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Leadway Assurance Company Limited
Company typePrivate
IndustryInsurance
Financial services
Founded1970; 54 years ago (1970)
FounderSir Hassan O. Odukale
Headquarters
Lagos, Nigeria
Key people
Gboyega Lesi (Managing Director)
Olufunmilayo Amanwa (Executive Director, Technical & Operations)
[1]
ProductsInsurance, Property Casualty: Commercial & Consumer, Life & Retirement
N90.6 billion NGN (2019)[2]
Total assetsIncrease N394billion[3] NGN (2019)
Websitewww.leadway.com

Leadway Group, also known as Leadway, is a non-banking financial services group of companies  headquartered in Lagos, Nigeria. Its flagship company Leadway Assurance Company Ltd, was established in 1970, and has grown to become one of Nigeria's largest insurance firms, recognized for its significant market presence and comprehensive range of insurance products and services. Leadway provides a variety of insurance offerings, including commercial and personal property and casualty insurance, travel insurance, and life insurance.[4][5]

Leadway has operated for over 50 years, offering a range of services that cater to both individual and corporate clients. Leadway's insurance solutions are designed to meet diverse needs, from basic personal insurance to complex commercial coverage.[6]

The company's range of products includes motor insurance, which covers private and commercial vehicles against various risks; property insurance, which provides protection for residential and commercial properties; and life insurance, which offers financial security to policyholders' beneficiaries. Additionally, Leadway Assurance offers specialized insurance products such as marine and aviation insurance, ensuring coverage for businesses engaged in these sectors.

In addition to its core insurance business, Leadway has other affiliated companies within the group- they include, Leadway Pensure, a pension fund administrator, Leadway Health, a health maintenance organization, Leadway Capital and Trust (offers Wills and Trusts services) and Leadway Asset Management, an asset and wealth management company.. The companies offer a range of other non-banking financial services under the Leadway Group. Leadway also has  two Cote D’ivoire subsidiary companies, Leadway Assurance Vie, a life insurance company and Leadway IARD, a general Insurance company. [7]

History

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Leadway Assurance, established in 1970 by Sir Hassan O. Odukale, has a history that traces its evolution from modest beginnings to a significant presence in Nigeria's insurance industry. The company commenced operations in 1971, initially focusing on direct motor insurance, serving the insurance needs of individuals and businesses.

In its early years, Leadway received support from organisations including the Northern Nigerian Development Company (NNDC) and the Bank of the North, aiding its market establishment. Sir Hassan O. Odukale, the founder, secured the N50,000 statutory deposit required by the Central Bank of Nigeria (CBN) by mortgaging his home.

During the late 1970s, Leadway began expanding its product offerings beyond motor insurance. The company introduced life insurance policies, broadening its customer base and market position.

The 1980s marked a transformation for Leadway as it transitioned from a traditional retail underwriter to collaborating with brokers, entering the corporate market. In 1982, the company underwrote several marine insurance policies through a broker, paying a substantial claim of approximately $1 million. This event demonstrated Leadway's capacity to handle large-scale risks.[8]

As Leadway's financial strength grew, meeting up with the new minimum wage capital, the company continued to diversify its product offerings. The introduction of specialised insurance products, such as oil and gas insurance, addressed the needs of different industries.[9]

Throughout the 1990s and early 2000s, Leadway expanded its reach and capabilities. The establishment of subsidiaries such as Leadway Capital & Trust in 1999 and Leadway Pensure in 2004 expanded the company's financial services portfolio. These subsidiaries offered services including annuities, trusts, wills, and pension fund administration. The company's leadership also saw changes. Recently, Tunde Hassan-Odukale stepped down, and Gboyega Lesi was appointed as the acting Managing Director.[10]

Leadway Companies

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The different affiliated companies within the Leadway Group have different offerings catering to the non-banking financial services sector. Recognizing the interconnectedness of their offerings, Leadway launched the Leadway One campaign. The initiative was aimed at streamlining the customer experience by unifying the non-banking services offered by its subsidiaries under a single banner to foster a more cohesive brand identity and allow customers to seamlessly navigate the Leadway ecosystem.[11][12]

Leadway Assurance

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Leadway Assurance Company Limited is the first and most prominent Company within the Leadway Group. It provides a comprehensive range of general insurance products in Nigeria, catering to both individual and business clients. The company's offerings include auto insurance, property insurance, travel insurance, and savings & investment insurance. Leadway Assurance is known for its innovative solutions, such as the Leadway App that allows customers to transact on all insurance businesses. Also, the  Leadway VehiScanner, an AI-powered system that facilitates vehicle inspections and claims processing.[13][14]

Leadway Assurance Claims

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Leadway Assurance disbursed N48 billion in the settlement of claims in 2022.[15] During agricultural losses in Benue and Nasarawa states, Leadway Assurance processed and settled claims totaling N111.4 million swiftly. This initiative assisted farmers in mitigating financial hardships and potentially resuming agricultural activities.[16] Leadway Assurance also serves as an underwriter for the Nigeria Police Force insurance policy. In collaboration with Anchor Insurance, they secured the lead underwriter position for a N20.1 billion insurance policy to service the Nigeria Police Force.[17]

Leadway Pensure

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Leadway Pensure PFA Limited, commonly known as Leadway Pensure, was established on August 25, 2004, as a Pension Fund Administrator (PFA) in compliance with the Pension Reform Act of 2004. It is one of the capitalised PFAs in Nigeria, with an authorised share capital of N2.0 billion and a shareholders' fund exceeding N8.7 billion. The company manages pension funds for individuals and organizations, ensuring financial security for retirees.[18][19] Currently Leadway Pensure is headed by Mr Olusakin Labeodan.[20]

Leadway Capital & Trust

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Established in 1999, Leadway Capital & Trust Limited is a registered trustee with the Securities & Exchange Commission since 2000. The company offers a range of financial services, including annuities, trusts, wills including online will writing, and short-term financing. Leadway Capital & Trust provides tailored solutions to meet the unique financial needs of its clients, ensuring effective wealth management and financial planning.[21]

Leadway Asset Management

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Leadway Asset Management focuses on investment management solutions, catering to both individual and institutional clients. The company offers a range of investment products, including mutual funds, portfolio management, and advisory services. Leadway Asset Management's approach is based on in-depth market analysis and a commitment to delivering optimal investment returns. It leverages its expertise in asset management to provide clients with tailored investment strategies that align with their financial goals and risk appetite

Leadway Health

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Leadway Health is a Nigerian health maintenance organisation (HMO) offering comprehensive health insurance plans to individuals and groups. Established as a subsidiary of Leadway, it leverages the group's experience in the insurance sector to provide accessible and affordable healthcare solutions. They introduced the Leadway Health App in 2021 which allows enrollees to manage their health information.[22] The app was later upgraded to include the telemedicine feature enabling policyholders to talk to doctors without having to visit the hospital except in medical emergencies.[23] They also collaborate with groups to offer comprehensive tailored health plans for their members.[24]

Corporate Social Responsibility (CSR)

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In 2024, Leadway launched the Hersurred Initiative, a platform designed to address the specific needs of women. This initiative provides a community where women can learn new skills, share experiences, and access resources to support their personal and professional development. Hersurred aims to help women achieve their academic, financial, and social goals, contributing to a more inclusive and equitable society.[25]

Leadway indulges in several child education initiatives from bolstering child education in rural communities to supporting underprivileged children by collaborating with various organizations to offer scholarships and facilitate access to free education.[26][27]

In education, one of its flagship CSR programs, "Pages to Places," tackles the challenge of limited literacy rates, particularly in rural communities. This initiative serves to promote a love for reading and fostering a strong literacy culture among children.[28]

Leadway partners with educational institutions and NGOs to provide free educational resources and access to quality learning environments. The company also supports underprivileged children by collaborating with various organisations to offer scholarships and facilitate access to free education.[29]

Leadway participates in healthcare initiatives across Nigeria, including a partnership with the Nigerian Association of Social and Resourceful Editors (NASRE) and the Federal Government to provide financial and medical support to media practitioners facing health challenges. This program also extends to the families of deceased journalists, offering support during difficult times.[30]

Leadway supports programs focused on public health awareness, such as free mammogram screenings for women, promoting preventative measures and early detection of health issues.[31]

Leadway was involved in addressing the ginger plight disease, a major threat to ginger production, by providing insurance solutions to this sector.[32]

In collaboration with organisations such as MAC Bickersteth, KPMG, and Andersen, they established the Seyi Bickersteth Scholarship Programme (SPSP) in 2021. This program awards full scholarships to ten deserving students each year, enabling them to pursue tertiary education. By investing in education, Leadway aims to empower young Nigerians to contribute to the nation's future.[33]

Recognition & Awards

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Leadway has received several awards and recognitions even amongst its subsidiaries for its services and contributions to the insurance industry. For their financial position, they received an "AA Rating" awarded by GCR, a  credit rating agency. This rating signifies Leadway Assurance's strong capitalization, prudent risk management practices, and exceptional underwriting performance.[34]

Partnerships

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Leadway has entered strategic partnerships aimed at expanding its service offerings and market presence. One such collaboration is with Octamile and Leadway Assurance for motor insurance, introducing flexible payment options for motor insurance premiums.[35]

Leadway Assurance has partnered with Leytro to offer "pay-as-you-drive" motor insurance, a data-driven initiative that offers reduced premiums for responsible driving.[36]

Leadway Assurance has formed partnerships with firms in the United Arab Emirates (UAE) and Malaysia to enhance its travel insurance offerings, catering specifically to the needs of international travelers.[37]

In the health insurance sector, Leadway Health has partnered with Vitality, focusing on health insurance plans that promote healthy lifestyles and reward policyholders for proactive health measures.[38]

Leadway Assurance has also collaborated with Corporate Farmers, an agricultural promotion organization, to organize interactive sessions for farmers in southwest Nigeria. It aims to facilitate knowledge exchange and equip farmers with tools to navigate the agricultural landscape effectively.[39]

References

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  1. ^ "Our Leadership".
  2. ^ "Leadway Assurance Holds Virtual AGM; Pays N38.5bn Claims in 2019". 31 May 2020.
  3. ^ "Leadway Assurance Holds Virtual AGM; Pays N38.5bn Claims in 2019, as Total Assets grew to N394bn".
  4. ^ "Leadway Assurance Co Ltd - Company Profile and News". Bloomberg.com. Retrieved 2024-07-13.
  5. ^ "Insurance companies in Nigeria : ranking 2023". www.atlas-mag.net. Retrieved 2024-07-13.
  6. ^ "LEADWAY ASSURANCE COMPANY LIMITED". CWEIC. Retrieved 2024-07-14.
  7. ^ Anaesoronye, Modestus (2020-10-07). "Leadway Assurance positive about future, 50 years after establishment". Businessday NG. Retrieved 2024-07-14.
  8. ^ Oluwagbemi, Ayodele (2020-02-03). "38 years ago, we made an audacious claims payment that changed Nigeria's insurance industry". Punch Newspapers. Retrieved 2024-07-14.
  9. ^ Augie, Bala (2019-08-19). "Leadway meets new minimum capital requirement-Chapel Hill Denham". Businessday NG. Retrieved 2024-07-14.
  10. ^ Falaiye, Henry (2024-01-02). "Leadway Assurance appoints MD, ED". Punch Newspapers. Retrieved 2024-07-14.
  11. ^ "Leadway Assurance Co Ltd - Company Profile and News". Bloomberg.com. Retrieved 2024-07-14.
  12. ^ Khaliq, Zaka (2023-07-11). "Leadway Group Unifies Non-banking Services Of Subsidiaries". Retrieved 2024-07-14.
  13. ^ PM News, Nigeria. ) (https://newtelegraphng.com/ai-leadway-assurance-boosts-vehicle-assessment-with-leadway-vehiscannerai "Leadway Assurance launches multi-feature Mobile App". PM News Nigeria. {{cite web}}: Check |url= value (help)
  14. ^ Telegraph, New (2023-07-17). "AI: Leadway Assurance boosts vehicle assessment with Leadway "VehiScannerAI" - New Telegraph". newtelegraphng.com. Retrieved 2024-07-14.
  15. ^ Popoola, Nike (2022-04-24). "Leadway Assurance pays N48bn to policyholders". Punch Newspapers. Retrieved 2024-07-14.
  16. ^ Anaesoronye, Modestus (2022-06-14). "Leadway Assurance pays N111.4m claims to farmers in Benue, Nasarawa". Businessday NG. Retrieved 2024-07-14.
  17. ^ Inokotong, Joseph (2024-03-18). "Leadway, Anchor Insurance clinch lead underwriters' job for N20.1bn police insurance". Tribune Online. Retrieved 2024-07-14.
  18. ^ Aneasoronye, Modestus (2024-04-10). "Race for top Pension Fund Administrator heightens as Access battles Stanbic IBTC for largest customer base". Businessday NG. Retrieved 2024-07-14.
  19. ^ Aneasoronye, Modestus (2023-09-27). "Stanbic IBTC Pension, Access, three others hold 64% of new registered contributors Q2". Businessday NG. Retrieved 2024-07-14.
  20. ^ "Leadway Pensure Appoints New CEO – Independent Newspaper Nigeria". 2024-06-13. Retrieved 2024-07-14.
  21. ^ "Leadway Capital Launches Online 'Will Writing' Platform – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-07-14.
  22. ^ Anaesoronye, Modestus (2021-07-31). "Nigeria's Healthcare sector faces major disruption with launch of Leadway Health". Businessday NG. Retrieved 2024-07-14.
  23. ^ Khaliq, Zaka (2022-08-03). "Leadway Health's Telemedicine To Revolutionise Healthcare In Nigeria". Retrieved 2024-07-14.
  24. ^ Aneasoronye, Modestus (2023-12-21). "5, 000 tanker drivers get Leadway comprehensive health insurance". Businessday NG. Retrieved 2024-07-14.
  25. ^ Tolu-Kusimo, Omobola. "Leadway Group unveils Hersurred for women". The Nation.
  26. ^ Anaesoronye, Modestus (2023-04-18). "Leadway bolsters child education in rural communities". Businessday NG. Retrieved 2024-07-14.
  27. ^ Anagor-Ewuzie, Amaka (2022-04-19). "Leadway, Slum2School give access to free education to indigent children". Businessday NG. Retrieved 2024-07-14.
  28. ^ Anaesoronye, Modestus (2023-05-29). "Leadway champions children's literacy, reading culture initiative". Businessday NG. Retrieved 2024-07-14.
  29. ^ Vangaurd, Newspapers. "Leadway Assurance donates to charities, fetes less privileged children". Vanguard Newspapers.
  30. ^ Khaliq, Zaka (2024-05-24). "FG, Leadway Assurance Partner NASRE Foundation To Support Ailing Journalists". Retrieved 2024-07-14.
  31. ^ Anaesoronye, Modestus (2021-10-25). "Leadway Health provides free mammogram screening for women". Businessday NG. Retrieved 2024-07-14.
  32. ^ Ailemen, Anthony (2024-05-21). "Ginger blight disease: PULA, Leadway, Heifer, AFEX pay farmers N110m insurance". Businessday NG. Retrieved 2024-07-14.
  33. ^ "10 Students Benefit From MAC Bickersteth, Leadway, KPMG, Andersen University Scholarship Programme – Independent Newspaper Nigeria". 2022-01-04. Retrieved 2024-07-14.
  34. ^ Khaliq, Zaka (2023-08-24). "GCR Awards 'AA+' Rating To Leadway Assurance". Retrieved 2024-07-14.
  35. ^ News, Leadership (2024-06-21). "Leadway Partners Octamile To Provide "PayCover" For Motor Insurance". Retrieved 2024-07-14. {{cite web}}: |last= has generic name (help)
  36. ^ Anaesoronye, Modestus (2023-11-08). "Leadway, Leytro partner for pay-as-you-drive insurance cover for motorists". Businessday NG. Retrieved 2024-07-14.
  37. ^ Anaesoronye, Modestus (2023-10-04). "Leadway Assurance partners UAE, Malaysia firms on travel insurance". Businessday NG. Retrieved 2024-07-14.
  38. ^ Popoola, Nike (2023-07-25). "Vitality, Leadway partner on health insurance". Punch Newspapers. Retrieved 2024-07-14.
  39. ^ Khaliq, Zaka (2023-08-13). "Leadway Assurance, Firm Partner To Boost Agric Practices In SouthWest". Retrieved 2024-07-14.
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