During a press briefing held today in Lagos, Mrs. Mary Adeyanju, the Managing Director and Chief Executive Officer of CHI Limited, revealed that the awards ceremony will take place at the Lagos Chamber of Commerce and Industry (LCCI) Conference and Exhibition Center, located at 10 Nurudeen Olowpopo Street, Alausa Ikeja, Lagos.
Mrs. Adeyanju highlighted that the first-place winner will receive N500,000, while the second and third places will be awarded N300,000 and N200,000, respectively. She pointed out that when the competition was launched in 2011, the prizes were significantly lower at N150,000, N100,000, and N50,000 for the top three positions, which later increased to N250,000, N150,000, and N100,000.
In light of the current economic climate and to encourage greater participation, the prize amounts have been raised for the 2023 edition to N500,000 for the first prize, N300,000 for the second, and N200,000 for the third.
The CHI Limited CEO expressed the hope that the prize money would be sufficient to cover the costs of a fully funded academic year for an average student, including tuition, accommodation, and living expenses.
Additionally, she mentioned that the company plans to offer its products as complimentary prizes to the winners, allowing them to gain firsthand experience with insurance, in line with the Insurfeel Initiative.
The theme for the 2023 external category of the competition was “Continuous Devaluation of Naira and the Resultant Rate of Inflation - Effect on Insurance Business in Nigeria,” while the internal category focused on “Challenges and Solutions to the Brain Drain in the Insurance Sector in Nigeria.”
She indicated that to examine the impact of fintech companies on the finance sector, a previous study was centered on "Financial Technology Disruption in the Banking Sector and Lessons for the Insurance Industry: A Case Study of ‘Opay’ (Mobile Bank)." She emphasized the importance of noting that an internal competition, exclusive to staff members, has been running concurrently with the external competition since its inception, fostering an environment where employees can share insights on industry-related issues.
She explained that the selection of winning entries is conducted through a meticulous and transparent process, involving a panel of external assessors from both within and outside the insurance sector.
Mr. Modestus Anaesoronye, a respected journalist, serves on this panel and can vouch for the impartial and equitable nature of the selection process for the winning entries.
The panel comprises professionals from various sectors of the insurance industry, including broking, underwriting, consultancy, and training.
The process begins with a public call for entries published in a national daily, along with notifications sent to all higher education institutions offering relevant courses.
Entries submitted by these institutions are initially shortlisted to the top three by their respective department heads, who then forward them to our company.
We subsequently send copies of the shortlisted entries to the assessors, who evaluate them individually and return their grades to us. The final winners are determined based on the highest average scores assigned by the assessors, as evaluated by the internal awards committee members.
The Essay Awards Committee of Consolidated Hallmark Insurance is chaired by a senior management staff member, with additional members selected from key departments, including technical, human resources, marketing, and corporate communications.
The committee has previously been led by notable figures such as Mrs. Oladotun Adeogun, who is now the Managing Director and Chief Executive Officer of Hallmark HMO, Mr. Mac Ekechukwu, the former Regional Director of Northern Operations, and Mrs. Ijeoma Okoro, the former Regional Director of Eastern Operations. Currently, the committee is chaired by Mrs. Rukevwe Falana, who serves as the Company Secretary and Legal Adviser.
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| From left: Executive Director Operations, Consolidated Hallmark Insurance (CHI) Ltd, Jimalex Orjiako; Managing Director/CEO, Consolidated Hallmark Insurance Ltd, Mary Adeyanju; Group CFO, Consolidated Hallmark Holdings Plc, Babatunde Daramola, and Executive Director Finance & Investments, Katherine Itua, during the CHI Ltd Annual Essay Competition 2023 edition pre award ceremony press briefing held in Lagos on Monday. |
She explained that the competition originated within the organization to promote research among employees. Due to the significant success of this initiative, management recognized the importance of expanding the competition to a national scale, inviting participants from all higher education institutions that offer programs in insurance and actuarial science.
This expansion was driven by the desire to foster research, enhance knowledge, and cultivate talent within the insurance sector, she noted.
As she mentioned, the inaugural edition of the competition took place in 2011 and has evolved into the company’s primary Corporate Social Responsibility (CSR) initiative.
The 2023 edition marks the 13th iteration of the competition. She highlighted that, in addition to promoting a deeper understanding of insurance and stimulating innovative thought among participants, the selected topics are carefully chosen to ensure that the research addresses critical issues related to technology, the economy, and other significant areas.
She pointed out that over the years, winners have emerged from various higher education institutions across different geopolitical regions of the country. Notable institutions that have produced winners include the University of Lagos, University of Uyo, The Polytechnic Ibadan, Lagos State Polytechnic, Isolo, and Imo State University, Owerri, as well as Afe Babalola University, among others.
Students pursuing insurance studies at higher education institutions across the country are eagerly anticipating the announcement of entries for the competition. This event not only offers a cash prize but also serves as an opportunity to enhance their knowledge and potentially secure employment for the winners.
“Previous first prize winners of the competition were automatically offered positions within the company, and they all accepted, contributing significantly to the organization's growth. Their performance has demonstrated that their victories were well-deserved and not mere coincidences.
“We will have the chance to hear from one of these successful individuals during this event. It is also worth noting that some of the past winners, after being nurtured within our company, have shared their skills with other firms in the industry.
“Our initiatives are focused on fostering growth within the entire insurance sector and beyond,” she stated.
Mrs. Mary Adeyanju highlighted that the Essay Competition has received widespread recognition, with numerous scholarship platforms featuring it on their websites to inform students, who undoubtedly find the cash prize beneficial. One such platform is: https://scholarshipsandaid.org/2023/08/21/consolidation-hallmark-insurance-essay-competition-for-nigerian-students-2023/.
The CHIL leader mentioned that the next objective will be to engage secondary schools to inspire young talent early on.
She expressed her gratitude to Eddie Efekoha, the Group Chief Executive Officer of Consolidated Hallmark Holdings – CHH Plc, for his visionary leadership, which continues to resonate powerfully in the present day. She emphasized that the management of CHIL is dedicated to maintaining its competitive edge and is committed to investing additional resources to achieve the objective of developing a world-class workforce.
Damilola Olumodeji, the first-place winner of the 2018 essay competition and a graduate of Lagos State Polytechnic (now Lagos State University of Science and Technology), shared his transformative experience. Currently employed in the Energy and Special Perils Department at Consolidated Hallmark Insurance Limited, he noted that the competition significantly impacted his life, leading to his employment with the company.
He expressed his appreciation to the board and management for providing young Nigerians with an exceptional opportunity through the competition.