STI Trains personnel for Quality Service Delivery

Sovereign Trust Insurance Plc has once again reiterated its uncompromising stance on continuous manpower development as the basis for sustainable operational efficiency and business profitability. The management has identified this as the key critical factor for providing enhanced and seamless insurance service delivery to all policyholders under the stable of the organization.
According to the Head of Training and Human Capital Development, Dr. Jason Enwefah, “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”.
He made this assertion at one of the training sessions organized for members of staff in the western area of the company’s operational base. Marketers and underwriters from the area, which comprises Ogun, Ondo, Oyo, Ado-Ekiti, Akure and Edo States, were brought together for three days under intense classroom sessions to update their knowledge about the business and the likely trends that might ensue as the decade progresses. Earlier in the year, members of staff in the Head office and other area offices in Lagos were engaged in similar exercise.
The Head of training and human capital development of the company explained that the training had become very imperative going by the recent market development and restructuring initiative (MDRI), instituted at the instance of the National Insurance Commission ( NAICOM). “We 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 Authourity”
 He added that in exploring the opportunities, they 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 business” he  said.
Enwefah explained that Observers would have noticed in theirs recently published claims compensation profile for the company in 2009 that the figures paid on claims in the last operational year, was much lower than that paid in 2008. The total figure paid on claims in 2009 was Five hundred and ninety-two million, one hundred and twenty five thousand, nine hundred and twenty-five naira, thirty-six kobo, while seven hundred and seventy-one million, nine hundred and thirty-eight thousand, six hundred and fifty-four naira, thirty-six kobo was paid on claims in 2008.
Using the baseline of claims paid in 2008, he stressed that it was evidently clear that the company to a great extent managed her underwriting risks very well. This might not be unconnected with the improved risks management strategy that has been put in place. A juxtaposition of the 2008 and 2009 figures shows a 23% claims reduction rate for the company. These analysts have said portend great opportunities for the company if the trend can be sustained or better improved upon in the years ahead.
According to STI head of claims, Mr. Emmanuel Anikibe, “we 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 program that the company has instituted.”
Attesting to this, the Divisional head, marketing and relationship management, Mrs. Ugochi Odemelam stated that, there has been a better understanding between marketers and underwriters within the organization regarding the kind of businesses to be booked after all necessary evaluations have been made.
Last year, the company enrolled four members of the senior management staff at the Lagos Business School for the senior management program (SMP) and the advanced management program (AMP) respectively. In the same vein, some members of staff were sent abroad on different courses relating to their areas of operations in the organization. Beneficiaries were drawn from the risk management department, corporate services, finance and investment, technical and marketing and relationship management.