Standard Insurance Consultants Limited (SICL), a full-service insurance broker regulated by the National Insurance Commission (NAICOM), has been nominated for the Insurance Broker of the Year Award at this year’s 11th edition BusinessDay’s Banks and Financial Institutions (BAFI) Awards. The company won the award in 2021 and 2022.
Ahmed Salawudeen, a professor and group president of Standard Group of Companies, its parent company, will also receive a Lifetime Achievement Award in Insurance at the event slated for October 28, 2023 during the awards ceremony to be Lagos Continental Hotel, Victoria Island, Lagos.
In the last 43 years, SICL has grown to one of the country’s largest and most-respected insurance brokers employing several professionals working out of offices in Lagos, Abuja, and Ibadan.
The Insurance Broker of the Year is awarded for excellence and innovation in insurance broking services utilizing methods and channels best suited to client needs.
This award recognizes an insurance broker that has delivered outstanding performance, and innovation without compromising prudential standards over the coverage period.
Salawudeen, commenting on the awards said, “We are pleased to be shortlisted for the Insurance Broker of the Year Award at the BAFI Awards. It confirms the strength of our franchise, and organisational culture.
Since 1980, SICL has been challenging the market by delivering unrivalled client service. Being nominated for this award for the third time in a row is a ringing endorsement of our distinctive approach and the quality of the team we have assembled here.”
“I am honored to also receive the nomination for a Lifetime Achievement Award in Insurance from BusinessDay, one of the most respected media organisations in Nigeria. It gladdens my heart to know that my modest contributions to professional standards and adoption of insurance by Nigerians are being recognised, said Salawudeen.
Standard Insurance Consultants Limited, and its sister company, SICL Reinsurance Brokers, are subsidiaries of Standard Group of Companies, a multinational cross-sectoral business group.
The group’s business areas extend to agriculture, pharmaceuticals, and property investment through Signature Global Real Estate (SGRE), a real estate brokerage and property management company based in Dubai, United Arab Emirates.
In selecting the winner, judges will apply quantitative and qualitative criteria.
The metrics that will be used are YoY growth in clients and new policies, overall approach to business development and lead generation, quality of relationship management and client service, innovation in product offerings, staff development and retention over the last 12 months, brand visibility, financial results, business expansion, use of digital platforms, good standing with the insurance regulator, National Insurance Commission, and active participation in Nigerian Council of Registered Insurance Brokers (NCRIB) events and initiatives.
Backed by its award-winning BusinessDay Research and Intelligence Unit (BRIU), the Banks’ and Other Financial Institutions Awards are the most rigorous, prestigious and transparent awards program in the industry.
Lifetime Achievement Awards are conferred on individuals who have made outstanding contributions to their sectors. This year marks the first time that a Lifetime Achievement award will be bestowed on a senior executive in the Insurance industry.
Over a career that spans more than 4 decades, Salawudeen has impacted the insurance industry positively. Standard Insurance Consultants Limited, which he founded in 1980, ranks among the top brokers in Nigeria.
His reputation and influence are recognised by peers and competitors alike.
In recent years, Standard Group of Companies, the holding company where he sits at the helm, has ventured into new business areas including real estate and reinsurance broking, through its subsidiaries, Signature Global Real Estate (SGRE) and SICL Reinsurance Brokers Limited respectively.