'HOW INSURERS CAN EMPLOY BETTER RISK MANAGEMENT STRATEGIES'

The Managing Director, Consolidated Hallmark Insurance Plc, Mr. Eddie Efekoha, has said that there is the need for insurance operators to improve on their business strategies in order to be better risk managers.

Efekoha said this while delivering a speech, titled, 'Infusing a company with cutting edge strategy,' in Lagos on Tuesday.

He said, 'What strategy does is to minimise risk and improve the chances of success.'

According to him, strategies cannot be transferred from one company to another, except the situations are exactly similar in most cases.

He stressed that while the management needed to consider the customers they serve and the value proposition that appealed to these set of customers, part of the things to be considered, should include price, quality, availability, functionality, innovation and value creation.

Explaining the human ingredient to strategy formulation, Efekoha said that there should be an enhanced human capital management.

He said, 'There should be employee skills and talent management strategy, performance management system and succession planning.'

According to him, there should be a good process management that involves how to manage cost, while also passing benefits to customers.

The Consolidated Hallmark boss stressed the need to employ technology in organisations' operations.

This, he said, will aid internal business process, communication with customers, provide a platform for completing business transactions, while also reducing the cost of doing business.

The insurer also stressed the need for operators in the insurance industry to do proper financial management.

He said, 'Operators need to consider the firm's revenue base, how to expand it, efficient utilisation of resources and how attractive they are to existing and potential investors.'

Efekoha noted that Consolidated Hallmark had always employed efficient strategies in its operations, which had been giving the company some edge in the industry.

He added, 'We had a mission to combine people's competence and technology to provide insurance services that empowers our clients thereby, delivering exceptional returns to all stakeholders.'

The insurer said that the firm's continued thrust remained creating sustainable value for the customer always.