The Management of Sovereign Trust Insurance plc has again demonstrated its resolve to uphold professionalism and continually develop the human capital resources in the insurance industry in Nigeria. This time around, the underwriting firm has beamed its training searchlight on some of its non-executive directors that are non-insurance professionals.
In his flag-off speech, the Managing Director of the company, Mr. Wale Onaolapo thanked the Directors for making themselves available for the programme and believing in the essence of the training. He urged them to see the programme as an eye-opener to the dynamics of the insurance business both at the local and the international levels. The participants included the Chairman of the company, Chief Ephraim F. Faloughi, OON; others are Mrs. Adefemi A. Taire, OFR, Mr. Kolapo Lawson, Professor Steve Azaiki, OON and Col. Musa Shehu, (Rtd.), OFR, an independent director.
Speaking on behalf of the participants, Chief Ephraim F. Faloughi, OON, lauded the initiative behind the training. “In his words, the importance of insurance appreciation for non-insurance practitioners, especially stakeholders of the business, cannot be over-emphasized considering the ever-evolving operating standards and principles of the underwriting business in the country at the moment”. He further stated that other insurance companies in the country should emulate such initiative in deepening the quality of the human capital base both at the operational and stakeholders’ level.
Apart from providing insights to the participants on the business of insurance, the one-day seminar also exposed them to the special nature of insurance contracts, principles and concepts while at the same time, make the Directors aware of the extent of their oversight responsibilities and liabilities associated with insurance business. Another major highlight of the seminar was to ensure that the participants are able to formulate policies that are based on sound insurance principles and other provisions of the insurance law for the smooth day-to-day running of the business by management.
The seminar was organized by Riskguard-Africa (Nigeria) Limited under the leadership of Chief Yemi Soladoye, an acclaimed insurance practitioner of international repute with over 3 decades industry experience. Other facilitators included are Mr. Dare Thomas, Director-General of Nigeria Insurers Association, NIA, the Managing Director of Glanvills Enthoven Insurance Brokers, Mr. Patrick Olatunji Oluyemi as well as one of the company’s Directors, Sir. Ogala Osoka, MFR, who was at different times the Managing Director and Chief Executive Officer of NICON and Nigeria Re respectively. He was also the past-president of Chartered Insurance Institute of Nigeria.
Sovereign Trust Insurance Plc continues to chart the course of pioneering initiatives that are geared at promoting the insurance industry in the country. The company parades a varied array of professionals and places high premium on human capital development at every level of operations in the organization.