By  Patience SAGHANA
Sovereign Trust Insurance Plc has appraised its half year operations with a view boost the company performance at the second half of the year.

The thrust of the half year review was predicated on innovation and the spirit of entrepreneurship in a corporate setting which was designed to chart for management a clear direction of where the organisation should focus more in the foregoing months of the year.
The underwriting firm set a financial target for itself in 2010.

The company in pursuance of its aspirations, resolved to address all identified gaps highlighted during the meeting.

Dr. Jason Enwefah STI Divisional Head, Corporate Services said, “the half year budget review is critically necessary at this point so as to afford Management the hindsight of how the company has fared vis-à-vis the set target for the year”.

He stated that the dynamics of the ever changing Nigerian economy and the very boisterous nature of the insurance industry demands very proactive initiatives from the company’s Management from time to time if the company was to make any significant impact at the end of the year; hence the need for the half year budget review session.

Some of the challenges identified during the conference included deepening of insurance businesses caused by the economic recession in 2009, low penetration of insurance services and products in the under-developed sectors of the economy coupled with the overriding apathy of Nigerians towards insurance.

Mr. Wale Onaolapo, Managing Director of the underwriting firm enjoined the various divisional areas and branch heads not to be deterred by the challenges but to put up their thinking caps in order to meet up with the company’s target for the year.

He reiterated the need that all hands must be on deck as the prevailing situation is not peculiar to the company alone or the insurance industry as a whole.

Onaolapo admonished that only the most adaptable and proactive ones would survive and thrive.

He stated, “Our aspiration to be a leading brand in the insurance industry in Nigeria goes beyond lips service; we are committed to achieving that in the very near future.”

“Our experiences in the business landscape in the last six months have been very illuminating with a lot of lessons to be learnt. I urge you all to embrace the path of turning challenges into opportunities and concrete results”.

STI boss who is also a governing council member of Chartered Insurance Institute of Nigeria
The task of taking our noble profession and institute to an enviable height in the country, Onaolapo said  is an exercise that must be borne by all of us.

It is in view of this, that I am offering my services to be part of the team that will make a significant change in charting and sustaining a progressive path for our most cherished Institute.”

Mr Lekan Oguntunde, Head (ICT and Strategy) however encouraged his colleagues to think along innovative paths that can radically take the organisation to the next level.

In his words, “ doing business the same way will only give same result, innovative approach is far from just adjustment or realignment, it involves total departure from our usual and traditional ways of doing things.

The changes must cut across the people, processes and channels. Sovereign Trust insurance Plc currently operate in twenty-three cities across the country