Abimbola Onakomaiya is an insurance professional par excellence whose career spans underwriting, claims administration, business development, risk management and reinsurance. She is the 15th president of Professional Insurance Ladies Association (PILA).
Abimbola’s career started as an Associate, Hill Samuel Life Investment Services, Wales, United Kingdom (1983) before relocating to Nigeria, joining NICON Insurance, the foremost insurance company in Nigeria, in 1987 and becoming the company’s first Female Fellow of the Chartered Insurance Institute London (FCII). Trailblazing for the ten-year service in Nicon Insurance, she honed her underwriting skills in Special Risks, Marine, Oil, Energy and Reinsurance classes of Insurance.
Her versatility, brilliance and in-depth knowledge of the Nigerian Insurance market was tapped by Anderson Consulting (1997) with the unenviable responsibility to open the consulting world to the insurance industry and vis-versa, thus enhancing partnerships that have now spanned decades.
Abimbola’s exit from her successful foray into the consulting ecosystem landed her a position as the Assistant General Manager (Operations)of a Publicly Quoted Insurance company listed on the Nigerian Stock Exchange, Unic Insurance Plc (1998) with a role that required her to formulate and execute strategic business plans to enhance statutory regulations and compliance.
Another feather was again added to her cap with the position of AGM (Oil & Energy) enlarging her portfolio, a position she maintained till December 2002 before becoming the pioneer Managing Director/CEO of Peakthrust Insurance Brokers Ltd from 2003 till date.
Abimbola’s role as the MD/CEO involves coordinating 5(five) branches nationwide, liaising with the Board of Directors and overseas technical partners, developing increased technical competence to ensure that Peakthrust remains one of the foremost insurance broking and financial services companies in the ecosystem.
Her Bsc. (Hons, Economics), University of Ife, Nigeria (1980) and MSc.(Management &Technology), University of Wales (1982) were topped by the Lagos Business School Women in Leadership course (2018).
What inspired you to choose a career in the insurance industry? What drew you to this field initially?
Upon my graduation from the University of Wales, Cardiff, United Kingdom, I realized that the degree I obtained coupled with my first degree in Economics from the University of Ife gave me a solid background for a career in the financial services Industry, At that time (42 years ago), the major financial services were banking , accountancy, and insurance. I settled for insurance because in Britain at the time, the insurance industry was the most buoyant of the three, and not only did insurance companies own banks and other financial institutions, insurance pervaded the whole fabric of their society. It was a natural and progressive decision for me.
As one of the first female Fellows of the Chartered Insurance Institute London at NICON Insurance, how did you navigate and overcome any gender-related challenges in your early career?
I must admit that I did not have any gender-related challenges, or maybe I was not sensitive to them. My immediate boss at the time was female, and she later rose to be the Managing Director of the institution long after I had left. Most of the females that moved fast in their career not only had a broad based knowledge as a background, but were also specialists in their classes of insurance. Since insurance depends a lot on both technical knowledge and an ability to gain the trust of your client, once one was good in these two aspects, any gender related issues were relegated to the background.
Your biography highlights your versatility in underwriting, claims administration, business development, risk management and reinsurance. What key skills or strategies enabled you to excel across these diverse areas of the insurance business?
In the UK, at the time I commenced my professional examinations, we had a wide range of subjects that spanned these aspects of insurance which you had to pass before you could become chartered as an associate. For my Fellowship, I decided to focus on reinsurance since my first four years at NICON were in the reinsurance department.
In addition, having established an insurance broking company twenty-three years ago, versatility in these areas was key to my ability to meet my various clients’ needs, and of course, I also undertook additional training both locally and internationally.
You’ve held leadership roles at several prominent insurance organisations, including Anderson Consulting, Unic Insurance, and now as the pioneer MD/CEO of Peakthrust Insurance Brokers. What have been some of the most rewarding or challenging aspects of your transition into executive leadership positions?
One of the most rewarding aspects was the development of skills to analyse the insurance industry from a third party’s view point at Andersen Consulting. The emphasis on the change management process coupled with business analysis and strategy of transitioning an insurance company from one financial state to another, was most challenging and rewarding. In addition, executive leadership positions come as a reward of being focused and intentional on the job, coupled with the grace of God.
What advice would you give to young professionals, especially women, who aspire to build successful careers in the insurance industry?
Stay focused, be intentional, map out your career goals and objectives, be open to mentorship, and be prepared to seize the opportunities when they arise.
What has been one of the most significant changes or innovations you’ve witnessed in the Nigerian insurance market over the course of your career? How has Peakthrust adapted to these industry shifts?
One of the most significant changes has been that the insurance industry has emphasised the customer-centric approach to doing business. This has significantly addressed the speed of claims payment and the response time to the needs and pain points of the clients. Peakthrust has adapted to these industry shifts by providing more than one way to solve clients’ challenges: multiple insurance related solutions, training, and positive and speedy responses to feedback from the clients.
As the head of Peakthrust Insurance Brokers, what are some of your key priorities or initiatives to further develop the company and the insurance brokerage space in Nigeria?
Key priorities would involve leveraging more on technology and data analytics to understand the trends in the industry and being proactive to join hands with other players to provide credible solutions.
Beyond your professional accomplishments, what are some of your personal interests or hobbies that help you maintain work-life balance?
I am actually involved in charity, and also in the prayer band and prison evangelism ministries of my church. I swim as well as do regular light exercises.
Congratulations on your election as the 15th President of PILA. What inspired you to take on this leadership role, and what are your key priorities for the organisation during your tenure?
As my career developed in the industry, being active in the associations within the Nigeria insurance industry has always been part of my intentional strategies towards acquiring more knowledge, visibility, and giving back to the industry. My presidency of PILA was a natural progression of these. While I have a 7-point agenda, I am giving priority to: empowering our ladies through partnering with other financial companies for additional wealth creation; enhanced coaching, mentoring, sponsorship and private sector women leadership training, institutionalised CSR-Adopt and orphan pet project.
PILA was founded with the mission of empowering and advocating for women in the insurance industry in Nigeria and across Africa. How do you plan to build on the organisation’s legacy and continue advancing this important cause?
Most definitely, we will still continue on the career talks,the international exchange programmes and also encourage our ladies to participate in the African Insurance Organisation (AIO) and West African Insurance Institute (WAII) programmes. That way, we will continue to be relevant both locally and internationally.
The insurance industry has traditionally been a male-dominated field. What strategies will you employ to increase the representation and visibility of women at all levels of the industry, from entry-level to executive roles?
We are embarking on an enhanced media visibility of all our current female leaders both in the broking and underwriting arms of our industry, and we have already commenced student, associate and life membership admission for any female in the industry, whether chartered or not.
In what ways can PILA collaborate with the Insurance Institute of Nigeria (IIN) and other stakeholders to collectively promote gender diversity and inclusion within the broader insurance ecosystem?
PILA is already a subset of CIIN as every chartered member of PILA is automatically a member of CIIN. Fortunately, the next Director General of the CIIN is also a female, so, together, there would be enhanced collaborative efforts within the industry.
PILA has become a pacesetter among women’s associations in Nigeria and Africa. What lessons or best practices can other professional women’s groups learn from PILA’s model and approach?
Building on the foundation that has been laid by previous leaders is very key for continuity. Succession planning is also very important as understudying the portfolios within the exco is a deliberate strategy in passing on the baton of leadership, continuous education and training to add value to the associations. Female members’ careers are also very crucial, and we are encouraging them to ‘expand their horizon and enlarge their coast’, which incidentally is the mantra for this administration, and it is essential.
Beyond your presidential duties, how do you intend to serve as a role model and mentor to the next generation of aspiring women leaders in the insurance sector?
I currently align and I am very active in other female gender-lens associations that promote generational wealth creation, that encourage membership and sponsorship. They hold regular seminars, webinars and symposia on current financial issues that focus on female health issues, that encourage mentorship and sponsorship, and promote trade and investment both locally and internationally. These are readily available to our ladies, and together with my other exco members, we are putting together a strategy to articulate these and then implement them.
In what ways can the general public, corporate partners, and other stakeholders support PILA’s mission and the advancement of women in the insurance profession in Nigeria?
The onus is on us at PILA to carry out a campaign to be visible and carry the general public and other corporate organisations along. With some of them (especially the financial institutions), we will sign MOUs and itemise our modus operandi, and with some of them the interface will be planned quarterly and systematically. Our CSR projects which focus on children’s endowment will also be well entrenched in whatever activities we plan for the immediate future.
You just celebrated your birthday, what are you grateful for? What do you look forward to achieving?
I am indeed grateful to God for divine health, for a wonderful and highly supportive family and for a sure hope in the future for advancement for my career and for PILA by the grace of God.
Concluding words
As the new President of PILA, I am so grateful to God for the opportunity and for the trust reposed in me to carry on the leadership of this noble association. I look to Him for wisdom in all aspects, and ask that all the leaders within the insurance industry collaborate with us at PILA as we strive to work together to take this industry to greater heights. Thank you so much.
