Sovereign Trust Adopts New Business Model

02 Jan 2013

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Sovereign Trust  Insurance office

Nnamdi Duru
Sovereign Trust Insurance Plc, one of the non-life risks underwriting groups in the country said it has adopted a new business model with a view to delivering excellent services to the various stakeholders in the company.

Head of Brands and Corporate Communications in the company, Mr. Segun Bankole, who made this known in a statement, said decisions to this effect were reached at the last joint strategy session between members of the company’s board of directors and senior management in Lagos recently.

He said the underwriting firm has re-modeled its internal business structure to optimise performance and increase its market share in the Nigerian insurance industry in the years ahead.

According to him, the new business model was designed to harness the vast opportunities that abound in insurance business and to help the company explore untapped areas in the insurance market across the country.

Going forward, Bankole explained that the activities of the firm would be anchored on three divisions namely, retail and business development, operations and finance and administration.

The chief image maker also confirmed that the company has appointed Messrs. Olaotan Soyinka and Kayode Adigun as well as Mrs. Ugochi Odemelam to propel the new initiative.

Soyinka, former Divisional Head of Energy Division takes charge of the Operations Division with the responsibility of directing the affairs of the new departments which now oversees energy, technical and branch operations in the company.

Meanwhile a Director in the company, Sir Ogala Osoka, while commenting on the new business model, according to Bankole, pointed out that the session provided a never-before opportunity to hatch time-enduring ideas with managers of the business and expressed hope that the dividend of the session would become visible in a not-too distant time.

Osoka, Bankole recalled, said the session was “imperative that business models are periodically reviewed to ensure that the opportunities in the market space are adequately addressed in taking a vantage position.”

Tags: Featured, Business, Nigeria, Caption: Mrs. Roseline Ekeng, MD IEI IEI, GMD Bows

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