Mrs. Funmi Babington-Ashaye
AN ADDRESS by Mrs. Funmi Babington-Ashaye
Author “Insurance in Practice-All you need to know about Insurance in Nigeria” at the Public Presentation of the Book
Held at the Main Auditorium, NIIA, Kofo Abayomi Street, Victoria Island On Wednesday, March 22, 2017
The Chairman of this Occasion, who is also chairman of Continental Reinsurance plc and the first Professional Nigerian Actuary, Chief Ajibola Ogunshola
The Commissioner for Insurance, Mr Muhammed Kari
Our Special Guest of Honor, Baba Olola Bode Ogunlana.
Our Chief Launchers, Dr Stella Okoli, Group Managing Director Emzor Pharmaceuticals Limited
And also Dr Taiwo Afolabi Group Managing Director Sifax Nig. Limited ably represented by Dr Fola Rogers-Saliu Executive Director, Sifax Group
My Uncle, Pastor Benjamin Majekodunmi, National Elder RCCG.
All Co-Launchers here present
Specially invited guests
Captains of Industry here present
The Book Reviewer, Professor Ibiwoye
Distinguished Insurance Executives here present
Representatives of Tertiary Institutions here present
Insurance Students and their erudite lecturers
Gentlemen of the Press
Ladies and Gentlemen
Good Morning.
1. I am most delighted to welcome you all to this historic occasion of the launching of my book, “Insurance in Practice-All you need to know about insurance in Nigeria” which the Almighty God graciously gave me the privilege to write. To God be all the glory.
2. It is, indeed, a dream come true and I affectionately dedicate the book to the memory of my late husband, Omooba Adebajo Abiodun Babington-Ashaye, FCA who spurred me on in the midst of my numerous official engagements and busy schedules. Until his untimely passage five years ago, he was never tired of asking for the next phase of the book project or the next chapter’s manuscript! Even when I sometimes pretended not to have heard his enquiry, he reechoed it many times. Such was his commitment to my literary interest. Today, it is accomplished to the glory of God. I dare say that, “some people come into our lives and quickly go, like waves briefly touching the shores. Some people stay for a while and give us a deeper understanding of what is truly important in this life. They touch our souls. We gain strength from the footprints they have left on our hearts. And we will never be the same”. Yes, I have not been the same ever since. His large footprints remain a source of inspiration and strength. May his gentle soul continue to rest in perfect peace. Amen.
3. Distinguished guests, ladies and gentlemen, as you all know, Insurance for a token payment called premium, Insurance company will readily agree to shoulder the policyholder’s huge risk with a promise to compensate him when the disaster insured against, happens! What a gracious and comforting business act. I love Insurance.
4. In the last 30 years, I have had the privilege of operating as an underwriter in well structured environments and provided leadership at the topmost level in listed and non-listed insurance companies. In all these years, one critical issue which continued to stir up my conscience and professional thoughts was: the need to make insurance simple, inviting and a strategic part of any business and Individual plans.
5. From my experience, it is difficult for Insurance companies to admit, but it is true, that there is a gap between them and their huge stakeholders. This is what I call the communication gap. Stakeholders do not quite understand the meaning of concepts or words used in Insurance policies. Notwithstanding the definitions provided, the Insurance policies do not quite communicate value to existing and potential policyholders. The insured buy and hold a policy or legal document without knowing fully, how to benefit from it when the disaster insured against, happens.
6. This communication gap explains why two vehicles are involved in an accident and both drivers will drag themselves to the mechanics to repair their cars without informing the Insurance companies.
7. In this manner, our customers unwittingly pay the price of ignorance or communication gap. One significant inference that can be drawn from this, is that we are not communicating enough with our stakeholders, particularly, potential and current policyholders. We must engage them for our collective good.
8. As Regulators and various arms of the insurance industry, we need to bridge this communication gap. We need to reach out to the users of our services with the clear message that: Insurance secures; Insurance protects; Insurance comforts! We may have been doing this in the past with vigour. But, doing it in a simple manner, is what counts. Simplicity should be our weapon, strategy and watchword.
9. Late Steve Job’s of Apple was hugely successful in terms of market leadership and size of profits because of the simplicity of its products. It was Apple’s Simplicity that “formed an unbreakable connection with its customers and this inspired them to evangelise to colleagues, friends and family”. In that same manner, we need to take advantage of simplicity to change stakeholders’ poor perception of our industry.
10. In other words, I was motivated to write this book as part of that crusade of communicating insurance to stakeholders in simple and easily understandable language. Potential policyholders need to see benefits, rather than mandatory requirement, to obtain an insurance policy. By bridging the communication gap, this book will help to create awareness as well as deepen insurance knowledge amongst our youths.
11. In my view, except the next generation of business and family leaders are strategically positioned to key into this message, insurance will remain an afterthought. No one desires this.
12. Therefore, distinguished guests, ladies and gentlemen, your physical presence here today, is an endorsement of this initiative. While thanking you all for sharing in my vision, there is a greater task that lies ahead of us, individually and collectively. You need to join me to carry this insurance message to the Universities and tertiary institutions in the country. Deliver the message with copies of this book. Procure copies and donate to various institutions of higher learning. Volunteer your time to share your insurance experiences with the youths. They are our tomorrow and the future of Insurance. Let’s build the next generation together.
13. Finally, let me note that no one person singlehandedly writes a book. An average author stands on the shoulders of others to write. Many distinguished persons here present, too numerous to be mentioned, have played key roles which added great value to the final outcome we are celebrating today. I sincerely thank you all for your contributions.
14. Once again, INSURANCE COMFORTS!, INSURANCE PROTECTS, INSURANCE SECURES!
15. Thank you all for your attention and God bless.
Mrs. Funmi Babington-Ashaye
22nd March, 2017
