By Patience Saghana
Sovereign Trust Insurance Plc has reiteriated its need for sustainable manpower development in order to continuously enhance the companyâ€™s operational efficiency.
STIâ€™s Dr. Jason Enwefah, Head, (Training and Human Capital Development) said the company is not resting on its oars in ensuring that every employee in the system is adequately trained and developed to cope with the dynamics of the modern trends that are likely to emerge in this decade in the insurance and financial services in Nigeria.
Enwefah gave the assurance at the companyâ€™s operational base Western Arean whilst addressing marketers and underwriters in the Area comprising Ogun, Ondo, Oyo, Ado-Ekiti, Akure and Edo States.
â€œWe have identified the enormous opportunities embedded in the market development initiative and that of the compulsory insurances and the most logical thing to do at this point is to take advantage of the opportunities created by the Regulatory Authourityâ€
â€œIn exploring the opportunities, we do not want to also lose sight of the professional implications and risk management issues involved which is why we have taken time out to educate and upgrade the knowledge base of our personnel who are critical to the operations of our businessâ€.
The companyâ€™s total claim paid in 2009 was N592.15 million, while N771.94 million was settled in 2008. It was apparent that the STI, a great extent managed her underwriting risks to profitability.
Mr. Emmanuel Anikibe, Head of Claims in the organization said â€œwe have been able to reduce our claims profile significantly well in 2009 due to the efforts of the Management in ensuring that personnel in the Claims Department are adequately equipped and well-informed with the modern trends of Risk Management through constant Manpower Development Programmes that the company has institutedâ€.
Corroborating this, Mrs. Ugochi Odemelam, Divisional Head, Marketing and Relationship Management said that there has been a better understanding between marketers and underwriters within the organisation regarding the kind of businesses to be booked after all necessary evaluations have been made.