All is set for the Annual Essay Competition 2023 Edition of Consolidated Hallmark Insurance (CHI) Limited which is expected to hold on Friday, October 4, 2024.
The event will hold at the Lagos Chamber of Commerce and Industry (LCCI) Conference and Exhibition Center, Alausa Ikeja Lagos.
Speaking at the pre- award briefing held to in its office, the Managing Director/Chief Executive Officer Consolidated Hallmark Insurance (CHI) Limited, pMrs Mary Adeyanju, said the maiden edition of the competition commenced in 2011 and has since grown to become the main Corporate Social Responsibility (CSR) initiative of the company.
According to her 2023 edition marks the 13th edition. Besides fostering deeper knowledge of insurance and encouraging innovative thinking among participants, the topics are diligently arrived at, in a bid to ensure the research work addresses pertinent issues in technology, the economy and other areas of impact.
“Over the years, winners have emerged from higher institutions of learning spread across various geo-political zones in the country. Institutions that have produced winner include The University of Lagos, University of Uyo, The Polytechnic Ibadan, Lagos State Polytechnic, Isolo, Imo State University, Owerri, Afe Babalola University, amongst others.
“Students of insurance in higher institutions nation-wide now keenly look forward to call for entries to take part in the competition not only for the cash prize but also to deepen their knowledge, and the possibility of employment for winners.
“Past 1st Prize Winners of the competition automatically got offer of employment to join the services of the company and they all took advantage of the offer and have contributed their quota to the growth of the organisation. They have proved themselves in the course of their work, thus attesting to the fact that their winning was not a fluke. We shall have the opportunity of listening to one of them in the course of this event. It is also gratifying to mention that some of the past winners so employed and groomed have subsequently made their talents available to other companies in the industry. Our effort is geared towards the growth of the entire insurance industry and beyond.”
She added that from an initial N150,000, N100,000 and N50,000 respectively for 1st, 2nd and 3rd Prize winners, the winning prize has been increased over the years to N250,000, N150,000 and N100,000. In view of the prevailing economic situation and to further deepen participation in the process, with effect from the 2023 edition, the winning prize has now been increased to N500,000 (Five Hundred Thousand) N300,000 (Three Hundred Thousand) and N200,000 (Two Hundred Thousand) for the 1st, 2nd and 3rd Prize winners respectively.”
On 2023 edition, she said “the 2023 external category of the competition centered around the theme “continuous devaluation of naira and the resultant rate of inflation -effect on insurance business in Nigeria.” while the topic for the internal category was: “challenges and solutions to the brain drain in the insurance sector in Nigeria.”
She added that in order to understudy the disruption of the finance space by fintech companies, a previous topic focused on ‘financial technology disruption in the banking sector and lessons for the insurance industry: A case study of ‘Opay’ (Mobile Bank)”.
“It is pertinent to mention that internal category of the competition which is for members of staff only and precursor of the competition has been running alongside the external from inception. It encourages staff to share insights on issues affecting the industry.”
She noted that winners and their institutions of study shall be unveiled at the awards ceremony on Friday, 4th October
On its future plans, she said “we remain committed to sustaining the competition and actually committing even more resources into it to ensure our goal of building world class workforce is actualized. The new prize money of N500,000 , N300,000 and N200,000 is only a tip of the iceberg. Participants should watch out for further improvement on this, in line with current economic realities as call for entries for the 2024 edition and beyond are made.
“We look forward to a situation where the winning price money would suffice for a fully funded academic year – inclusive of fees, accommodation, feeding (all costs inclusive for an average student).Ours is a company that is fully committed to the cause of education.
“We shall not rest on our oars and will not lower the bar at any time. We can only continually improve on it. The next target shall be the secondary schools to enable us catch them young, as they say.”
