The Chief Executive Officer of Consolidated Hallmark Insurance Limited, Mary Adeyanju, speaks with OGHENOVO EGODO-MICHAEL about her career, the insurance industry and other issues
What inspired you to pursue a career in insurance?
My journey into insurance was driven by both a quest in career pursuit and the desire to meet a societal need – the need to offer succour when the unexpected happens to those who have taken adequate measures for protection. Insurance provides peace of mind through prompt claims payment from the large pool of premiums contributed by several individuals and corporations. Whether we like it or not, insurance reduces anxiety for individuals and corporations in the event of any catastrophic loss. I started off in the industry with the belief that as I offered my services, to the best of my ability, to the organisations I served, my career would grow, and I looked forward to attaining the pinnacle someday. The inspiration for me was therefore two-pronged— offer of optimum service on the one hand, and career growth on the other. The career growth was fuelled by the likes of Ms Priscilia Soares and other formidable amazons, who were making their mark. These are individuals I saw as role models and convinced myself that if they could make it to the top, it was possible for me to also break the glass ceiling as they say. I have since realised that it was a decision well taken as the turf has increasingly become conducive for all to realise their potential, irrespective of gender. You will agree that several ladies are rising to the echelon of leadership in their various industries, particularly in the insurance sector where I belong.
How did you get started in the insurance industry?
I started as an insurance broker with Boff Africa Insurance Brokers. I have also worked with Carrier Insurance Brokers, and had the opportunity of having hands-on experience in all facets of insurance – marketing, underwriting and claims. It was indeed quite an exciting time, as I spent about 12 years, before moving on to the underwriting arm of the business, starting with First Chartered Insurance Company, and subsequently Consolidated Risks Insurers, which evolved into Consolidated Hallmark, where I have spent a combined period of 17 years. Mine has therefore fortunately been the advantage of a combined experience in broking, underwriting and marketing, which have readily come handy in the execution of my day-to-day responsibilities.
What informed your decision to study Theatre Arts?
Theatre Arts is exciting. I got inspired because of the multiple opportunities that exist in the world of theatre. You may be aware of the diverse subfields, such as stagecraft and theatre management, costume design and production, events management, among other interesting areas, which have contributed to shaping who I am today. Theatre Arts also helped to develop my artistic skills, critical thinking and creative problem-solving skills. This was even as it enhanced my capacity for collaboration and effective communication. These have been quite useful in the various roles I have played in the insurance industry, especially in marketing and relationship management. You will agree that tertiary education prepares the foundation generally for one to fit into diverse roles, and University of Jos, which is my alma mater, provided that platform.
Are there mentors or role models who influenced your career path?
I was inspired by industry amazons, such as Priscilia Soares. In recent times, I have also had the privilege of benefiting from the mentorship of several exemplary individuals in both my professional and personal life. Notable among them are Mr Eddie Efekoha, Pastor Hannah Oyebanjo, and Mrs Yetunde Ilori. They have always been there for me to look up to, and I have been able to remain on track due to inspiration from them. Their guidance and support have been invaluable to me over the years and I am grateful for the opportunity offered by their mentorship.
With over 15 years working with Consolidated Hallmark Insurance, what do you think sets it apart from other insurance companies?
Consolidated Hallmark is one of the very few insurance companies in Nigeria with the ISO 9001:2015 Quality Management System Certification. Again, the company has recently been recertified, thus confirming our adherence to international best practices in our processes. Only one or two other insurance companies have been thus certified.
We have been privileged from the onset to benefit greatly from quality leadership, which paved the way for the modest achievements we have recorded over the years.
At industry level, the company provided leadership at the top; both at the training arm— the Chartered Insurance Institute of Nigeria; and the umbrella body – the Nigeria Insurers Association through the past president and Chairman, Mr. Eddie Efekoha. He set the pace for optimal service delivery for the organisation through prioritising client protection, forthright claims payment, and commitment to our core values. At CHI, we realise that the end product of insurance remains prompt claims payment. Timely settlement of all fully documented claims remains our priority. We have made the process simple, such that no physical interface is required from the moment a loss occurs to when the insured gets the alert of payment. The process is enabled by our huge investment in technology over the years in an effort to ensure we render service promptly online and in real-time. All an insured person simply has to do is to report a claim through any of the channels – email, telephone, website— and we take it up from there with follow up on the substantiating documents, assessment/adjustment and offer/settlement. These have since distinguished us in the industry, whether with intermediaries (brokers) or direct clients. We intend to sustain this trend, or even take it a notch higher as we believe that one satisfied customer will always spread the word to others.
At the back of our minds always is to provide optimum returns to our various stakeholders by ensuring they derive maximum value from their relationship with us, whether as customers, investors, or even as a conducive place to work for our members of staff. In this regard, our teeming shareholders have had cause to smile over the years as a result of our commitment towards regular dividend payment to them. We have consistently posted positive results over the years and paid dividends to shareholders as promised, since the company was listed on the trading floor of the then Nigerian Stock Exchange in 2008, until the recent delisting due to the transition to a holding company structure.
Consequently, we have become a member of a larger family – Consolidated Hallmark Holdings Plc— a one-stop-shop for general insurance, micro life assurance with national coverage, health insurance, and the provision of loans, leases, LPO financing, among other financial services being rendered by our Central Bank of Nigeria-licensed Hallmark Finance Company Limited.
Consolidated Hallmark Insurance stands out when it comes to grooming talents; not only internally but the entire insurance industry. The company has been known for the annual essay competition for tertiary institutions, which has been running for over a decade. Every year, students offering insurance and actuarial science in universities and polytechnics across the country are given the opportunity to embark on research and write extensively on topics relating to finance, the economy, technology and other critical areas. Winners of the competition are awarded cash prizes and have also excelled in the various organisations they find themselves. The competition has grown to a point that students now eagerly look forward to it every year, as the first prize of N250,000 comes in handy for the winner, while second takes home N150,000, and the third, N100,000.
Our company also stands out with the graduate trainee scheme, where a level playing field is provided for young graduates to be recruited into the system and undergo a series of crucial training programmes .Those who excel have ample opportunity for career growth in the company.
What are your priorities as the CEO of Consolidated Hallmark Insurance?
First, we will ensure that we keep the flag of excellent service delivery flying, to the benefit of our customers, while also sustaining consistent returns to other stakeholders, especially our investors and members of staff. There shall be no lowering of the bar; rather, we are poised to raise it through competitiveness in our areas of operation. We are poised to deepen patronage, thus increasing our market share, reduce the anxiety of our customers and create value for them by ensuring that the transaction process becomes increasingly less complicated. We will adopt the best corporate practices to ensure operational efficiency. Ultimately, our goal is increased profitability, but this cannot be isolated from the use of strategic initiatives to retain talent.
We are eagerly looking at a situation where our satisfied customers continue to act as our advocates by spreading the good news around through word-of-mouth referrals.
How do you stay up-to-date with the latest trends and developments in the insurance industry?
The role of relationships and associations within the industry is crucial. To stay updated on the latest trends, peers in the industry, such as my associates in the Professional Insurance Ladies Association, are immensely valuable. They remain the source of undiluted knowledge sharing. The learning process in anyone’s life is also continuous as there is no end to learning. The need for knowledge acquisition becomes even more imperative as we get to the top echelon of leadership where we are expected to provide guidance to a plethora of professionals in other support services within the system. Participation in regular training through seminars and conferences is compulsory to help stay up to date. We take advantage of these, not only at the top management level, but also at the middle management level of the organisation. I also spend significant time perusing both foreign and local industry publications, as well as other reputable sources of news and analysis in the insurance sector. Additionally, I engage with professionals and experts in the field that can provide valuable insights into emerging trends and developments.
How has the insurance industry in Nigeria evolved over the past three decades?
The Nigerian insurance industry has come a long way with the infusion of talents and skilled workforce. Gone are the days when marketing was majorly done by salesmen through door-to-door visits. Advancement in technology has contributed immensely to the growth recorded as several companies have embraced the latest trends in service delivery. With mobile apps available at our fingertips, transactions can now be generated in a timely manner. Also, with increasing regulations and market reforms, there has been a steady growth in industry revenue. The Market Restructuring and Development Initiative of the National Insurance Commission, which was introduced over 13 years ago, has recorded some gains, though periodically being fine-tuned to achieve more. The key objective was to deepen insurance penetration and instill sanity in the sector through more stringent regulation. The insurance industry’s gross premium income has since increased from N75bn in 2005, to approximately N729.1bn as at Q3 2023. This growth is evident in increased foreign investor interest, with some local companies attracting foreign inflow to their firms, resulting in business combinations and some acquisitions.
There have also been new product innovations in areas hitherto unexplored, among other gains. The evolution in the industry has led to the clampdown on the incidents of fake third-party motor insurance certificates, as the Nigeria Insurers Association introduced the Nigerian Insurance Industry Database to track genuine motor and marine certificates issued by members of the association.
The stringent regulation by the National Insurance Commission in recent times has also impacted on the speed in claims payment by some industry players, as filing of regular reports on outstanding claims is now mandatory. The combination of these efforts is playing a role in instilling market confidence in the industry.
What are some of the biggest challenges facing the Nigerian insurance industry today and how can the government step help to tackle them?
They include low market penetration, need to address awareness, trust, lack of innovative products, price war, poverty, religion, talent retention, and slow technology adoption.
These and many other factors have led to the country and continent having one of the lowest insurance penetration rates globally.
Government support is needed for legislation, enforcement of compulsory insurances, and creating an enabling environment.
What was the highlight of your time at the Lagos Business School?
The Lagos Business School created an opportunity for me to meet with professionals from different fields of life. One of the high points for me at LBS was fostering teamwork and ethical practice in carrying out my business as an insurance professional.
What are some of the most important qualities a leader needs to succeed in the insurance industry?
They include integrity, regulatory compliance, vision, relationship building, and effective communication with all stakeholders.
What qualities do you think are essential for success in the insurance industry, and how have you cultivated those qualities over time?
I believe these are closely related to the qualities required of a leader as mentioned above. However, in addition, one will require good risk management skills, trust/ efficient claims management model, focus on customer satisfaction, and quality investment decisions
I have developed these skills by learning, unlearning and relearning on a daily basis, as knowledge acquisition is a continuous process in life.
How has technology impacted the insurance industry over the past three decades?
Investment in technology has led to improved efficiency, accuracy, cost-savings, better risk assessments, secure customer data, and enhanced customer experience.
How do you approach risk management and underwriting, and what strategies have you found to be most effective in minimising risk and maximising profitability?
Risk management in underwriting is crucial for overall performance and stability. We identify, evaluate, and mitigate risks to make informed pricing decisions, determine coverage, and set terms. Our standards adhere to regulatory oversight, ensuring compliance with laws. A key strategy for minimising risk and maximising profitability involves prioritising customer needs and delivering a positive experience.
How do you balance the needs of your clients with the financial goals of your company?
For us, this involves planning, setting standards and processes, and adhering to them, people and technology resources for efficiency and effectiveness with continuous improvement of our customer experience, while still delivering returns to all stakeholders.
How do you build and maintain strong relationships with clients?
This is done primarily by focusing on their satisfaction, while ensuring professionalism. We also ensure effective communication with clients and strive to be reliable and trustworthy, providing solutions, and genuinely being customer-centric.
How do you see the insurance industry evolving over the next decade, and what opportunities do you see for growth and innovation in the coming years?
I think there are opportunities for growth and innovation in the areas of increased awareness, expansion in the retail market through the Bancassurance model, collaborations with the Insurtech, partnerships with aggregators, and exploring other non-traditional channels of distribution, agile and innovative products, as well as seamless services driven by technology.
What does success mean to you?
Success, to me, is about impacting lives positively and leaving footprints that will go into the annals of history. In essence, the number of people’s faces one is able to put smiles on should matter more than any material acquisition.
What motivates and inspires you in your work?
My greatest motivation is God, and the passion to excel in whatever I do. I am inspired by testimonials from happy and satisfied clients.
How do you balance your professional responsibilities with your personal life and hobbies?
There is the need for relative work-life balance to enable one get one’s priorities right, especially against the backdrop of several distractions. A veritable way of achieving this is the need to prioritise what truly matters, while setting boundaries and sticking to them. Above all, I have always been guided by the word of God, which says there is time for everything. My involvement in golf with my professional colleagues in the Insurance Industry Golfers Association has also helped to provide an opportunity to network in a fun-filled and relaxed atmosphere.
How do you spend time with your family?
Amidst the demands of work and professional life, I try to take a few days off for periodic holidays annually with my family, even while ensuring that work is not totally shut out. We also ensure we create time for relaxation in quiet fun spots, thus spending quality time together, especially during free weekends.
What kind of environment did you grow up in?
I grew up in a loving close-knit but strict Christian family, where hard work, discipline, moral uprightness and honesty remained our watchword. My dad served the nation in the security services, and this ensured we had a feel of different parts of the county, as we had to move around with him during transfers. The environment, which sticks more in my mind to date, is that of Jos (Plateau State capital), especially because of the climate, which is about the best in the country, and attracts expatriate workers.
If you were not in the insurance industry, what career would you have chosen?
For many, the guiding principle in choice of career should, and has always been job satisfaction and fulfillment. It is the reason one will find skilled professionals in diverse areas pursuing careers or changing previous careers to new areas in an attempt to find fulfillment and self-actualisation. I have found fulfillment in my current career, even as we collectively seek ways to make the industry better.
Another career I could have considered is law. I have always wanted to be a lawyer, and could as well have found fulfillment in the legal profession, which seeks to correct societal ills by offering protection to the vulnerable. Thankfully, my daughter is studying Law, and I can achieve that dream vicariously through her.
