Sovereign Trust adopts new business model

Sovereign Trust adopts new business model

Chuks Udo Okonta

Sovereign Trust Insurance Plc has announced the re-modelling of its internal business structure to optimize performance and increase its market share in the Insurance industry.

The company took at the decision joint Strategy Session between members of the Board of Directors and the Senior Management in Lagos.

Its spokesperson Mr Segun Bankole, said the new business model is designed with the aim of harnessing greatly the vast opportunities that are inherent in the insurance business as well as explore new untapped market in the insurance industry in the country.

Under the new business model, the activities of the underwriting firm will be anchored on three Divisions namely, Retail and Business Development, Operations and Finance & Administration respectively.

The Chairman of the Establishment, Governance and Business Development Committee, Ogala Osoka, pointed out that the session provided a never-before opportunity to hatch time-enduring ideas with Managers of the business and hopes that the dividend of the session will become visible in a not-too distant time. In his words, " it is very imperative that business models are periodically reviewed to ensure that the opportunities in the market space are adequately addressed in taking a vantage position".

In furtherance of the implementation of the business model, the Management has equally appointed Officers who will be responsible for propelling the initiative. They are Olaotan Soyinka, Kayode Adigun and Ugochi Odemelam.

Olaotan Soyinka the erstwhile Divisional Head of Energy Division takes charge of the Operations Division with the responsibility of directing the affairs of the Departments under the Division which are Energy, Technical and Branch Operations.

Kayode Adigun is to oversee the affairs of the newly established Finance and Administration Division with responsibility for Finance and Investments, Corporate Services, Human Resources, General Internal Services and Legal services.

Ugochi Odemelam formerly in charge of the Marketing & Relationship Management Division moves to Head the Retail & Business Development Division of the company with responsibility for Direct Marketing, Agency Network, e-business as well as

Olaotan Soyinka is an erudite and well-grounded underwriter with over 17 years experience. He is an Associate of the Chartered Insurance Institute of Nigeria. He holds a Bachelor’s degree in Insurance from University of Lagos and a Master of Science degree in Marketing. He is an alumnus of the Lagos Business School having successfully completed the Senior Management Programme. He joined Sovereign Trust Insurance Plc in March1998.

Kayode Adigun holds a Master of Science degree in Government and Finance from Liverpool John Moore University, United Kingdom with an additional Master Degree in Business Administration from the Obafemi Awolowo University Ile-Ife. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria respectively. He is equally an alumnus of the Lagos Business School. Kayode joined Sovereign Trust Insurance Plc in 1997.

Ugochi Odemelam is seasoned sales personnel with over 18 years experience. She is a Member of the Chartered Insurance Institute of Nigeria (CIIN), Chartered Insurance Institute of London (CII) and the Nigerian Institute of Management (NIM). She holds a Master Degree in Business Administration from ESUT Business School. Ugochi is an alumnus of the Lagos Business School having successfully completed the Senior Management Programme. She joined Sovereign Trust Insurance Plc in its year of inception, 1995.

This change according to the Head of Corporate Communications and Brand Management, Segun Bankole was informed by the need to sustain high level performance across the company, ensure Human Resource optimisation, and provide exceptional customer relationship management. It is expected that the change will bring about monumental growth in terms of the company’s market share and impact positively on the underwriting firm’s balance sheet in the years ahead. He further stated that Management will continue to make appropriate changes in the company’s structure and processes to achieve the set goals and objectives as defined in the corporate philosophy of the company.

Its Managing Director Wale Onaolapo wished every member of the team in the newly established Divisions well and enjoined them to commit their hearts to the great task ahead. He said Management will continually provide an enabling work environment that will engender good performance, promote team spirit and good welfare package.