Hamza Mutebi, chief executive of State Wide Insurance Company (Swico), is a man of energy, conviction, and clear vision.
A self-described morning person, his outlook on life mirrors the essence of insurance itself.
"What if it doesn't happen? But what if it does? Insurance is about risk mitigation, that unforeseen circumstance that may happen," he says.
For Mutebi, insurance is not just about numbers but about safeguarding lives and livelihoods.
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"Last year, the industry collected about Shs1.4 trillion, and 56 percent of that was paid out to policyholders. Every year, we pay billions in claims, yet many people don't know how to claim," he explains.
He stresses the need for greater public awareness, pointing out that even simple third-party road accidents should result in compensation.
"Instead of negotiating by the roadside, a third party has a right to be paid if someone knocks them," he adds. SWICO alone pays out an average of Shs2.5 billion daily -- money that goes directly back into the economy.
Mutebi's journey into insurance was unplanned. He began in financial services, working at a licensed brokerage firm on the stock exchange in 2004.
At the time, Uganda's capital markets were limited, with only a handful of companies trading.
"Some days I'd walk into the office, and there would be no work. We also did advisory work for a few high-net-worth individuals investing offshore, but the 2008 financial crisis changed everything," he recalls.
A friend introduced him to insurance, and he briefly worked in asset management in Accra before returning to Uganda. Curiosity drew him in, but conviction kept him in the industry for 14 years.
"Insurance has taught me that risk is real, and you only see it when we pay out claims," he says.
Mutebi's perspective on success is rooted in patience and persistence. His upbringing emphasized the traditional path: go to school, get a degree, and become "successful."
University, however, opened his mind to other paths.
"The world has changed. People want instant gratification, but I'm not convinced that's how life works. It takes a minimum of 10 years to be really good at something," he reflects.
His entrepreneurial journey started small.
"I sold scratch cards at the traffic lights on Jinja Road. Getting into a shop was an upgrade, then later we had a pick-up truck to distribute airtime countrywide.
It takes patience, effort, and time to get the results you desire," he recalls.
Today, SWICO is leveraging technology to simplify claims. Mutebi envisions a future where an accident victim simply takes a photo, uploads it with supporting documents to a chatbot, and receives payment directly via mobile money.
"Banking has already transformed. We want to learn from that," he says.
As Uganda's oldest indigenous-owned insurance company with 43 years of experience, Swico has weathered challenges by adapting to customer needs.
"The service we offered 30 years ago cannot be the same today. But our foundation is strong, and that keeps us grounded," Mutebi affirms.
Mutebi is particularly focused on expanding agricultural insurance. Swico participates in the Agricultural Insurance Consortium, which pools companies to deliver products supported by government subsidies.
In 2024, the government contributed Shs5 billion, but Mutebi insists it is insufficient given agriculture's central role in Uganda's economy.
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Swico is also exploring parametric insurance, where payouts are triggered by measurable events such as rising water levels in Lake Victoria.
"These are meaningful services, but they require partnerships with institutions already supporting farmers, such as lenders," he explains.
Asked how Swico has remained strong for over four decades, Mutebi credits discipline, experience, and adaptability.
From insuring accidents, fire, and public liability to covering goods in transit, marine imports, and bonds for traders, the company continues to serve Ugandans while innovating for the future.
"We have stood the test of time because we know what works and what doesn't. Insurance is about trust, and at SWICO, we are committed to protecting what matters," Mutebi said.
