BY RITA OBODOECHINA

Sovereign Trust Insurance Plc has undertaken a remodeling of its internal business structure and appointed new officers who will be responsible for driving the new structure, ensuring the optimisation of its performance and increasing its market share in the Nigerian insurance industry in the years ahead.

According to a statement, signed by Mr. Segun Bankole, Head, Corporate Communications and Brand Management, Sovereign Trust Insurance, the new business model is designed with the aim of harnessing the vast opportunities that are inherent in the insurance business as well as explore new untapped market in the sector.

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

Speaking on the development, Mr. Ogala Osaka, a Director of the company and Chairman of the Establishment, Governance and Business Development Committee, said, “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.”

The newly appointed officers are Olaotan Soyinka, Kayode Adigun and Ugochi Odemelam.

Bankole said that 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, he noted, 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, while

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 Product Development & Research.

The change, according to 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 maintained.

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.