To position it for better performance and for the attainment of world-class status in all areas of its operation, the management of Sovereign Trust Insurance Plc recently inaugurated a team saddled with the responsibility of repositioning the organization to achieve its goal of attaining the top five positions in the industry by the year 2012.
While inaugurating the 8-man committee at the Head Office of the organization in Victoria Island, Lagos, Wale Onaolapo, the Managing Director of the foremost underwriting firm explained that the team will serve as the innovation and implementation body for the organization.” The i-team will help to ensure that the company remains committed to its vision, mission and core values, it will also come up with innovative ideas on how to move STI forward while also helping to implement all measures and strategies for the achievement of the company’s various goals and strategies” Onaolapo stated.
The Chairman of the committee, Segun Bankole who is also the Head, Corporate Communications and Brand Management department of the company stated that the i-team will pay particular attention to Excellent Service delivery and adoption of global best practices by the organization in all areas of its operation. In his words “We are out to reshape the industry ,we are also aware that we can not attain the top five position in the industry if our service delivery is questionable, we will at the same time strive to imbibe global best practice in all facets of our operation to ensure we remain front- liners in the industry”.
As part of its duties, the committee will coordinate the company’s re-positioning and re-structuring strategies as well as formulate strategies to deepen direct market penetration. The i-team will also monitor production and collection performance for the company and provide advisory support when needed in correcting shortfalls. On a regular basis, the team will perform a diagnosis of the organization’s internal proceses and procedures for continous improvements.
Sovereign Trust is fast emerging a giant in the Nigerian Insurance Industry with a network of twenty three (23) branches spread across the country. With Shareholders fund in excess of N3.5 billion paid up capital of N2.2 billion, STI towers high above its peers in the industry. The company has over the years demonstrated commitment to aggressive branding and improvement on its existing infrastructure in order to attract and retain the best hands in the industry.
It will be recalled that Sovereign Trust Insurance was recently rated A- for the second time running by Global Credit Rating (GCR) a world renowned rating agency based in South Africa. The company’s financials in terms of the Gross premium and Profit have been on the upward swing over the years. STI has also not been found wanting in the area of prompt claims settlement.