Mrs.Funmi Omo is the Executive
Director, Operations, African Alliance Insurance Plc. In this interview,
she talks about her career among other things
Why did you choose to study Insurance?
I wanted to study Accountancy at the
university but my name was not on the list of students offered admission
to study that course. I was later offered admission to study Insurance.
At that time, I knew nothing about insurance but I was advised that it
was a good course. I enrolled on the course and I began to enjoy it. I
have been into insurance ever since.
Until recently, Insurance was not considered a profession for young people. How did you deal with that perception?
Perception and reality are two different
things but I think the profession has evolved. When I started out, I
must confess that there was just something about people in the insurance
industry that wasn’t so encouraging but I made up my mind to be
different. Soon after, the evolution started and it has taken us very
far. Today, when you see insurance practitioners in Nigeria, they are
not different from people in other sectors.
What are some of the challenges you faced at the start of your career?
It is unfortunate that in this part of
the world, there appears to be some gender bias. Most people assume that
because you are a woman, you cannot deliver the goods or put in your
best. To counter that, I set out to be different. I also had the
challenge of combining my duties at the office with that of being a
mother. Having a very understanding husband who is always supporting and
encouraging me really helped.
How deliberate is it that you have remained in one workplace?
I graduated from the university in 1991
and after I completed the National Youth Service Corps programme, I
got a job at African Alliance Insurance Plc. One thing or the other has
kept me here up until this period. It’s a good company and I have
enjoyed every day of my work life here. I have had other great
opportunities but I have not had a reason to want to leave. I am being
adequately rewarded for my performance and I get all the challenges I
expect a job to give me. Besides, I discovered that all my friends who
have changed jobs have ended up saying to themselves that maybe they
should have stayed in one place because they haven’t done better than I
have.
Are you not tempted to try out other fields given that you have been in insurance all your life?
Insurance is very broad and it has
exposed me to other fields. Currently, I’m into life insurance and part
of what we do involves a bit of medicals. That way, we are exposed to
the medical world because before anybody can buy a life cover, you must
have confirmed the person’s health status. This presupposes that from
time to time people have to take medical tests and for this to happen,
you have to relate with doctors. We also have to carry out valuation, so
we have to deal with actuarial scientists. At my level, you have to get
involved with accounting because you’ve got to be able to explain your
books, present your financial statement, of course you relate with
bankers, the press and schools to mention but a few because you provide
covers in case there is death to either the parents or the child.
How well do you think Nigerians have embraced insurance?
In this part of the world, Nigerians have
misconceptions about insurance and that’s one of the reasons why the
level of penetration is low. There is an underlying problem which cannot
be ignored; because per capita income is very low, the disposable
income of the average Nigerian is also low. As such, most people can
barely meet their immediate needs let alone consider taking an insurance
policy. Also, they have a preconceived notion that insurance companies
don’t pay when claims are filed.
What does being in a senior leadership position require?
You have to be able to lead yourself
because leadership is not just about what you say, it’s also about
implementation. You have to be disciplined, hardworking, focused, have
clear-cut objectives, be able to carry people along and be able to
mentor and coach them. More importantly, you should have a humble spirit
because without humility, it would be difficult to lead.
Is it possible for a woman to have a successful marriage and career?
Yes, but it requires an extra dose of
humility. Sometimes when my husband requires my attention and I’m not
able to give him that attention, I take my time to explain and make him
understand why I am not available at that time. I never want it to seem
as if my career advancement is getting to my head.
What’s the most significant career lesson you have imbibed?
Change is the most significant because in
the course of my career, there have been floods that have almost swept
me, the company or both of us. An example of that was during the
recapitalisation exercise when insurance companies had to beef up their
capital. We had to either merge or look for investors to inject more
funds into the company. It was quite challenging but somehow at the very
last minute, things happened and we got investors. That was the deal
-breaker for the company and ever since, the company has continued to do
well. Of course, if the company was unable to get investors, we know
the implication for me and the rest of the crew.
What are your future goals?
If I had my way, I would establish a
not-for-profit organisation, but my hands are full at the moment so it’s
not giving me the opportunity to be committed to that. I like to add
value to life and impact on my society. That is the next thing I am
looking at.
Do you socialise?
Yes, I do. The nature of my job makes
socialising vital because what is expected of you is not so much of how
much of insurance you know but how much business you are able to bring
to the organisation. You need to go out there and network. Thank God, my
children are grown.
How do you relax?
I exercise and it has become part of my
routine. I enjoy exercising because it helps me to de-stress, stay
healthy and it helps my brain.
How do you like to dress?
I like to be very simple because I believe there is dignity in simplicity.
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