Mrs. Funmi Babington-Ashaye
One of Nigeria’s Leading Risk Underwriters, Mrs Funmi Babington-Ashaye, is the Managing Director/ CEO of Risk Analyst Insurance Brokers Limited. Her professional insurance career spans across more than 33 years and her reputation within the industry is unparalleled.
Babington-Ashaye was the former Managing Director/ Chief Executive of Cornerstone Insurance Plc and NICON Insurance Plc, holds a Master’s Degree in Business Administration. She is an Alumnus of Lagos Business School and a Fellow of both the Chartered Insurance Institute both of Nigeria and United Kingdom. In addition, she is also a Fellow of the Chartered Institute of Insurance Brokers.
In 2017 she became President/Chairman of the Council of the Chartered Insurance Institute of Nigeria, the premier insurance body responsible for promoting skills development and professional conduct among members engaged in the industry. This reinforced her position as a thought leader in the insurance sector in Nigeria.
Aside from her existing directorial responsibilities, Babington-Ashaye acts as a consultant/broker to numerous clients including Aero Contractors (a state-controlled Nigerian airline company) and Arik Air on their aviation insurance portfolios, negotiating policy terms through insurance and reinsurance firms including UK-based AON and Willis Towers Watson, Lockton UK etc. She also has experience prospecting international oil companies such as NNPC as her company has a NIPEX certificate, allowing her to accrue significant experience with special risk insurance policies.
As the Managing of Risk Analyst Insurance Brokers, Babington-Ashaye has been instrumental in setting the strategic direction for the company. She manages the relationship between the company and its stakeholders and is also responsible for overseeing, technical, marketing strategy as well as relationship management.
Between 1987 and 1991, Babington-Ashaye was employed by Royal Exchange Assurance within their underwriting and claims department. She gained valuable expertise underwriting all classes of insurance including general accident, burglary and money, as well as fidelity guarantees. During the ‘90s and ‘00s she attended a plethora of industry courses and seminars including Senior Management Programme at Lagos Business School and Finance for Senior Executives at Harvard Business School. Her qualifications include a Masters in Entrepreneurship from Massachusetts Institute of Technology, a Master’s in Business Administration (MBA).
Prior to working with Risk Analyst Insurance Brokers, Babington-Ashaye worked as managing director of Cornerstone Insurance, a leading public insurance underwriter in Nigeria. In addition to managing company strategy and co-ordinating the marketing and technical divisions, she directly supervised the reinsurance unit as well as the special risks department that managed oil and gas and aviation sector insurance policies.
Babington-Ashaye is also an author, in 2017 she published a book titled “Insurance in Practice –All you need to need about Insurance in Nigeria”.