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Chuks Udo Okonta
Consolidated Hallmark Insurance (CHI) Limited will on Friday, October 4, 2024, unveil winners of its highly coveted Annual Essay Competition 2023 Edition.
The Managing Director/Chief Executive Officer Consolidated Hallmark Insurance (CHI) Limited Mrs Mary Adeyanju, at the pre-awards ceremony press briefing today in Lagos, said the event would hold at the Lagos Chamber of Commerce and Industry (LCCI) Conference and Exhibition Center, 10, Nurudeen Olowpopo Street, Alausa Ikeja Lagos.
She noted that the first prize winner would be awarded N500,000; the second N300,000 and third N200,000, stressing that the prizes when the competition begun in 2011 were N150,000, N100,000 and N50,000 respectively for the 1st; 2nd and 3rd it later moved to
N250,000, N150,000 and N100,000.
She submitted that in view of the prevailing economic situation and to further deepen participation in the process, with effect from the 2023 edition, the winning prize has now been increased to N500,000; N300,000 and N200,000 for the 1st, 2nd and 3rd Prize winners respectively.
The CHIL boss noted that the firm is looking forward to a situation where the winning price money would suffice for a fully funded academic year – inclusive of fees, accommodation, feeding (all costs inclusive for an average student).
She also said the firm would consider the award of its products as complimentary prizes to winners which would enable them have personal feel of insurance, a concept which aligns with Insurfeel Initiative.
She stated that the 2023 external category of the competition centered around the theme “Continuous Devaluation of Naira and the Resultant Rate of Inflation -Effect on Insurance Business in Nigeria.” while the topic for the internal category was: “Challenges and Solutions to the Brain Drain in the Insurance Sector in Nigeria.”
She submitted that in a bid to understudy the disruption of the finance space by fintech companies, a previous topic focused on ‘Financial Technology Disruption in the Banking Sector and Lessons for the Insurance Industry: A Case Study of ‘Opay’ (Mobile Bank)”, adding that it is pertinent to mention that internal category of the competition which is for members of staff only and precursor of the competition has been running alongside the external from inception and that it encourages staff to share insights on issues affecting the industry.
According to her, the winning entries are usually carefully selected in an independent/transparent process involving a panel of external assessors drawn from within and outside the insurance industry.
“A reputable journalist, Mr. Modestus Anaesoronye is a member of the panel and can attest to the independent and fair nature of the process of selecting the winning entries.
“Other members of the panel are drawn from all facets of the insurance industry including broking, underwriting, consultancy and training.
“It starts from a call of entries publication in a national daily, and notification to all institutions of higher learning offering the courses.
“Entries received by the institutions are shortlisted to the three best by the respective heads of departments after which they are forwarded to our company.
“We thereafter forward copies of such entries received to the assessors who individually grade them and return to us for selection of the final winners through a determination of the highest average scores as graded by the assessors by the internal awards committee members.
“The Essay Awards Committee of Consolidated Hallmark Insurance is chaired by a top management staff of the company, and members drawn from other vital departments including technical, human resources, marketing and corporate communications.
“Past heads of the committee include Mrs Oladotun Adeogun, now MD/CEO of Hallmark HMO, Mr. Mac Ekechukwu, immediate past Regional Director of Northern Operations and Mrs. Ijeoma Okoro, immediate past Regional Director of Eastern Operations. The Committee is currently under the leadership of Mrs. Rukevwe Falana, Company Secretary cum Legal Adviser,” she posited.
She stated that the competition started within the company in a bid to encourage research by staff, adding that with the tremendous success gained from the exercise, the management immediately saw the need to extend the competition to a national level by including participants from all higher institutions of learning where insurance and actuarial are offered.
Pivotal to this decision was the need to encourage research, thus deepening knowledge and most-importantly, grooming talents for the entire insurance industry, she added.
According to her, the maiden edition of the competition commenced in 2011 and has since grown to become the main Corporate Social Responsibility (CSR) initiative of the company.
The 2023 edition, she said marked the 13th edition, stating that besides fostering deeper knowledge of insurance and encouraging innovative thinking among participants, the topics are diligently arrived at, in a bid to ensure the research work addresses pertinent issues in technology, the economy and other areas of impact.
She submitted that over the years, winners have emerged from higher institutions of learning spread across various geo-political zones in the country. Institutions that have produced winner include; The University of Lagos, University of Uyo, The Polytechnic Ibadan, Lagos State Polytechnic, Isolo, Imo State University, Owerri, Afe Babalola University, amongst others.
Students of insurance in higher institutions nation-wide, she said now keenly look forward to call for entries to take part in the competition not only for the cash prize but also to deepen their knowledge, and the possibility of employment for winners.
“Past 1st Prize Winners of the competition automatically got offer of employment to join the services of the company and they all took advantage of the offer and have contributed their quota to the growth of the organisation. They have proved themselves in the course of their work, thus attesting to the fact that their winning was not a fluke.
“We shall have the opportunity of listening to one of them in the course of this event. It is also gratifying to mention that some of the past winners so employed and groomed have subsequently made their talents available to other companies in the industry.
“Our effort is geared towards the growth of the entire insurance industry and beyond,” she posited.
Mrs. Mary Adeyanju noted that the Essay Competition has drawn accolades from far and wide, stressing that several scholarship portals now upload the competition on their websites for information to students who no doubt find the cash price useful. One of such portals is: https://scholarshipsandaid.org/2023/08/21/consolidation-hallmark-insurance-essay-competition-for-nigerian-students-2023/.
The CHIL boss said the next target shall be the secondary schools to enable the firm catch them young.
She appreciated the Group Chief Executive Officer of the Holdings Company, Consolidated Hallmark Holdings – CHH Plc Eddie Efekoha, for his foresight which is still speaking load and clear to the world today, stressing that the management of CHIL remains committed to sustaining the competition and actually committing even more resources into it to ensure the goal of building world class workforce is actualized.
One of the winners of the essay competition, who won the first position in 2018, Damilola Olumodeji, a graduate of Lagos State Polytechnic (Laspotech (now Lagos State University of Science and Technology, and currently working in Energy and Special Perils Department, Consolidated Hallmark Insurance Limited, shared his experience, stating that the competition changed his life as he was privileged to be employed by the firm.
He appreciated the board and management of the firm for giving young Nigerians a wonderful platform through the competition.
