“I Am Seriously Committed To The Grooming Of The Next Generation Of Women Entrepreneurs And Professionals” Dr. (Mrs.) Funmi Babington-ashaye,
Ccontribute to the economic development My name is Dr. (Mrs.) Funmi Babingtonashaye, process. They Managing Director/ Chief Executive need financial Officer of Risk Analyst Insurance Brokers support and Limited, is one of the leading insurance mentoring for brokerage firms in the country. In terms of them to become education, I attended Methodist Primary entrepreneurs. School, Yaba, Lagos and Lisabi Grammar They need School, Abeokuta for my high school training on how education. For my tertiary education, I to manage attended the Lagos State Polytechnic where I businesses. emerged as the best graduating Higher Their micro and National Diploma student in Insurance small businesses Department in 1987. can be In the same year 1987, I passed the final level supported by of the UK'S Chartered Insurance Institute's financial professional qualifying examinations with a lot institutions if of awards including the prestigious JC'S Lepine they are Prize Award. I started my insurance working encouraged to career with Royal Exchange Assurance Plc as f o r m an Insurance Superintendent in 1987 and later cooperative joined Cornerstone Insurance PLC as a societies. pioneer staff in 1991. Through dint of Women hardwork and exceptional performance, I rose constitute through the ranks and became the MD/CEO of almost 55% of the company within fifteen years. Let me the population humbly add that I am also an Alumnus of and therefore Ambrose Alli University; Lagos Business have a great role School; a Fellow of Chartered Insurance to play in Institute of Nigeria and United Kingdom; a national Council member of the Institute of Directors of development Nigeria, the 48th President of the Chartered and by Insurance Institute of Nigeria; a Past extension, President of Entrepreneurs' Organisation, nation building. Lagos Chapter (an international organisation The government must adequately resource the of entrepreneurs with headquarters in Virginia Women Affairs Ministry so that it can play its USA), member of Ikoyi Club 1938 as well as an envisaged role more than it is currently doing. active member of the Professional Insurance Women Cooperative clusters in various trades Ladies Association. After a comprehensive need to be created and provided with resources review, by a team of renowned academics, of to boost their contributions to the nation's gross my numerous articles in local and international domestic product. There is no doubt that the journals on Insurance and Risk Management government cannot do it alone considering the as well as my book, “Insurance in Practice: All various contending challenges and scarcity of you need to know about Insurance in Nigeria” resources. In appreciation of this, I resolved to published in 2017, I was conferred with a play my modest part by giving back to society. Doctoral Fellowship by the International In pursuance of this, I founded the Funmi Certified Risk Management Professionals, Babington-ashaye (FBA) Foundation on United Kingdom. This Doctor of Philosophy February 8, 2015 with the aim of offering degree by Publication was in appreciation of support to indigent and brilliant young ladies to my immense contributions to knowledge in pursue tertiary education, mentoring younger the areas of Insurance, Actuarial Science and women and those growing in the profession. In Risk Management. In 2021, I also was the last 6 years, FBA Foundation has conferred with Honorary Doctorate in successfully given scholarships to over 1000 Leadership & Community Development by eligible students of the University of Lagos, ESAE Benin University. Lagos State Polytechnic and Lisabi Junior and Senior School, Abeokuta, which happens to be my Alma mater, in order to promote excellence in Education in Nigeria. As more eligible candidates emerge and resource permit, more scholarships will annually be awarded by the Foundation. To reinforce these initiatives, I also personally mentor female executives by building and honing their skills to achieve success both at work and at home under the auspices of FBA Foundation Mentorship Program which started in year 2020. The aim of the Programme is to facilitate exciting, new professional and personal opportunities for everyone involved. Pursuant to this, the Foundation recently held a Webinar on “Insurance in the new normal” to help insurance professionals to identify challenges posed by the COVID-19 Pandemic and how to chart a new course to remain relevant in the global insurance ecosystem. I am seriously
an you share with us a little about your professional profile? Women are known for seeking ways to educate, empower and contribute to the society; can you say that the womenfolk are performing up to expectation in Nigeria?
Considering the current hardship and economic challenges, I give it to the womenfolk because many of them are now the bedrock of their families. I dare say that many of them are performing beyond expectations. In addition to the fact that many financial institutions in the country are now headed by accomplished women, go to marketplaces, visit street corners, construction sites and busstops, you will find other less endowed women struggling to earn a living by applying themselves to whatever they find to do. They want to be educated and empowered to
committed to the grooming of the next generation of women entrepreneurs and professionals both in the insurance industry and other sectors because of their invaluable roles in the society. My vision is to raise distinctive leaders globally through this mentorship initiative. I am persuaded that we can make the most of the opportunity to build mentees' businesses, skills, profiles and networks and rev their contributions to national development.
As you may have observed, it is easy for women to gain employment at the lower levels of the organization; the challenge is for them to reach middle, senior and c-suite level. To put it mildly, women in top leadership positions are still noticeable by their scarcity. Therefore, succession plans in corporate entities should encourage diversity and gender balance for women to reach their ultimate. However, to leverage such opportunity when it comes, as a woman, you need knowledge, new knowledge and the confidence to excel. With knowledge and skills, you still need to work extra hard to earn the respect of your male colleagues. Therefore, you must consistently strive to remain a star performer by making excellence your habit. Truly speaking, the environment is very challenging and hostile to women even when men say we are the weaker vessel. I dare say that, we are not the weaker vessel. We are as strong as our male folks. To carry a human inside you (pregnancy) for nine months, is not evidence of weakness. Women have ruled great nations like UK, Germany, India, etc. As a woman desirous of success, therefore, you must know your onions, work hard and consistently deliver premium performance. So, up-to-date knowledge, diligence, consistency and being principled are crucial to a woman's success. As a woman, do not allow anyone to despise your competence or quality. Prove it all the time, that you truly earned your position.
Can you tell us about your position as the Managing Director, Risk Analyst Insurance Brokers Limited?
When I decided to set up Risk Analyst Insurance Brokers Ltd after my stint as MD/CEO of Cornerstone Insurance PLC and NICON Insurance PLC, it was to bridge the observed information gap between insurers and potential policy buyers who often do not quite understand the terms and conditions guiding the policy they desire to purchase and how to obtain the benefits when the unexpected occurs. Through my leadership, the company has succeeded in doing this by providing invaluable support to the insurance value chain so that potential policy buyers can easily be supported to make optimum policy choices. Our role as Brokers is to breakdown the policy into simple terms, explain its benefits and provide the potential policy buyer with rich information to make decisions. We also work with underwriters to develop unique products that will satisfy the needs of some stakeholders. Furthermore, for me as Managing Director, I strongly believe that there is need to invest and inspire people beyond the fulfilment of self-employment. So in addition to providing employment opportunities, I ensure that the work environment of Risk Analyst also offers young Nigerians opportunities to train and acquire insurance skills required by the industry and economy. We are conscious of the dynamics of the business environment and are strategically creating the future we desire through our investment in research and development and the training of our people. In the decades ahead, we look forward to enhancing our market share and consolidating on areas where we have competitive advantage.
Women constitute almost 55% of the population and therefore have a great role to play in national development and by extension, nation building
With the various top positions mostly dominated by the men, what qualities or ways do you think are required or needed for a woman to be at the top?