Stories by Henry Uche, [email protected]
When Dr. Abass Olufemi assumed the role of Head of the Insurance Department at Lagos State University, he faced a dual challenge: managing a mix of students passionate about insurance and those reluctantly transferred from other fields like accounting and economics.
However, his strategy was crystal clear: elevate the profile of insurance and make it appealing. He spearheaded two major insurance summits that showcased the field’s significance, boosting the department’s visibility and engaging students. His efforts paid off with increased enrollment and a noticeable shift in attitude among students.
Again, he tackled the issue of reluctant students head-on, reorienting them with a fresh perspective on insurance.
By emphasising the field’s value and its career opportunities, he transformed their initial reluctance into enthusiasm. The result? A surge in student engagement and academic performance.
Under his leadership, the department achieved notable milestones, including renewed accreditation from the Nigerian Universities Commission (NUC) for both undergraduate and postgraduate programmes. Excitingly, the university now offers Master’s and Doctorate degrees in Risk Management and Insurance, marking a significant advancement.
Dr. Olufemi also forged crucial partnerships with industry leaders like the Chartered Insurance Institute of Nigeria (CIIN) and Linkage Assurance Plc. These collaborations provided students with real-world insights and professional certification opportunities, bridging the gap between theory and practice.
In this interview with Daily Sun, newspaper, Dr. Olufemi reveals how he turned challenges into opportunities for transformation.
What was your experience like when you assumed office as HOD two years ago?
The experience has been very intriguing and interesting, though challenging. But it was worth the while. It further exposed me to the workings of the department. You know, managing and leading people from diverse backgrounds, orientations, beliefs, and cultures is no easy task. But overall, the experience was not bad at all.
How was your relationship with both categories of students?
It was fantastic. During my tenure, we organized two insurance summits, which helped make the Insurance Department more visible both within LASU and beyond. Enrollment figures have been remarkable. For instance, we had over 200 students in 100 level, and I don’t see that number declining. We took every opportunity to spread the word about insurance. During my time, the Nigerian Universities Commission (NUC) accredited not only our undergraduate programs but also our postgraduate ones. Both were renewed for five years. For the first time, LASU will be offering Master’s and Doctorate degrees in Risk Management and Insurance.
How did you cope with core insurance students and those sent from other departments?
Managing students with different views on insurance was a challenge. It required knowledge of psychology, human relations, and courage. Many students were transferred from other departments to insurance for various reasons. When young people are offered courses they never chose, as the leader, it was my job to work on their mindset. Along with my colleagues, we gave them a fresh orientation to help them understand they were in the right place. The result is evident in the growing enrollment numbers. Some of these students, after their first semester, achieved GPAs of 4.5 and above. Now, they are self-made ambassadors of the course. Although there are still pockets of negative thoughts, it’s up to us to guide them.
What kind of support did you receive from stakeholders?
During my tenure, I received tremendous support from the Chartered Insurance Institute of Nigeria (CIIN), which educated and sensitised our students about the importance of professional qualifications. We took our students on a visit to CIIN, and they reciprocated. These visits helped our students realize the value of the insurance profession. Many are now interested in pursuing professional certifications alongside their B.Sc. in insurance. We also received support from Linkage Assurance Plc and Heirs Insurance, with Linkage even providing financial backing for our summit. Insurfeel Initiative extended free health insurance coverage to the executives of all eight departments in the Faculty of Management Science, and the Vice-Chancellor and the Director of Intervention played key roles in bridging the gap between academia and the industry.
Did you face any challenges in teaching?
Yes, there were challenges, but we approached the Vice-Chancellor, and she graciously recruited four more lecturers, bringing the total to 15 in the department. Trying to change the mindset of students who didn’t originally want to study insurance was tough. However, after my first year, many more students were choosing insurance as their preferred option. It’s a work in progress.
How have LASU insurance graduates performed in the job market?
The feedback has been encouraging. Our graduates have been doing well, representing the university proudly and acting as good ambassadors of the department.
Is there any hope for an Actuarial Science department at LASU?
For now, we don’t have an Actuarial Science department, but we introduce our students to Actuarial Science as part of their studies. We hope that, with more capable hands, we can establish it as a separate course.
What are your prospects for the future?
We’ve laid a strong foundation, and I’m hopeful it will stand the test of time. This is not where we were years ago, but we can do better. I’ll continue to support my successor, and together, we must promote insurance as a valuable sector. As we deepen insurance penetration, we must also focus on insurance education and ensure academia and industry are closely aligned.
Any advice for the Commissioner of Insurance?
The Commissioner of Insurance started on the right foot. He has set out to address many important issues and is holding operators accountable. I know him to be a man of his word, and I wish him all the best. Every stakeholder should support him as we look forward to the continued growth of our insurance sector.