Standard Insurance Consultants Limited (SICL) clinched its fourth Insurance Broker of the Year award at the 12th edition of BusinessDay’s Banks and Financial Institutions (BAFI) Awards, held on October 25 at the Lagos Continental Hotel, Victoria Island.
The BAFI Awards, regarded as the pinnacle of recognition in Nigeria’s financial services industry, brought together an illustrious audience of CEOs, C-suite executives, government officials, and industry captains. Amid the evening’s glamour, one attendee quipped, “If a bomb went off here, NGX could lose up to half its valuation,” emphasising the weight of leadership present at the event.
Despite heavy rain and Lagos’s infamous traffic, the venue was packed, reflecting the prestige of the awards ceremony.
A Rigorous Selection Process
Winning the Insurance Broker of the Year was no small feat. BusinessDay’s judges sought a firm that demonstrated exceptional creativity in serving clients, fostered strong collaboration with insurers, and ensured timely payment of claims in response to major client losses.
In addition to these criteria, six shortlisted firms were assessed on 12 factors, including year-on-year client growth, innovative product offerings, staff development, regulatory compliance, and digital transformation. SICL outperformed competitors across the board, cementing its position as a market leader.
From Humble Beginnings to Global Impact
Founded by Professor Ahmed Salawudeen, SICL recently celebrated its 44th anniversary. What started as a single-room office in Ibadan in 1980 has grown into a multinational powerhouse with operations in Ghana, Indonesia, and the UAE.
Salawudeen, fondly known as “Mr. As At When Due,” built the company’s reputation on diligent risk screening for clients. Speaking via video call, he expressed gratitude to BusinessDay, stating, “This recognition underscores SICL’s commitment to helping clients de-risk their exposures in an increasingly complex world, enabling them to deploy capital more effectively.”
Domestically, SICL has expanded its network, recruited top talent, and launched a digital platform to promote insurance inclusion for underserved Nigerians. It consistently ranks among the top three firms in specialized insurance sectors, including Oil & Gas, Aviation, Marine, and Agriculture.
Lessons in Leadership
Over four decades, Salawudeen has consistently prioritized client interests over short-term gains, a philosophy that shaped SICL’s enduring success. “Adaptation without compromise” has been his guiding principle, often involving difficult decisions and sacrifices.
Today, he oversees strategic direction while a team of senior executives handles day-to-day operations from the firm’s ultramodern Lekki office.
Accolades and Influence
Salawudeen’s contributions to the industry have earned him numerous accolades, including the “World Leader Businessperson” Award from the World Confederation of Businesses and an honorary professorship from the Academic Union Oxford.
In 2023 alone, he addressed audiences at the Canada-Nigeria Business and Investment Summit and the Nigeria-Indonesia Chamber of Commerce, among others. On October 2, he was honoured by the Humans for Humans initiative for upholding Mahatma Gandhi’s values.
A Legacy of Excellence
SICL’s journey is a testament to resilience, innovation, and integrity. From revolutionizing insurance brokering in Nigeria to expanding globally, it has set a high bar for the industry.
As SICL plots its next growth phase, its commitment to clients and community remains steadfast, making it a beacon of excellence in an increasingly competitive landscape.
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