Mr. Adeyemo Adejumo, former Managing Director
of Continental Reinsurance Plc in this interview with Favour Nnabugwu talks about the diminishing performance of insurance companies and the inadequacies of insurance operators to maximally utilize the social media to the development of the companies and by extension the sector.
WHAT has your experience been like after active service in insurance industry?
My personal experience has been that of a highly contented man after service in the industry. I have more time for those who matter in my life and I enjoy peace. I am also able to serve my community better.
Though retired but not tired, you still attend insurance functions. How do you feel with the current situation in the industry?
I am most worried about the performance of the industry in the stock market as not much seems to be done to improve performance in the market. You can imagine that not many insurance companies pay dividends to their shareholders. It should be of serious concern to the industry.
Looking back into your active years, what would you say was your most challenging moments?
My most celebrated moment was the recapitalization of our company in 2007 when the capital was increased to N10 billion through the grace of God. It was a daunting task and from nowhere God made a way for us. The other one was the ability to open a successful office outside Nigeria. The office was opened in Central Africa and it is still the major profit earner for the company till date. Finally getting to the peak of my carrier as President of the Chartered Insurance Institute of Nigeria was also challenging as I am Mr Nobody but God elevated me to Mr Somebody. During my tenor we hosted a Head of State from West Africa.
What have you been doing since you left active service?
I am paying back time to God. I have not had enough time for God when I was working so I am paying back time now. I am also into renewable energy sources like solar, inverter and other related business. I am looking into agriculture too in the nearest future.
What is your overview of the industry at present?
We have a very big potential in the market untapped. Personal line products are yet untapped. The social media is not effectively utilized yet by the industry. If the market is exploited properly, it will lead to growth of the industry.