PURPOSE:

Reporting to the Subsidiary Managing Director, the Principal Officer will provide strategic and operational leadership to the Life Assurance business in Uganda, ensuring sustainable growth, regulatory compliance, and alignment with CIC Group’s and subsidiary’s strategic objectives. The role focuses on delivering innovative, customer-centric Life Assurance solutions to meet the evolving needs of the Ugandan market.

PRIMARY RESPONSIBILITIES:

A. Strategic Leadership (20% of time)

• Develop and execute the Life Assurance business strategy in alignment with the subsidiary’s and CIC Group’s vision.
• Drive product innovation, market expansion, and digital transformation to maintain competitive advantage.
• Monitor industry trends and adjust business plans accordingly.
• Formulate, implement and ensure achievement of company’s overall business strategy
• Prepare regular and periodic reports to the board for strategic direction and on achievement of planned goals

B. Business Growth & Market Development (20% of time)

• Achieve targeted revenue, policy uptake, and profitability for the Life Assurance segment.
• Identify and pursue growth opportunities through bancassurance, tied and independent agency networks, brokers, and digital platforms.
• Oversee marketing initiatives to enhance brand awareness and customer engagement.

C. Product Development & Customer Solutions (15% of time)

• Lead the design and development of Life Assurance products tailored to customer needs and market dynamics.
• Ensure products are priced competitively and meet regulatory requirements.
• Integrate customer feedback into continuous product improvement.

D. Regulatory & Compliance Oversight (15% of time)

• Serve as the designated Principal Officer for Life Assurance as per the Insurance Regulatory Authority (IRA) Uganda requirements.
• Ensure compliance with all Life Assurance regulations, corporate governance standards, and industry codes.
• Maintain strong relationships with the IRA and other relevant regulatory bodies.

E. Operational Excellence (10% of time)

• Oversee underwriting, claims, and policy administration processes to ensure efficiency and customer satisfaction.
• Implement effective governance, risk management, and control frameworks.
• Drive process improvements and cost efficiencies.

F. Financial Management (10% of time)

• Prepare and manage the Life Assurance budget and financial plan.
• Monitor performance against targets and take corrective action where necessary.
• Ensure prudent financial management and optimal resource utilization.

G. Stakeholder Engagement (5% of time)

• Develop and maintain strong relationships with customers, intermediaries, regulators, and industry associations.
• Represent the Life Assurance segment in industry forums, conferences, and media engagements.

H. People Leadership (5% of time)

• Lead, mentor, and develop the Life Assurance team to achieve business objectives.
• Promote a performance-driven, customer-focused culture.
• Ensure succession planning and leadership development within the segment.

Key Skills, Knowledge, Experience and Behavioral Competencies

Academic and Professional Requirements:

Particulars Detail Specific Field or Qualification

Education Bachelor’s Degree

Bachelor’s degree in Insurance, Business Administration, Actuarial Science, Economics, or related field

Master’s degree is an added advantage

Professional Qualification

ACII, CII, Diploma in Insurance or equivalent professional insurance qualification.

Experience Required:

Description Required years of experience

Relevant experience

Minimum of 10 years’ experience in the life assurance sector, with at least 5 years in a management role.

Proven track record in business growth, product innovation, and regulatory compliance.

Skills and Competencies:

• Strategic thinking and execution.
• In-depth understanding of life assurance products and distribution channels.
• Strong relationship-building and negotiation skills.
• Financial acumen and analytical skills.
• Excellent communication and stakeholder engagement skills.
• Leadership and team development capabilities.

CIC Insurance Values

CIC Group is committed to providing excellent service, spur further growth and employees are required to align their behavior to the following core values as critical to driving their performance;

• Integrity- Be fair and transparent
• Dynamism- Be passionate and innovative
• Performance- Be efficient and results driven
• Co-operation- Live the Co-operative spirit

• Develop and execute the Life Assurance business strategy in alignment with the subsidiary’s and CIC Group’s vision.
• Drive product innovation, market expansion, and digital transformation to maintain competitive advantage.
• Monitor industry trends and adjust business plans accordingly.
• Formulate, implement and ensure achievement of company’s overall business strategy
• Prepare regular and periodic reports to the board for strategic direction and on achievement of planned goals
• Achieve targeted revenue, policy uptake, and profitability for the Life Assurance segment.
• Identify and pursue growth opportunities through bancassurance, tied and independent agency networks, brokers, and digital platforms.
• Oversee marketing initiatives to enhance brand awareness and customer engagement.
• Lead the design and development of Life Assurance products tailored to customer needs and market dynamics.
• Ensure products are priced competitively and meet regulatory requirements.
• Integrate customer feedback into continuous product improvement.
• Serve as the designated Principal Officer for Life Assurance as per the Insurance Regulatory Authority (IRA) Uganda requirements.
• Ensure compliance with all Life Assurance regulations, corporate governance standards, and industry codes.
• Maintain strong relationships with the IRA and other relevant regulatory bodies.
• Oversee underwriting, claims, and policy administration processes to ensure efficiency and customer satisfaction.
• Implement effective governance, risk management, and control frameworks.
• Drive process improvements and cost efficiencies.
• Prepare and manage the Life Assurance budget and financial plan.
• Monitor performance against targets and take corrective action where necessary.
• Ensure prudent financial management and optimal resource utilization.
• Develop and maintain strong relationships with customers, intermediaries, regulators, and industry associations.
• Represent the Life Assurance segment in industry forums, conferences, and media engagements.
• Lead, mentor, and develop the Life Assurance team to achieve business objectives.
• Promote a performance-driven, customer-focused culture.
• Ensure succession planning and leadership development within the segment.

• Strategic thinking and execution.
• In-depth understanding of life assurance products and distribution channels.
• Strong relationship-building and negotiation skills.
• Financial acumen and analytical skills.
• Excellent communication and stakeholder engagement skills.
• Leadership and team development capabilities.

• Bachelor’s degree in Insurance, Business Administration, Actuarial Science, Economics, or related field
• Master’s degree is an added advantage
• ACII, CII, Diploma in Insurance or equivalent professional insurance qualification.