In Uganda’s evolving insurance landscape, leadership increasingly demands more than technical competence. It requires governance discipline, capital prudence, and long-term thinking.
At NIC Life Assurance Company Limited, Managing Director Anthony Lubandi believes the industry is approaching a defining moment, one where sustainability will matter more than size.
With nearly two decades of experience spanning audit, finance, and insurance, Lubandi’s approach to leadership has been shaped by systems, structure, and accountability.
Lubandi began his professional career at Deloitte, where he worked with banks and insurance companies, gaining early exposure to regulatory frameworks and financial governance systems.
“That experience taught me how strong systems build strong institutions,” he said.
In 2009, he transitioned into the insurance sector as Chief Finance Officer at Sanlam Life Insurance, broadening his expertise beyond finance into operations and risk management. He later served as CFO at Kwese TV before joining NIC Insurance as CFO, a role that eventually led to his appointment as Executive Director and later Managing Director of NIC Life Assurance.
According to Lubandi, rising to executive leadership was not accidental but built on preparation and consistent delivery.
“Working closely with boards and executive teams sharpened my understanding of governance and long-term strategy. Leadership, especially in insurance, is stewardship,” he said.
He describes his leadership philosophy as anchored in integrity, responsibility, and long-term vision.
“In insurance, trust is everything. Policyholders entrust you with protection against uncertainty. Honouring that commitment is non-negotiable.”
Market Share Realities
NIC Life’s market share has remained below one per cent and has recently declined, a reality Lubandi addresses with candour.
“Our modest market share reflects structural realities within Uganda’s life insurance market,” he explained. “Distribution is heavily influenced by larger players with strong bancassurance networks and legacy portfolios.”
Rather than pursuing aggressive expansion, Lubandi said NIC Life is focused on sustainable growth over the next three to five years.
“Scale in life insurance is not built overnight. It requires disciplined capital deployment, strong persistence, and consistent distribution expansion,” he noted.
The company’s roadmap centres on three priorities: strengthening agency productivity through structured performance frameworks, expanding partnerships in corporate and SME segments, and redesigning products to align with emerging customer needs such as education savings and protection-linked investment plans.
“We are prioritising quality growth over rapid but volatile expansion,” he said.
In a market increasingly defined by scale and bancassurance dominance, Lubandi believes smaller insurers must avoid competing on identical terms.
“We compete in focused segments rather than attempting to mirror large-scale players,” he said. “Our strength lies in agility, personalised underwriting, and relationship-driven distribution.”
Disciplined underwriting and service responsiveness, he argues, are competitive advantages that do not depend on balance sheet size.
“In life insurance, trust and consistent service matter more than size alone.”
Redefining Success
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“Success means being financially sound, trusted by customers, and respected by regulators,” he said.
He pointed to timely and fair claims settlement, customer satisfaction, employee engagement, and regulatory compliance as equally important indicators of institutional health.
“Cutting corners is never the solution. Strong systems and disciplined governance build institutions that last.”
Lubandi also emphasised that digital transformation must translate into operational efficiency rather than marketing narratives.
“Our technology focus is pragmatic,” he said. “We are streamlining digital onboarding to reduce turnaround times and improve documentation accuracy.”
NIC Life is enhancing workflow automation in claims processing to improve transparency and speed, while equipping agents with digital tools for policy illustration and tracking. Investments in data analytics are also aimed at strengthening pricing accuracy and customer segmentation.
“Technology must deliver measurable service improvement,” he said.
Industry at a Crossroads
Uganda’s life insurance penetration remains low, but Lubandi sees opportunity outweighing saturation.
“Low penetration is not a weakness; it is untapped potential,” he said.
However, he anticipates intensifying competition and rising regulatory expectations around capital and governance. Consolidation, he acknowledged, is possible if capital requirements increase.
“Smaller players can survive and even thrive if they are well-governed, operationally efficient, and strategically focused,” he said. “Scale is important, but sustainability and capital discipline are equally critical.”
Among the structural challenges facing the sector, he cited low insurance literacy, price sensitivity, long policy gestation periods, and the difficulty of balancing growth with solvency strength.
“Life insurance is a long-term liability business. Growth must be carefully balanced against capital efficiency and investment returns,” he said.
Building institutions that endure
For Lubandi, leadership extends beyond quarterly performance.
“It is about building institutions anchored in trust, resilience, and long-term value,” he said.
As Uganda’s youthful population and expanding middle class gradually increase demand for protection and savings solutions, the sector’s future appears promising. But according to Lubandi, the winners will not be defined solely by size.
“The next phase of Uganda’s life insurance industry will reward discipline, governance, and credibility more than rapid expansion,” he said.
In a market still finding its depth, that may prove to be the most important lesson of all.
