life Insurance, Smaa Issa, said the workshop aimed to strengthen the capacity of key insurance professionals, including underwriters, claims managers and business development managers, who play a central role in driving growth across the industry.

She noted that equipping these professionals with innovation skills would enable them to design customer-focused insurance products that address the needs of underserved markets and help increase insurance penetration in Tanzania, which remains at around two per cent.

Ms Issa added that expanding insurance coverage will require stronger partnerships with sectors such as telecommunications, financial institutions, banks, mobile network operators and other strategic stakeholders.