Posted by KELVIN EGERUE (Insurance Editor) on
Board of Cornerstone Insurance Plc, one of Nigeriaís leading insurance firms emerged from a crucial meeting yesterday to announce Mrs. Olufunmilayo Bola Babington-Ashaye as the new managing director and chief executive officer.
Board of Cornerstone Insurance Plc, one of Nigeriaís leading insurance firms emerged from a crucial meeting yesterday to announce Mrs. Olufunmilayo Bola Babington-Ashaye as the new managing director and chief executive officer. A pioneer staff of Cornerstone, Mrs. Babington-Ashaye takes over from Mr. Jacob Erhabor. who was appointed managing director in December 2000 following the death of the founding chief executive, Tunji Ogunkanmi.
Mr. Dominic Ichaba,company Secretary while confirming the change said Mr. Erhabor resigned his appointment.
Although pundists have predicted job losses at the top in most insurance companies and banks following the current consolidation inspired by regulators, Mr. Ichaba however said that the change of guard at Cornerstone was not induced by pressure from outside.
The appointment of Mrs. Babington-Ashaye came on the heels failed attempt by the management of NICON Insurance Corporation to acquire the Federal Governmentís 51 per cent equity, a development which would culminate in the dismantling of the management team led by Ms. Prisca Soares.
Cornerstone Insurance Plc, the first insurance company in Nigeria to be rated AA by the internationally renowned rating agency, Standard & Poors, has arguably emerged as one of the finest brand, in the insurance industry in itís over 14 years of existence. It has enjoyed a measure of stability in its leadership.
In December 2001, the board of directors had appointed Mrs. Babington-Ashaye as executive director thus inviting her to the Board of the company.
Doubling as executive director, risk management of the company, one of the major projects she co-ordinated is the deployment of strategic information technology for the company, leading to its adopting the world renowned Premia insurance package, hence enlisting Cornerstone as the first in the industry to adopt and deploy the international software.
One other innovation which Mrs. Babington-Ashaye championed and that has been adopted almost industry wide, is the 24-hour inspection of any motor claim by staff of the company followed by registered adjustment of the claim by the claims inspection unit as against the industry standard of contracting an engineer.
An Insurance graduate of the Lagos State Polytechnic, Mrs. Babington-Ashaye, is a fellow of both the Chartered Insurance Institute of London and Nigeria. She also holds a Master of Business Administration [MBA] and is an Alumnus of the Lagos Business School. She has attended many courses in Nigeria and overseas. She recently returned to the country after attending Advanced Leadership training in Hawaii, USA.