Olaotan Soyinka, a visionary leader in the insurance industry, serves as the Managing Director and CEO of Sovereign Trust Insurance Plc. With a career marked by resilience, determination, and a commitment to excellence, he has steered the company towards remarkable growth and success.
Olaotan’s leadership style, rooted in integrity and service has not only elevated the company’s position in the industry but has also inspired a new generation of leaders. Through his dedication to mentorship and his unwavering optimism, he is shaping the future of the insurance sector in Nigeria.
Embracing Impactful Leadership as Success
Olaotan believes that success as a leader means positively impacting all stakeholders, including customers, staff, board of directors, regulators, the environment, family, and the community. He emphasizes, “My idea of success is when I’m able to impact all these various stakeholders in a positive manner.”
Reflecting on his career, Olaotan notes, “It’s always a delight when I see customers who have suffered an unfavourable situation, and at the end of the day when the company comes in and we make good their losses, there is this health satisfaction.” He views leadership as a journey of continuous positive impact, stating, “Over the years, I just feel that leadership is all about making positive impacts wherever you find yourself.”
Rising Above Challenges on the Journey to Leadership
When reflecting on the challenges that shaped his leadership journey, Olaotan emphasizes the importance of learning from difficult experiences. He shares, “From where I come from, they always say that if you say you have experience, they will ask you, who is your teacher?” This perspective has guided him to see challenges as opportunities for growth.
Growing up without the privileges of wealth, Olaotan learned to make the best of every situation. He recalls, “I’ve always been focused on what are those things that I need to do to make it in life.” He draws inspiration from an adage, “He who wants to eat the honey that is in the rock would not look at the axe edge because it’s not easy to take honey from the rock.” This mindset has helped him face challenges head-on and extract valuable lessons from them.
Olaotan views challenge as obstacles meant to be surmounted. He believes that overcoming challenges not only strengthens one’s character but also prepares them for future obstacles. He concludes, “Challenges should propel you to a higher pedestal in life.”
Navigating Career Paths in the Insurance Industry
Olaotan’s career path into the insurance industry was not initially planned but rather a result of serendipity. He shares, “I studied insurance at Providence. I grew up liking the profession of accounting, but one way or another, I found myself studying insurance at the University of Lagos Akoka, one of the most prestigious universities in Nigeria.”
After completing his education, Olaotan continued to diversify his experience, working in the soil industry during his mandatory youth service and later with Shell Petroleum Development Company. He then transitioned into banking before finally settling in the insurance industry. He reflects, “Since that time, all has become history. It’s been a highly interesting journey all the way.”
Despite his initial interest in accounting, Olaotan has embraced his role as a thoroughbred insurance professional. His diverse experiences have enriched his journey and shaped his success in the industry.
Propelling Growth and Excellence
Under Olaotan’s leadership, Sovereign Trust Insurance Plc has undergone significant growth and transformation. Since its inception in 1995, the company has demonstrated resilience and adaptability, evolving from a modest capitalization to a robust financial entity. With a current share capital of N7.5 billion and assets exceeding N17 billion, Sovereign Trust Insurance Plc stands as a formidable player in the Nigerian insurance industry.
Through strategic mergers and acquisitions, including with Confidence Insurance Plc, Coral International Insurance Company Limited, and Prime Trust Insurance Company Limited, the company has expanded its market reach and strengthened its position within the sector. This consolidation has propelled Sovereign Trust Insurance Plc to the forefront of the industry, achieving an average annual growth rate of 30%.
Underpinning this success is a commitment to excellence in people, technology, and processes. The company’s investment in talent and innovation has enabled it to continually improve its services and enhance customer satisfaction. With a vision to be among the top five insurance companies in Nigeria, Sovereign Trust Insurance Plc is poised for continued growth and innovation.
Supported by a distinguished Board of Directors and a network of offices across the country, Sovereign Trust Insurance Plc is well-positioned to deliver on its mission of providing insurance and financial services of global standards. The company’s dedication to creating value for shareholders and enhancing the everyday lives of customers underscores its commitment to sustainable growth and excellence in the insurance industry.
Evolving Landscape of the Insurance Industry
Joining Sovereign Trust Insurance Plc was more than just a career move for Olaotan; it was finding a home where he could grow personally and professionally. He explains, “I actually joined the company at a time in my career when I wasn’t looking for a place to work. I was looking for a home.”
For Olaotan, Sovereign Trust Insurance Plc ticked all the boxes, offering a culture of professionalism, growth opportunities, and a team of people he admired. He felt that the company would allow him to blossom both as an individual and as a professional. Reflecting on his decision, he says, “It couldn’t have been any other place in the industry at that time, and I’m glad that I joined Sovereign Trust Insurance Plc.”
Olaotan has witnessed significant changes in the insurance industry since he first joined, particularly in terms of innovation and technology. He notes, “The industry has actually moved greatly from the traditional insurance practice.”
He recalls his early days at International Standard Insurance Company, a company that revolutionized insurance practices in Nigeria. Through innovative approaches and the introduction of technology, they changed the perception of insurance from being the “poor cousin” of banking to a dynamic and innovative sector.
Olaotan acknowledges that while the industry is still growing and evolving, there has been remarkable progress. He believes that technology and innovation have played a crucial role in this transformation, enhancing the delivery of insurance products and services to consumers. He highlights the company’s approach to technology, particularly in servicing the oil and gas industry, as a testament to the industry’s advancement.
Navigating the Impact of COVID-19 on the Insurance Industry
The COVID-19 pandemic presented both challenges and opportunities for the insurance industry, according to Olaotan. He reflects, “COVID did a lot in that area. For example, you and I are having a meeting on Zoom. It showed us that we could do a lot more with technology than we’re doing because at that time we had to work off-site and then we discovered areas in which we needed to invest in technology.”
The pandemic accelerated the adoption of technology in customer service and highlighted the importance of reaching customers beyond physical locations. Olaotan notes, “Given the population of Nigeria, it is not sufficient to serve our customers with brick and mortar. With technology, we can reach the far corners of the country. And most importantly, we now even play more in the international space.”
While COVID-19 initially posed a threat to the business, Sovereign Trust Insurance Plc was able to overcome the challenges and emerge stronger. Olaotan believes that the pandemic ultimately reinforced the importance of technological innovation and remote work in the insurance industry.
Achieving the Pinnacle of Leadership at Sovereign Trust
Before joining Sovereign Trust Insurance Plc, Olaotan’s journey was marked by diverse experiences that shaped him as a leader. He reflects, “Apart from my academic qualifications, which to a larger extent, as I said, by Providence, I studied insurance and I’ve done all that is required academically.”
His time at Shell Petroleum Development Company proved invaluable, especially as the company ventured into oil and gas insurance. Olaotan had already built relationships in the industry that he could leverage. His experience as an insurance broker, focusing on client servicing, further honed his skills in understanding and meeting customer needs.
Upon joining Sovereign Trust Insurance Plc, Olaotan worked in various roles, including underwriting, marketing, and specialized product offerings. His dedication to continuous learning and improvement led him to participate in training both locally and internationally.
Notably, his experience in the London market, working with brokers and insurance companies, provided him with a global perspective that enhanced his leadership capabilities. Collectively, these experiences have greatly influenced Olaotan’s leadership style and approach, making his journey in the industry both rewarding and impactful.
Leading with Purpose to the Pinnacle of Achievement
Reflecting on his career, Olaotan considers his position as the leader of Sovereign Trust Insurance Plc as one of his greatest achievements. He shares, “One thing that every person sets out to do in life when embarking on a journey or an enterprise is to get to the pinnacle of what you’re doing.”
Under Olaotan’s leadership, Sovereign Trust Insurance Plc has achieved significant growth, doubled its revenue and performed well in all indices. He credits this accomplishment to the grace of God and views it as a testament to his dedication and leadership in the industry.
As the CEO of the company, Olaotan’s primary responsibility is to provide leadership and ensure that the organization moves steadily toward its goals. He explains, “The work of a leader is to make people go where they ought to go, make sure that there is congruence along the strata of the organization.”
Operating with an open-door policy, Olaotan values the input of others, recognizing that collaboration and harnessing various opinions are essential for success. He emphasizes the importance of working with like-minded individuals to achieve the company’s objectives.
Olaotan’s daily routine is dynamic, focusing on ensuring that the organization is on track to achieve its goals. He closely monitors key performance indicators through a dashboard, stepping in to provide direction when needed. His approach highlights his commitment to effective leadership and driving the company toward success.
Finding Balance and Motivation in Life and Leadership
Balancing personal and professional life can be challenging, but for Olaotan, faith plays a crucial role. He says, “I strongly believe that apart from your professional qualification, your personality, there is a God there and with his backing, there is nothing that should be impossible.” This belief in divine support gives him the strength and grace to face each day’s challenges.
To keep himself and his team motivated, Olaotan employs a mix of approaches. He believes in the “carrots and sticks” approach, rewarding good behaviour and addressing negative behaviours promptly. Leading by example is also key. He states, “I lead from the front. As a leader, I don’t believe in just talking. When you say something, do it. Let people take an example from you.” This commitment to integrity and action inspires his team to perform at their best.
Embracing the Journey: Reflections on Leadership and Legacy
For Olaotan, achievement is not a destination but a continuous journey. He reflects, “If I say that I’ve achieved all that I’ve dreamed of, then the next thing is just to leave the world.” He believes that each level of success should serve as a stepping stone to greater heights, acknowledging that the world is constantly changing, presenting new challenges and opportunities.
As a leader, Olaotan’s message to aspiring leaders is clear: “Leadership is a call to serve, not a call to lordship over your followers.” He emphasizes the importance of leaving a lasting legacy of excellence and service, ensuring that one leaves a place better than one found it.
Describing his leadership style, Olaotan identifies with the concept of a servant leader. He sees leadership as a call to serve, embodying humility and a commitment to the well-being of others. This approach guides his outlook on leadership, inspiring others to follow his example.
Pioneering a Global Vision for Sovereign Trust Insurance Plc
Olaotan envisions Sovereign Trust Insurance Plc as a leading brand in the global insurance and financial services sector. He states, “Our vision is to be a leading brand providing insurance and financial services of global standard.” Recognizing the global nature of the insurance industry, Olaotan aims to expand the company’s reach and establish it as a global brand.
On a local level, the goal is ambitious yet achievable. Olaotan aims for Sovereign Trust Insurance Plc to consistently rank among the top five insurance companies in the industry. This ranking will be based on key metrics such as asset size, capital base, return on investment, share price, and profitability. He emphasizes the importance of building a company that will endure for centuries to come, providing a solid foundation for future leaders to build upon.
At the core of the company’s operations are its values. Olaotan emphasizes superior customer service, innovation, professionalism, integrity, empathy, and team spirit. These values guide the team in their daily operations and form the foundation for the company’s success.
Shaping the Future: A Vision for Mentorship and Optimism
Olaotan’s ambition to influence the current generation revolves around mentorship. He believes in pouring himself into the next generation of leaders, stating, “I believe that I can do more in the area of mentorship.”
He aims to extend this mentorship beyond Sovereign Trust Insurance Plc, seeking a platform within the industry to impart knowledge and experience. He emphasizes the importance of passing on knowledge to the new generation, ensuring that they benefit from past experiences and contribute to improving the industry.
When asked to define himself in one word, Olaotan chooses “optimist.” He holds a strong belief that things can only improve, reflecting his positive outlook on life and leadership. This optimism underpins his approach to mentoring and influencing others, driving him to make a lasting impact on the industry and the leaders of tomorrow.
Conclusion
Olaotan Soyinka stands as a beacon of leadership in the insurance industry, exemplifying the qualities of a true visionary. His commitment to excellence, coupled with his belief in mentorship and optimism, sets him apart as a leader who is not only focused on achieving success but also on ensuring a lasting impact.
Under his guidance, Sovereign Trust Insurance Plc continues to thrive, setting new standards of excellence in the industry. Olaotan’s legacy of leadership and service will undoubtedly inspire generations to come.
