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🇳🇬 Nigeria /Sports

Colleagues, Friends Hail Banmore at Posthumous Book Presentation

From ThisDay · (8m ago) English Positive tone

Translated from English, summarized and contextualized by DistantNews.

TLDR

  • A posthumous book presentation celebrated the life and work of the late Dr. Olawale Banmore, former MD of Staco Assurance Plc.
  • The book, "The Claims Advantage, How Smart Insurance Firms Win and Keep Customers," emphasizes trust as the foundation of sustainable growth in the insurance business.
  • Reviewers and colleagues highlighted Banmore's insights into overcoming challenges in Nigeria's insurance sector, including fraud and regulatory hurdles, and his proposed solutions for efficient claims management.

In Lagos, the Nigerian insurance community gathered to honor the legacy of Dr. Olawale Banmore at a posthumous book presentation. The event, held at the Nigeria Institute of International Affairs, served as a poignant tribute to a professional who profoundly impacted the industry.

Trust is the foundation of the insurance business to achieve sustainable growth.

— Dr. Olawale BanmoreAn extract from his posthumously presented book, highlighting the core principle of his insurance philosophy.

Dr. Reuben Abati, reviewing Banmore's book, "The Claims Advantage, How Smart Insurance Firms Win and Keep Customers," underscored the author's central thesis: trust is the bedrock of sustainable growth in insurance. This message resonated deeply, especially in a market where public perception of insurance firms is often shaped by experiences with claims.

When people do not trust insurers, why then should they buy insurance?

— Dr. Reuben AbatiDuring his review of Banmore's book, questioning the public's perception of insurance firms.

Abati and other speakers acknowledged the unique challenges facing the insurance sector in Nigeria, such as fraud, regulatory complexities, and low financial literacy. Banmore's book, they noted, offers a practical, multi-layered approach to these issues, advocating for improved claims management through technology and clear communication. This focus on practical solutions and ethical practice is what makes Banmore's work particularly relevant to the Nigerian context, offering a roadmap for firms seeking to build customer loyalty and market leadership.

The author recognises that there are challenges, such as fraud and misrepresentation. Nigeria is a country where claimants try to exploit loopholes in the system, regulatory bottlenecks and bureaucratic hurdles, outdated claims processing systems, low financial literacy and misinterpretation of policies on the part of policy holders.

— Dr. Reuben AbatiDetailing the specific challenges within the Nigerian insurance market that Banmore's book addresses.

Mr. Olusegun Adeniyi, Chairman of the THISDAY Editorial Board, shared personal reflections on Banmore, describing him as a seasoned professional whose nearly three decades of experience were marked by strategic clarity and resilience. Banmore's leadership roles, including his tenure as Group Managing Director at Royal Exchange Group, were characterized by a deep understanding of risk and governance, qualities that undoubtedly informed his insightful contributions to the insurance business.

Wale my cousin

— Mr. Olusegun AdeniyiA personal tribute to Dr. Olawale Banmore.
DistantNews Editorial

Originally published by ThisDay in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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