The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway remaining in the forefront as an insurer of repute. The reputation enjoyed today by Leadway has been attained by the continuing pursuit of improvements to maintain a competitive advantage. All aspects of the business are approached with discipline; the recruitment of staff, the development of products, the advancement of technologies and the personal service offered to each client.
OUR LOGO
The CAMEL© logo symbolizes the vision of the founders of the Company at the time of incorporation in 1970. The vision has had its basis on the conceptual note of insurance as a risk transfer mechanism, enabling insurers to carry all types of financial burden. As a BURDEN CARRIER, insurers are expected to have the required strength and tenacity to survive, even during difficult times, if indeed they are to protect the interests that have been transferred to them. In espousing this primary concept, the founders envisioned that, come what may – rain or shine, dull or bright – the Company must always meet its financial obligation to all its customers by ensuring that claims are paid when due, without any delay by reason of insufficient funds. This mission to be always EFFICIENT in meeting financial obligations of customers is expected to engender a bond with each individual customer such that the Company is, indeed, seen as a RELIABLE insurer. The conceptual basis of the Camel was therefore rested on the slogan of the Company being an EFFICIENT AND RELIABLE Carrier of financial burdens/obligation.
So what makes The CAMEL©, a powerful logo?
1. A Camel has stores of Flesh and Fat than can be easily absorbed when food is scarce.
2. A Camel can subsist without water for several days.
3. A Camel, by its structural qualities, can survive in the most arid (dromedary camel) or cold (bactrian camel) terrain. Its nostrils may be closed during sandstorms or blizzards and its eyes are shielded by very long eyelashes.
4. Its endurance is remarkable under different circumstances, that some are given to calling the camel “THE GIFT OF GOD”. The endurance and strength of the Camel have made it a valuable beast of burden.
5. Camels can be organized for mutual help and protection against the hazards of travel as a caravan
The CAMEL© as a LOGO is interesting for all its correlation to insurance as follows:
CAPACITY: Insurers are expected to have the financial strength to contain the risk of losses that they have agreed to bear.
SOLVENCY: Insurers are expected to keep RESERVES, including mathematical reserves, against future claims.
SECURITY: Insurers are expected to have the backup necessary to ensure that even claims of very high magnitude are settled by spreading the assumed financial burdens in an organized market for help and protection against catastrophes.
The Camel© Nigeria Logo was registered as a trademark of Leadway Assurance Company Limited in 1971.
Phenomenon behind the Camel and Sunrise
This concept is about a rejuvenated company with a strong background and heritage that has repositioned itself to meet with global changes and to be compliant with modern practice in financial services industry.
What does the symbol stand for?
CAMEL: The Camel depicts Strength, Stability, Courage, Companionship, Support and Friendship
SUNRISE: The Sunrise depicts a rejuvenated strength in service delivery
ORANGE COLOUR: The Orange colour depicts the company’s invigorated strength, willingness to honour its promises, generosity to all our customers and prosperity in the life of the company.
BLACK COLOUR: The Black colour depicts Reliability, Royalty, Optimism & Prosperity
NAME FONT: The font used for the Company’s name is Frutiger. This font stands out amongst its peers. It is stable, confident and legible.
Incorporation
Leadway Assurance Company Limited was incorporated as a limited liability company in 1970 and started business operation in 1971. The Company’s business operation started in Kaduna from where it spread to other parts of the federation. Presently, Leadway has over 24 Branch Offices with Kaduna serving as the Registered Office and Lagos, the Corporate Office.
The Founder
The Founder, Sir (Dr.) Hassan Olusola Odukale’s vision was to build an insurance company that will serve the interest of insureds; responding to losses promptly and able to compete with other international insurers. This vision was driven by a team that included some of its past chairman Alhaji Hassan Hadejia (immediate Past Chairman) Alhaji Mohammed Faruku and Pastor Jaiyeola Oni (former General Manager).
Sir, (Dr) Hassan O. Odukale insurance business started as an agency representing the interests of Royal Exchange Assurance Nigeria in the northern part of Nigeria. It later transformed to Gaskiya Insurance Brokers before it was re-registered as Leadway Assurance Company Limited. During this time, Sir Odukale knew little or nothing about the sector. However, by dint of hard work, confidence and honesty Sir Odukale and his partners were able to build a business that has successfully outlived them. The highly honoured insurance practitioner passed on in 1999. He was a Fellow of Chartered Insurance Institute of Nigeria (1995) and a Paul Harris Fellow.
Business Operations
At the beginning, the company had to survive on the goodwill of many companies including Northern Nigerian Development Company (NNDC), which gave it rent relief and Bank of the North. The Founder, Sir. Odukale also mortgaged his house in order to raise the N50,000.00 statutory deposit to Central Bank of Nigeria, (CBN).
One of the major factors that kept Leadway afloat over the years was that Sir Odukale and his successors strategically, shifted the focus of the business from traditional motor and life business to achieve stability and phenomenon growth in other allied insurance businesses, even though motor and Life insurance still constitute a big chunk of its business.
In late seventies the company started operating in Lagos market. The big break from a traditional retail underwriting business to the big corporate underwriter came in the eighties when it started working with brokers. The big break for Leadway was in 1982, when a Broker gave the company the opportunity to participate in the underwriting of some marine insurance businesses. However, one of these policies resulted in a claim of about $1 million. To the surprise of industry watchers, the claim was promptly paid up. The success of this claim opened a new vista of opportunities for Leadway and drastically changed its business operations as it was able to penetrate into corporate organizations and the lucrative Lagos market.
Leadership Change
In 1994, there was a changed in the mantle of Leadership. Mr. Oye Hassan- Odukale, became the MD/CEO and in less than 10 years, the company was repositioned to an enviable height through the discovery of other sources of investments outside the insurance sector. These includes investment in quoted government bonds, public and private companies. After close to three decades of heading the company, he resigned in December 2019 and was succeeded by Mr. Tunde Hassan-Odukale, who has been a key member of Leadway’s executive and leadership team since 1999.
Despite resuming his new role in the thick of the Covid 19 pandemic- a period where the world’s economy faced unimaginable hardship and uncertainty, THO as he is fondly called has led the company to unprecedented achievements with impeccable financial/business performance year-on-year since then and the launch of the Company’s Health insurance business in both Nigeria and Cote D’Ivoire.
