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Chuks Udo Okonta
The Managing Director/CEO, Staco Insurance Plc, Olawale Banmore has recently bagged doctorate degree in Business Administration and Marketing with Specialisation in Strategic Marketing from Babcock University, Ogun State.
This is the latest in his many feats in the academic world.
To this end, he had his Thesis on ‘Claims Management Strategies and Performance of Selected Insurance Companies’ and the topic indicated the effect of claims management practices on firm performance, significantly moderated by government policy of selected insurance companies in Lagos State, Nigeria.
While his findings show that there exist a positive correlation between Nigeria’s monetary development and all out-protection speculation and the relationship between complete protection venture and GDP in Nigeria, the findings point out that insurance is a cover from financial loss.
The findings of the study revealed that non-life insurance penetration had a positive and substantial effect on the economic growth in Nigeria during the period while the thesis has opened the door for scholars in Nigeria and other African nations to expand the frontier of knowledge in this domain.
Speaking on his feat, Banmore said: “The source of my existence as well as my hope, the hope that brought me to this point in my life and would undoubtedly take me far beyond it, God, the all powerful, he is the source. I am grateful to the Father for being my inspiration, wisdom and courage as well as my shield and buckler I relied on to move on.”
Banmore is a known brand in insurance industry having worked with several companies and served at various capacities in the industry.
Wale Banmore is a seasoned insurer with over 30 years on the job experience in the insurance industry.
Aside his doctorate degree, he is a graduate of Sociology from the University of Ibadan and holds a Master’s Degree in Managerial Psychology from the same institution.
He is an associate member of the Chartered Insurance Institute of Nigeria (ACIIN); a member of the Africa Insurance Organisation(AIO); a member of the Nigeria and South Africa Chambers of Commerce and an alumni of the Lagos Business School(LBS).
Having worked with several organisations under different capacities between 1992 and 2003, he joined the Royal Exchange group in 2003 and acted in various managerial capacities within the company.
He was the Managing Director of Royal Exchange Prudential Life Plc, a subsidiary of Royal Exchange Plc from 2011 to December 4, 2019.
In December 2019, he was appointed as the group managing director of Royal Exchange Plc, having became the managing director/chief executive of Royal Exchange Prudential Life, between October 2011 and August 2018.
He was midwifing the proposed microinsurance subsidiary of Bosak Group as the managing director/CEO between April 2021 and May 2022, a place he left to spearhead the new management of Staco Insurance Plc.
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