L-R: kayode Adigun, Executive Director, Finance and Corporate Services; Atinuke Lawal, Founder, Atinuke Cancer Foundation and Author of the book, ‘ATINUKE’-(CANCER MESSED WITH THE WRONG CHIC) with Segun Bankole, Head, Corporate Communications & Investor Relations, Sovereign Trust Insurance Plc.

The presentation of the Appreciation Plaque was carried out at the Corporate Head Office of the Underwriting Firm by the Founder of the Cancer Foundation, Atinuke Lawal, who herself is a cancer survivor.

Sovereign Trust Insurance Plc has been a collaborative partner of the Foundation over a couple of years. The Foundation is a decade old.

Mrs. Adesola Akintayo

Executive Director

Rex Insurance Limited

The Board of Rex Insurance Limited (Rex) is pleased to announce the appointments of key executives in the company.

They are Adesola Akintayo as Executive Director, Technical; Abayomi Kayode as Chief Financial Officer (CFO); Adeyinka Aderombi as Chief Digital Information Officer (CDIO); and Kazeem Sulaimon as Head, Underwriting.

These appointments have all been approved by our regulator, the National Insurance Commission (NAICOM)

Speaking on the new appointments, the Chairman, Board of Directors, Dr. Ike Chioke, said: “These new appointments will play a pivotal role in driving the company’s strategic initiatives and fostering continued growth.

With proven track records of success, they bring a wealth of experience and expertise to Rex Insurance. Their extensive background in their relevant positions make them an invaluable asset to the organization.”

Speaking further, he added that “they all have a strong reputation for innovative thinking, exceptional leadership, and a deep understanding of the industry landscape, and we are confident that their leadership will propel Rex Insurance to new heights and reinforce our position as an industry leader in the insurance landscape in Nigeria.”

Their strategic vision and ability to drive operational excellence will be instrumental in guiding Rex Insurance towards continued success and expansion.

Adesola with her extensive experience and knowledge of the insurance industry, will drive continuous growth and profitability as the Executive Director of the Technical Department of Rex Insurance. Abayomi is charged with a focus on ensuring the financial wellbeing of the organisation, optimizing resources, and driving long-term profitability. Adeyinka as the Head of IT will lead technological advancements, ensuring that IT infrastructure supports business growth, operational efficiency, and innovation in Rex Insurance, and Kazeem as the Head of Underwriting, which is the core of our business will ensure Rex Insurance becomes a major player in the insurance space, with the goal of strengthening risk management practices.

Furthermore, the company stated that these four appointments were done to ensure that Rex Insurance continues to exploit the opportunities that abound in the general insurance space and ensure continued growth for the company, especially as it seeks to focus on technical competence, financial growth, and become a digital insurance company, offering efficient and seamless services to its clientele.

Below are the profiles of the new appointees.

ADESOLA AKINTAYO – Executive Director, Technical 

Adesola Akintayo is the Executive Director, Technical, Rex Insurance Limited. She is a result-driven insurance professional with close to three decades of experience in underwriting, reinsurance, Claims and risk management.

Adesola started her insurance career with Royal Exchange Assurance Nigeria, (as the company was known then) in the Statistics Department, rising to become the Unit Head. She was later appointed the Head, Statistics & Reinsurance in the company.

She was also the Head, Statistics and Risk Management and was promoted Senior Manager/Head, Underwriting and Reinsurance Plc and then elevated to an Assistant General Manager, Technical Operations. She was moved up to the position of Deputy General Manager/Head, Underwriting/Reinsurance, Acting Head, Technical until her elevation and confirmation as the Executive Director, Technical (ED, Technical) at Rex Insurance Limited.

She holds an HND, Statistics from The Polytechnic, Ibadan and a master’s degree in business administration (Marketing) from Ladoke Akintola University. Mrs. Akintayo is an Associate of the Chartered Insurance Institute of Nigeria (ACII). 

ABAYOMI KAYODE – Chief Financial Officer (CFO)

Abayomi Kayode is the Chief Finance Officer (CFO) of Rex Insurance Limited. Prior to joining Rex Insurance, he was the CFO in 2 other insurance companies and was previously the head of Finance at a Life Insurance firm in Nigeria, where he also held other positions such as Head, Performance Management and later, Head, Premium Administration.

His previous experiences have given him the opportunity to set up the Finance and Investment processes, procedure and systems from the scratch and he has gained insights in strategy formulation and implementation as well.

He has over two decades experience in various Finance roles and vastly experienced with proven track record in financial management, financial and regulatory reporting, management accounting, mergers and acquisition, business process automation, compliance and capital management, and budgeting and strategy formulation as well as strategic leadership.

A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Abayomi is also an Associate of the Chartered Institute of Taxation of Nigeria (CITN) and holds an MBA in Financial Management from Ladoke Akintola University of Technology Ogbomoso and an HND from Ondo State Polytechnic.

ADEYINKA ADEROMBI – Chief Digital Information Officer (CDIO)

Mr. Adeyinka Aderombi is the Chief Digital Information Officer of Rex Insurance Limited and is an Information Technology leader with over 20 years’ experience in Information Technology and Digital Innovation, Transformation and Business.

Prior to joining Rex Insurance Limited, he was the Head of Digital Transformation at a composite insurance firm and has a varied work experience, with Liberty Holding Nigeria as Head, Business Solutions and IT infrastructure; Konga Online Shopping as Vice President, Product Management; General Electric International Operations Nigeria – Africa IT Infrastructure leader and Airtel Nigeria as IT applications and Billing Architect; among others.

Adeyinka holds a bachelor’s degree in computer engineering from Obafemi Awolowo University and an Executive MBA from Quantic School of Business and Technology. He also has a Certification in Digital Transformation from INSEAD, a master’s degree in Entrepreneurship and Innovation from the Rome Business School and a Post Graduate diploma in Artificial Intelligence and Machine Learning from the University of Austin, Texas

KAZEEM SULAIMON – Head, Underwriting

Kazeem Sulaimon is the Head, Underwriting, Rex Insurance Limited. He’s a Seasoned Insurance Professional with close to 2 decades of experience in Insurance Underwriting across various general insurance firms in Nigeria.

Kazeem’s career path has seen him traverse three (3) other general insurance firms where he cut his teeth in technical operations and underwriting.  A multiple award winner, Kazeem has been recognized as the Most Disciplined Staff – 2007, Best Operations Staff – 2009, Most Customer Oriented Staff – 2020 and his Underwriting Team also won the Best Team of the year in 2022.

He joined Rex Insurance Limited in May 2023 as a Senior Manager (Underwriting) where he has also won Rex Insurance Customer Experience Champion (2024) and the Best Team Player of the Year 2024.

Kazeem Sulaimon holds a bachelor’s degree in business administration and master’s degree in risk management, both from the University of Lagos. He’s an Associate of both the Chartered Insurance Institute of Nigeria (ACII) and the Risk Management Association of Nigeria (RIMAN).

About Rex Insurance Limited (Rex)

Rex Insurance Limited (Rex), is licensed by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products and with decades of experience in the Nigerian market, Rex Insurance has an enviable reputation for technical competence and financial strength.

With a vision of being the “Preferred Nigerian Insurance Company”, our strategic direction within the next 5 years is to focus on growth and profitability with the aim of growing the company’s gross premium written and be amongst the Top-3 general insurance companies in the market.

To achieve these objectives, we will continue to innovate and differentiate our products offerings, invest in research and technology to build capacity, undertake market insights for strategy and decision-making, and reposition our brand as reliable, innovative and more visible across all the market segments.

Rex Insurance seeks to undertake an improvement in our service delivery, optimize our operational capabilities and engage, develop and retain the best human capital to make Royal Exchange General Insurance Company one of the best places to work in Nigeria.

Operating from twelve (12) business locations nation-wide to ensure maximum outreach and complete accessibility to its customer base, the company has an unwavering dedication to its core values of Resilience, Efficiency, eXellence, Integrity & Teamwork (REXIT), the company continues to maintain its lead in underwriting majority of the corporate risks in Nigeria.

One of the major challenges of insurance business in Africa is low penetration despite the huge population of the continent.

As at 2024, the 54 countries that make up the continent had a total population count of 1.5 billion.

As insurers grappled with this hindering setback to sustainable insurance industry growth, the COVID-!9 pandemic of 2020 came with the promise of digitalisation to scale some of the challenges of reaching the vast majority of potential customers outside the brick-and-mortar model at a relatively lower cost.

In this article, Prince Cookey of Business Journal explores the problem of low insurance penetration in Africa and the promise of digitalisation to close the gap.

Why Low Insurance Penetration in Africa

In 2022, South Africa was reputed with insurance market penetration of 11.3%, the highest on the continent. It was quickly followed by Namibia at 7%; Morrocco (2.1%); Kenya (1.2%) and other countries in Africa coming in at less than 1% percent.

In 2021 however, the penetration level in Africa stood at 2.1%, which was regarded as the second lowest in the world after the Middle East with 1.7%.

In contrast, the United States of America (USA) accounted for the highest insurance penetration in 2022 as the value of generated market premium came to almost 12% of the country’s Gross Domestic Product (GDP).

And for Africa, The Africa Report of September 23, 2024 states that even a ‘1% increase in the insurance penetration rate would automatically lead to a 4.8-point increase in GDP growth on the continent.’

In an interview with New African magazine on the reasons for such low insurance penetration in Africa, Eunice Kinungi, the CEO of Kenya’s Griffin Insurance stated that “insurance, unfortunately, does not have the best reputation, and there is a general distrust of insurance companies perpetuated by poor customer service and unpaid claims.”

According to the Journal of Financial Risk Management, some of the reasons for low insurance penetration in Botswana are poverty and lack of awareness.

In the Journal of Developing Country Studies (2020), the lack of funds for intense marketing of insurance products and services to potential clients was also cited as a reason, But other reasons monitored by insurers include poor legal and judicial systems, lack of qualified personnel,  religious beliefs, poverty and lack of awareness as the cited case of Botswana.

Atlas Magazine: Insurance Penetration Rate 2022 in Africa

Digital Economy as Enabler

A key feature of the digitalisation concept in addressing low insurance penetration is rapid mobile connectivity and growing ownership of smartphones in Africa.

A GSMA report of November 6, 2024 stated that ‘by the end of 2023, nearly 44% of the population in Sub-Saharan Africa subscribed to a mobile service, amounting to 527 million subscribers.’

In his publication (African Countries with the Highest Number of Mobile Phones) of July 26, 2024, Kofi Diallo stated: “As of 2024, Nigeria leads Africa with a mobile phone penetration rate of 85%, with 92% of adult males owning a smartphone. South Africa follows with a mobile phone penetration rate of 82%, translating to approximately 54 million mobile phone connections.”  

Digitalisation and Insurance Penetration

A recent report by the Oxford Business Group (OBG) states that the conditions for technology-led insurance adoption have continued to improve.

According to OBG, as of the beginning of 2023, there were an estimated 122.5 million Nigerians using the Internet and nearly 194 million mobile phone connections.

The number of mobile Internet subscriptions stood at 152.2 million as of October 2022, up 8.7% year-on-year compared to the 140 million reported in October 2021.

“Nigeria’s insurance sector has been upended by the global growth in digitalisation, meaning that investing in digital infrastructure has become imperative for companies to remain competitive,” Lekan Ajisafe, CEO of Lagos-based insurance company, Post Assurance Brokers told OBG.

“The digital adoption rate has been robust, permeating the entire value chain, and the regulators have taken the initiative by automising their portal.”

A February 25, 2022 Report by Cenfri on Understanding insurance distribution and automation in Africa (Lucia Schlemmer and Nigel Bowman), states:

“Limited digitalisation of the insurance sector in Africa constrains uptake. Less than 10% of adults across nine sub-Saharan African countries have private insurance. The low uptake is in part due to high delivery costs and low levels of digitalisation. African insurers, banks and brokers typically rely on manual processes for selling insurance, onboarding and engaging with clients and settling claims. Insurers also tend to have costly and outdated legacy systems, which limit their integration and automation capabilities with distribution partners, who then struggle to originate and administer policies efficiently.

Digitalisation of processes presents opportunities for efficiency gains. COVID-19 strengthened the imperative for insurance markets to digitalise, as the lockdowns and restrictions in movement constrained insurers’ operations and new sales. In addition, distributors face increasing pressure to lower operating costs, increase productivity, automate tasks and efficiently meet compliance requirements.”

Mr. Akinjide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited (Nigeria) stated in ‘Digitalisation Potential in Addressing the Challenge of Low Insurance Penetration in Africa’ that

digitalisation can significantly boost insurance penetration in Africa in six key areas:

Enhanced Accessibility: Digital platforms can reach a wider audience, including remote areas, through mobile apps and online portals, allowing customers to purchase and manage policies without visiting physical offices.

Streamlined Processes and Cost Reduction: Automation can simplify processes, reduce paperwork, and cut costs for insurers, leading to lower premium products, faster turnaround time and making insurance more affordable.

Improved Customer Engagement and Transparency: Real-time engagement through digital channels helps insurers understand customer needs better. Data analytics and blockchain enhance transparency and trust, with customers able to track claims in real time.

Personalised Products: Digital tools allow insurers to analyse data and offer tailored insurance products, increasing their relevance and appeal.

Education and Awareness: Digital platforms can educate the public on the benefits of insurance using social media, online campaigns, and educational apps.

Fraud Prevention: Improved data collection and analysis through AI and machine learning detect and prevent fraudulent claims, enhancing the efficiency and reliability of the insurance sector.

The Challenge

The lingering question in the market is how far digitalisation can go to solve the problem of insurance penetration in Africa.

Again, the Centri report stated: “However, digitalisation is not a silver bullet. While improved digitalisation and integration can help insurers and distributors overcome many of the challenges faced in distributing insurance, the needs and realities of the markets in which they operate need to be considered. Consumers lack trust in, and have a poor understanding of insurance and often lack the digital skills required to engage through fully remote channels. A digital approach thus needs to be balanced with in-person engagements.”

Conclusion

The Covid-19 pandemic of 2020 has become an unexpected blessing to the insurance sector in Africa. The pandemic created the need for digitalisation which in turn has rapidly assisted underwriters in Africa to rapidly increase insurance penetration beyond the traditional means of providing insurance products and services.

In essence, digitalisation remains the future of insurance business in Africa given the growing numbers of the youth population and digital means of communication on the continent.

As Nigerians usher in the New Year with celebrations and festivities, Leadway Holdings, one of the nation’s foremost non-banking financial institutions, is calling for heightened public safety awareness. This advocacy is part of its continuous efforts aimed at empowering individuals to prioritise their well-being amidst different economic and social activities – especially this season when everyone returns to their homesteads after the holidays and settle into the new year.

At a concluded webinar hosted by the organisation, key speakers, including Imeh Udofia, Chief Security Officer of Leadway Group; Aishat Bello Garuba, Head, Corporate Services, Leadway Holdings; and Chief Route Commander Godwin Umweni Johnson of the Federal Road Safety Corps (FRSC), shared actionable strategies for staying safe even in the midst of increasing economic and social activities around us.

The webinar addressed pressing safety concerns such as road traffic risks and security challenges unique to high-traffic seasons like now where people and organisations are returning to full-scale work after the festive season. Aishat Bello Garuba opened the discussion with a call to action:

“At Leadway, your safety is our priority, and we are deeply invested in your wellbeing. The New Year is a time of joy and working towards our resolutions, but it is crucial to stay vigilant and well-informed. Through this campaign, we aim to equip you with the expert insights and practical tips to remain informed, vigilant, and prepared, highlighting our dedication to bridging the gap against risk exposure”

Chief Security Officer Imeh Udofia highlighted the importance of personal vigilance and adopting safety best practices.

“The New Year presents opportunities for celebration, but it also brings unique security challenges. Simple actions, like safeguarding personal belongings, reporting lost items with your identity, avoiding late-night commutes, and staying aware of your surroundings, can make all the difference. Security is not passive; it requires awareness and action. At Leadway, our mission is to empower you with the knowledge and tools to navigate these challenges safely.”

On road safety, Chief Route Commander Godwin Umweni Johnson urged Nigerians to embrace shared responsibility.

He stated: “As an organisation, we have increased activities this period to match the dynamism of the period. This year, we are taking a paradigm shift with the theme ‘Speak Up Against Dangerous Driving”, where our focus this year extends to passengers, urging them to take responsibility for their safety.  While drivers remain a key focus, we are empowering passengers to hold them accountable. Road safety is a shared responsibility, and when every road user plays their part, we can create a crash-free and safe environment. The risks are not mystical; they are preventable when we prioritise responsibility and caution.”

Participants lauded Leadway’s proactive approach in providing valuable insights into fostering a culture of safety.

Reflecting on the initiative, Aishat Bello Garuba added: “Safety is a shared responsibility. At Leadway, we remain committed to championing efforts that safeguard lives and empower Nigerians to celebrate the New Year with peace of mind.”

Leadway Holdings continues to demonstrate its commitment to the well-being of Nigerians, transforming the New Year season into one of empowerment, resilience, and collective action towards a safer society.

This serves as a call to action for all Nigerians to prioritise safety, take ownership of their wellbeing, and embrace the new year with safety and peace of mind.

L: Mr. Godwin Agbonaye, the Regional Head of Lagos and South, Veritas Kapital Assurance Plc and Mr. Arinze Adigwe, the Head of Marketing and Corporate Communications at Veritas (R) receiving the award in Lagos from Mr. Abidemi Adesanya (M), representing the award organisers.

Veritas Kapital Assurance Triumphs at the 2024 Customer Service Excellence Awards.

Veritas Kapital Assurance Plc has emerged victorious at the prestigious 2024 Customer Service Excellence Awards, clinching the highly coveted titles of Insurance Brand of the Year and Best Customer Care Insurance CEO of the Year.

The gold and diamond awards were presented today, January 10th, 2025, by Customer Service Standard Magazine, in recognition of the company’s exceptional customer engagement and leadership in the insurance sector.

Dr. Adaobi Nwakuche, the Managing Director and CEO of Veritas Kapital Assurance Plc, was honored with the Diamond Award for Outstanding CEO Leadership. Her transformative leadership and focus on enhancing customer service have positioned the company as a leader in the industry.

The Gold Award for Outstanding Customer Engagement was presented to the company, with Mr. Godwin Agbonaye, the Regional Head of Lagos and South, accepting the award on behalf of Dr. Nwakuche.

Mr. Arinze Adigwe, the Head of Marketing and Corporate Communications, also took to the stage to collect the Gold Award for Insurance Brand of the Year, further underscoring the company’s strong brand presence and customer-centric approach.

Mr. Abidemi Adesanya, representing the award organisers, praised Veritas Kapital Assurance for its outstanding customer engagement, noting that the company and its leadership emerged as the winners after thorough and meticulous research. He commended the firm for placing customers at the center of its business strategy, which has greatly contributed to its continued success.

In his acceptance speech, Mr. Agbonaye expressed deep gratitude to the organisers for the recognition. He emphasised Veritas Kapital Assurance’s unwavering commitment to customer satisfaction and highlighted the integral role that customer engagement plays in driving the company’s growth and success. He further noted that this award reaffirms their dedication to consistently enhancing their service delivery and products.

This momentous win for Veritas Kapital Assurance not only solidifies its position as an industry leader but also reinforces its dedication to setting new benchmarks in customer service excellence.

The Managing Director and Chief Executive Officer of sovereign Trust Insurance Plc, Olaotan Soyinka has emerged the ‘Most Outstanding Auto Insurance CEO of the Year’ in 2024.

The award was presented to him at the Business Excellence Award organised by Beta Media Group in Lagos. Soyinka’s nomination and eventual victory has been highly commended by watchers of the industry. A very dedicated professional and one who is highly committed to the growth and development of the insurance industry in Nigeria and beyond.

In his appreciation speech, Soyinka expressed gratitude to the organisers of the event with every sense of humility and equally applauded the initiative of recognising individuals and organisations who are helping in promoting the Nigerian story in every facet of the economy.

He stated that this recognition was a testament to the hard work, dedication, and unwavering commitment of the entire team. He dedicated the award to every member of the organisation and reiterated their commitment to strive for excellence and serve customers with the utmost integrity.

Olaotan Soyinka is an erudite and well-grounded Underwriter with over 30 years cognate experience. He is a Graduate of Insurance from the University of Lagos and also holds an MSc degree in Marketing from the same university. He is an Associate of the Chartered Insurance Institute of Nigeria, AIIN. He joined Sovereign Trust Insurance Plc in March 1998.

A seasoned Professional who has plied his trade in both Marketing and Technical Divisions over the years. He has been very instrumental in the transformation and consistent growth of Sovereign Trust Insurance Plc since he became the MD/CEO.

He has brought to bear his overwhelming wealth of experience in providing instructive leadership to the company while taking it to the next phase of its growth stage.

Soyinka is an alumnus of the Lagos Business School having successfully completed the Senior Management Programme of the Institution.

He is also a member of the prestigious Ikoyi Club 1938.

The journey to greatness has a lot of hard work and sense of purpose attached to it. For Sovereign Trust Insurance Plc, consistency, professionalism, integrity, creativity and an uncompromising stance for providing far-reaching retail products and services has earned the organisation another Award at the 2024 Business Excellence Awards organised by Beta Media. The underwriting firm won the ‘Most Outstanding Auto Insurance Company of the Year Award in 2024.

In recognition of the company’s creativity and adaptability in product development with regards to retail and affordable insurance products to the insuring public, the organisers of the annual Award through its Award Committee nominated Sovereign Trust Insurance Plc as one of the possible recipients of the award and at the end of it all, the company emerged the winner of the Award for year 2024.

The event was gracefully attended by captains of industries, brand management and marketing practitioners, the media and members of the public.

The criteria for the Award as given by the Technical/Award committee included, efficiency in service delivery, creativity in product development, branch network, the use of technology, media presence of the Brand, adherence to Ethics and Corporate Governance and the quality of Human Resources available to the organisation within the period of the nomination and the screening process.

According to the organisers of the Award, the screening process for the companies nominated for the award was carried out by a group of seasoned Brand Management and Marketing Consultants and some notable members of the Public.

“It was a very rigorous process in determining the eventual Winner for the award but at the end of the day, Sovereign Trust Insurance Plc was adjudged by all as the Winner for the award category in question.”

The CEO of Beta Media, Clarisse Ndinge further reiterated that insurance companies still need to do a lot of work in terms of product development that will impact positively on the lives of the average Nigerian as insurance in the country is still viewed by many as a service for only the rich.

It will be recalled that Sovereign Trust Insurance Plc introduced the Enhanced Third-Party Motor Insurance Policy, (E3P), a hybrid of the conventional Third-Party Cover and Comprehensive Motor Insurance with a premium of N25,000 per annum with accompanying compensation of N3million to the third party and N500,000 respectively to the insured in the event of a road crash.

while receiving the Award on behalf of the organisation, the Head of Corporate Communications and Investor Relations, Segun Bankole thanked the organisers of the event for the honour they have bestowed on the organisation and promised that the company will not rest on its oars in ensuring that the insurance Industry find a credible voice in the Financial Service sector in the country and beyond.

In his words, “we will continue to provide top-of-the-range insurance products and services that will delight our customers anytime they come in contact with our Brand.  We are open to new ideas from members of the public in as much as those ideas will add value to what we do as an organisation.”

He also used the occasion to enjoin the gathering to embrace insurance if they have not yet been exposed to one form of insurance or the other. In his parting words, “Insurance is a sure guarantee for the continued existence of any commercial enterprise and a sure mainstay for the continuous wellbeing of any individual or Family.”