Faridah Kulabako:
Insurance industry captains must prioritize curiosity and open-mindedness to navigate today’s complex business landscape characterized with uncertainty, disruption, and rapid technological advancements if they are to drive sustainable growth.
The call was made by Dr. Peter Kimbowa, the Team leader at CEO Summit during the 68th CEO’s Breakfast Meeting organised by the Insurance Regulatory Authority of Uganda (IRA) at Serena Kampala Hotel on May 28th, 2026.
According to Dr. Kimbowa, industry leaders must be agile, curious and willing to operate in an environment shaped by disruption, technological advancement, and evolving customer expectations.
“Growth in the insurance industry will depend on the ability to combine technology, human capability, and ecosystem thinking while remaining agile in decision-making,” he said.
He warned that while many insurance companies may still prosper using old systems, surviving the future will require a completely different mindset. He warned against complacence, saying industry leaders should not think that existing success guarantees future relevance.
“It is very possible and very easy for an insurance company to prosper using old models, but it will become extremely difficult for you to survive the future,” he said.
He noted that leadership in the insurance sector must shift from merely managing present challenges to preparing organisations for future realities shaped by technology, artificial intelligence and digital transformation.
“Continuously question assumptions; challenge what appears to be normal, and identify what is blocking growth within your organizations,” he said.
AI dependence
He cautioned industry CEOs against over reliance on Artificial Intelligence (AI), noting that it while it is transforming industries, it does not replace human capabilities (Human Intelligence) in areas of creativity, imagination, empathy and emotional intelligence, among others.
He noted that the future lies in combining technology with strong human capability rather than replacing one with the other.
He urged organizations to build early warning systems and scenario thinking capabilities to enable them detect small signals before they become major risks.
“Future business growth will not come from existing models alone. A significant portion of future value creation will come from new markets, new processes, and entirely new business models,” he said, adding that organisations must deliberately build teams that are capable of challenging assumptions, identifying weak signals, and exploring alternative futures.
The IRA Chief Executive Officer, Alhaj Dr. Kaddunabbi Ibrahim Lubega also alluded to the need for industry captains to remain open-minded, curious, and self-aware if they are to identify and overcome barriers holding back industry growth.
Additionally, he noted that industry players must align themselves with Uganda’s economic transformation agenda under the National Development Plan IV (NDP IV), particularly by focusing on the government’s ATMS strategy sectors (Agro-industrialization, Tourism development, Mineral-based industrialization, and Science, Technology, & Innovation), to position the sector at the centre of these economic activities.
He added that insurance, as a risk management tool, must become more forward-looking by developing products and systems capable of responding to future and unseen risks.
The ATMS are key growth sectors that are believed will enable Uganda achieve its Tenfold Growth Strategy, which seeks to expand the country’s GDP, from roughly $50b to $500b by 2040.
The meeting was held under the theme; The Future CEO – How to expand insurance Business in time of upheaval.