Connect with us

Afripreneur

Prioritizing A Traditionally Underserved Somaliland Population Over Profit – Adan Abbey

Published

on

Adan Abbey is the President of Horn of Africa Insurance, an insurance company based in Hargeisa, Somaliland and providing international standard insurance services to a traditionally underserved Somaliland and Somalia market. A region that lacks the presence of insurance services and access to a robust financial services sector. In this interview with  Alaba Ayinuola, Adan explains his company’s strategy to take insurance to the grassroot, change the mind of people to be more proactive with their finance. And most importantly, impact his community by creating more jobs for the youth.  Excerpt.

 

Alaba: Tell us about Horn of Africa Insurance and the gap its filling?

Adan: Horn of Africa Insurance is a general insurance company headquartered in Hargeisa, Somaliland. Our main product offerings include Auto, Property, Medical, and Cargo insurance coverage. Our goal is to be an international standard insurer that provides high quality insurance services tailored to our local and regional context. We are achieving this by providing much needed insurance services to a traditionally underserved population. This is a market that in general has not had access to a robust financial services sector, so we are helping to fill that gap.

Whether it’s by insuring a high value asset for an international investor, or by providing medical insurance to someone who maybe has never had it before, our job is to protect you and your assets while at the same time providing you with peace of mind.

 

Alaba: What are the challenges, competition and how are you overcoming them?

Adan: One of our biggest challenges right now is the lack of understanding about what insurance actually is. In the absence of formal insurance, the majority of the population here participates in a sort of tribal insurance scheme, one that has existed for generations. You can think of it as risk pooling whereby you contribute to a pool of funds and in the event of a major incident (a car accident for example), your tribe will take money from that pool to help cover the cost of injuries and/or death.

While that has worked to a certain extent, there are many challenges associated with it, so we spend a lot of time educating people on the benefits of formal insurance. We’re out in the field having one on one interactions with people, understanding their needs, and explaining how insurance can be a solution. We can also point to many examples where businesses lost massive sums of money because their goods were uninsured.

Another challenge we face is the lack of insurance specific laws and regulations, which are important to the development of the overall industry and also help spur economic development. We expect that this will change in the not too distant future, so our focus has been on building a strong brand and customer base.

 

Alaba: Why is your brand different from other insurance brands in terms of your unique selling point?

Adan: As a management team we have over 10 years of direct insurance experience at global insurance companies and even more years in the broader financial services industry. It’s not only the experience that we are bringing to the market, but also a level of quality and service. When you insure with Horn of Africa Insurance you know you’re getting great coverage and a company that will go the extra mile for you. For example if one of our customers is involved in a car accident we try to send the nearest representative to the scene.

An accident can be very stressful so we try to be there whenever we can to help, whether it’s helping with the paperwork, towing, etc. It’s an example of how we try to go above and beyond for our customers. We also work with top international reinsurers, and this allows us to service almost any client need, while providing an extra layer of protection.

 

Alaba: How is your brand contributing to the development of the insurance industry?

Adan: We are essentially developing a market from the ground up. We are spending time and money to educate people at all levels about the benefits of insurance. We are trying to shift the mindsets of people to think more proactively about their finances rather than reactively. Oftentimes people only understand the benefit of insurance when the experience a significant loss. They have to deal with the financial burdens either alone or if they are lucky with help from their family or community.

Our message to people is that insurance is there to help you in those times of need. To me insurance is deeper than just asset protection, it contributes to wealth creation, and it helps to drive economies. By mitigating your financial risks you allow yourself the opportunity to continue to save and invest in building wealth. And on a national level most investors wouldn’t consider making large investments in a country without insurance.

Insurers also create jobs and are some of the largest institutional investors. So we believe that we are making a significant contribution in the work that we are doing.

 

Alaba: What markets are you operating in, currently? Any plans for expansion?

Adan: We are currently only operating in Somaliland. Our current focus is to continue our expansion within the country first, as we believe there is great potential to make a positive impact here.

 

Alaba: What’s the future for your brand and what steps are you taking towards achieving them?

Adan: We believe the future of our brand is to be synonymous with quality insurance at a great price throughout the Horn of Africa region and beyond. Our goal is to be a Pan African insurer and No. 1 in the Horn of Africa region. We are taking it one customer at a time, as success is the result of consistent hard work and execution of a strong vision.

 

Alaba: What’s your view on the evolution of the insurance ecosystem in Africa?

Adan: Insurance penetration in Africa is roughly 2.8%, which is low but it is not only an African phenomenon. Global insurance penetration is roughly 6%. I do however think that Africa has the chance to be a global leader in this market. This is a continent that is just beginning its journey towards accelerated growth. We have some of the fastest growing economies on earth.

Imagine what the continent can transform into once we see things like stronger infrastructure, increased trade between African countries, and a growing middle class. The beauty of insurance is that the industry plays a part in all of that. We insure construction projects, cargo, and the assets of individuals. We can also become a global leader through innovation. Look at what has been done with mobile money in Africa.

Here in Somaliland for example, I do not carry a wallet. Virtually every transaction I make is on my mobile phone. So it just shows you that innovation can come from Africa and that the continent can be a model of success if we put in place measures that encourage entrepreneurship, innovation, and good governance.

 

Alaba: How do you feel as an African entrepreneur?

Adan: It feels exciting and rewarding. I’m proud that we have been able to create employment, particularly for young people who have graduated without access to quality jobs. It may sound cliché to say, but I really do believe that Africa’s time is now. We all have something to contribute, an area of expertise, a passion. I believe we owe it to ourselves to build this continent into something incredible. When the movie Black Panther came out, it created a lot of emotion in people because here was Africa essentially being portrayed as the most advanced place in the world by far, and it made people proud. There’s no reason why that cannot become a reality.

Africans are excelling in every single field imaginable and at the highest levels. Not to mention the brilliance of youth that who if given an opportunity could reach unimaginable heights. I’d encourage people to consider entrepreneurship, particularly if you feel that you are only operating at a fraction of your true potential.

Alaba: What is your advice for African entrepreneurs and investors?

Adan: What I’m learning is that to be successful, no matter what your definition is of success, you have to win the battle against your own mind. You will experience rejection, people will tell you that what you’re doing will never work; they may even try to bring you down. These will be the same people who will chase after you during the good times. So your vision has to be strong in your mind, you have to see exactly where you will be and believe it.

That is what will help you get through the daily roller coaster ride that is entrepreneurship. You also have to be willing to take calculated risks and be patient enough to see things through.

Also Read Lillian Barnard: Tech Enthusiast And First Female Managing Director, Microsoft South Africa

Alaba: How do you relax and what books do you read?

Adan: I exercise at least 5 days a week, I find it energizing but also a time where I can decompress. I also practice visualization; I often have my vision board next to me on my desk. I try to read one book a month, typically a different genre each time. I’m currently reading “Connectivity” by Parag Khanna which explores how political borders become less relevant as the world is becoming more connected.

 

Alaba: Teach us one word in your local language. What is your favourite local dish and holiday spot within Africa?

Adan: The word for “car” in Somali is “gaari”. It comes from the Hindi language, and it’s actually the same word in Swahili. It’s an illustration as to how the historical Red Sea and Indian Ocean trading routes had an influence on language and culture.

My favorite local dish is “sabaayad”, similar to chapatti, golden brown, flaky, and typically served with a goat stew or can be eaten alone with some honey and tea. Not the best for the waistline, but great for the soul.

I enjoy visiting Malindi, a beach town along the Kenyan coast. A destination that I have not yet visited but would love to is Mauritius.

 

B I O G R A P H Y

Adan Abbey is Co-Founder and President of Horn of Africa Insurance headquartered in Hargeisa, Somaliland. The company offers Auto, Property, Medical, and Marine Cargo coverage in Somaliland & Somalia. Adanbegan his career at Liberty Mutual Insurance in Boston, where he served as a Senior Financial Analyst in the Personal Markets Division as well as with Liberty International Underwriters (LIU), Liberty’s multi-billion dollar specialty lines division reporting directly to the Chief Financial Officer. His experience includes managing large insurance portfolios, accounting, developing risk mitigation measures, and corporate strategy.

Mr. Abbey also has experience in the Pharmaceutical & Nutrition industries. At Abbott Laboratories, he served as an Associate Brand Manager, responsible for the $100MM+ Glucerna brand in the United States. This included managing multi-million dollar marketing budgets and executing strategies that increased revenue and brand equity.

Adan holds a Bachelor’s Degree in Finance from the University of Connecticut and MBA in Marketing & Management from the Kelley School of Business at Indiana University.

Click to visit Horn of Africa Insurance 

Afripreneur

Shaun Duvet on The Unit Group and the Impact of COVID-19

Published

on

Shaun Duvet, Founder and CEO at The Unit Group (Source: Unit Group website)

The impact of Covid-19 is changing the way organisations operate and do business about the world. The entertainment industry is not exempted as it’s adjudged the second affected industry after the aviation, travel and hospitality industry. In this interview with Alaba Ayinuola, Shaun Duvet the Founder and CEO of The Unit Group shares his brand story and the Impact of Covid-19. Excerpt.

Alaba: Could you tell us about the Unit Group and the gap it’s filling since you launched?

Shaun: The Unit Group was established  in 2017 as the holding company for my various business interests which include: COCO, GoldBar and Souk (my venues), Ultra South Africa, Corona Sunsets Festivals, Anything Goes, AG Virtual, Bella Bookings, Salute, Jet Black & Paradise Springs. These businesses cover all functions of entertainment marketing, management, hospitality, sponsorship and eventing from design, to staffing and artist booking, to production and everything in between.

The gap we launched The Unit Group to fill was that of a true understanding of marketing in the entertainment space. So many brands want to play in this space because the audiences are so receptive and the engagement so high, yet so few of them truly understand it. We felt that we had the marketing know-how, and a deep love and knowledge of not only this space, but the global players within it. 

Alaba: What services does your company offer?

Shaun: The services offered range from throwing small corporate events to festivals for 50, 000 pax; to sponsorship strategies, virtual events; to full spectrum design, photography, videography; artist, model and staff bookings; marketing, and PR strategies and much, much more. 

Alaba: How has the market responded to your offerings?

Shaun: We have seen a huge uptake in clients that previously came to us just to make the party happen, now asking for marketing, creative and strategic advice. AG Virtual, which launched this year, has also seen the likes of AFI (African Fashion Week) approach us to do their full virtual production.

Alaba: The steady rise of South Africa’s entertainment industry has  increased competition in the country. What’s your company’s advantage?

Shaun: My 20+ years of experience and my years behind the decks. I live and breathe music and entertainment which enables me to understand what the market wants and keep abreast of global trends. I also have incredible teams in place that keep our work fresh and relevant, and the machine in constant motion.

Alaba: Kindly share some of the challenges faced, especially in this dire time and how you overcoming them? 

Shaun: The challenge of this year is obvious – no events, no DJ’s, no dancing! That’s our life blood. We have managed though to stay busy by diversifying what we offer and working more strategically. Helping brands activate within the highly connected urban youth market in an authentic and resonant manner. Some of our venues are also still operational, and the festivals and events teams are taking some much-needed down time before the parties start again, which we know they will do with a renewed energy when we’re out of the current COVID crisis.

Alaba: Technology is disrupting the entertainment industry across the globe. How’s your company adapting to the use of technology?

Shaun: As mentioned, we have launched AG Virtual which is doing well. But we have always been at the forefront of event and entertainment technology in our work. Our audience demands it. 

Alaba: How does your company contribute and set new standards in the South African entertainment industry?  

Shaun: I regularly write and speak on industry channels and give back to the industry that way. We also ensure that we are constantly raising the bar with the work that we do, meaning that more people around the world sit up and take notice which will ultimately benefit the whole industry.  

Alaba: What’s the future for the Unit Group and are you post COVID-19 ready?

Shaun: We cannot wait for life to return to “normal”. Down time was nice, but we’re rested now and it’s time to work! 

Alaba: How do you relax and what keeps you going? 

Shaun: I have 3 young kids so relaxation is scarce, but they certainly keep me going

Alaba: What advice would you give to entrepreneurs and investors coming to South Africa?

Shaun: Come! Don’t be afraid. There is risk, yes, but the rewards are also so great. We live in such a special place and I really believe in the future of this country.

Also Read Closing The Gender Gap: An Interview with Dream Girl Global (DGG) Founder, Precious Oladokun

B I O G R A P H Y

Shaun Duvet, CEO and Founder of The Unit, South Africa’s leading entertainment-based holding company, a combination of enterprises, individually built to make brands better. Shaun is also the CEO and Founder of Anything Goes, the branded entertainment agency, aligning campaigns, properties and music tours with international brands and artists across the continent.

He is the co-Founder and Director of ULTRA South Africa, which brings 50,000 dance-music revellers together every year to see some biggest names in eEectronic Music. He is the partner and producer for Corona Sunsets Festival South Africa, which over the last 5 years has seen over 40,000 fans join together across three cities to celebrate the sunset.
He is a co-owner and operator for COCO, one of SA’s premiere nightclubs, think celebrities, Ibiza-style go-go dancers, Hip Hop MCs, and a parade of sparkler-topped bottles, this alongside it’s sister GoldBar, an elegant bar annex to COCO.

Shaun Duvet is a board member and proud supporter of Bridges For Music, a non-profit organization that utilises the power of music to uplift communities through creative education. Recently, partnering with Defected Records on a new imprint Sondela Records all of whose profits will channel back directly into the charity.

Download BAO E-MAGAZINE

Continue Reading

Afripreneur

Viola Labi: The multi-hyphenate creative strategist building an eco-luxury fashion brand in Africa

Published

on

Viola Labi is a multi-hyphenate creative, premium retail Strategist and Founder of WOVEN, a design-led fashion enterprise.

With over a decade of experience and a proven track record in the global luxury retail space, Viola has worked with renowned international brands such as Burberry, ZARA, Loewe, CELINE and Valentino and has caught the attention of media powerhouses such as Vogue Business, Essence, Forbes, BBC and CNN International, as one to watch.

Born in Canada with Ghanaian parentage, Viola is culturally plural and holds reverence to fashion’s interaction with humanity; asserting that it permits people, irrespective of their cultural and social affiliations to unite. It is this fundamental belief and her relocation to Ghana that inspired WOVEN, a ground breaking brand which seeks to herald a new direction for eco-luxury retail on the African continent.

Viola said, WOVEN was birthed from a personal journey to Northern Ghana. “I witnessed my own reunification to elements of rich Ghanaian culture through textile creation at the diligent hand skilled Artisans. Despite language barriers and unfamiliar grounds, I felt at home. I spent more time with women creating textiles and found myself being stitched together in areas I didn’t know needed mending, areas like self-identity and purpose.”

Cowry Basket (Image Source: WOVEN)

“Looking back, I guess you can say we weaved symbolic exchanges of knowledge and cultural practices and this inspired me to creative WOVEN. Although the entire assortment of products are literally woven, the company name speaks to a higher purpose of coming together as Humanity.” She said.

Also Read Closing The Gender Gap: An Interview with Dream Girl Global (DGG) Founder, Precious Oladokun

The Brand’s mission is to actively work towards uniting the fashion value chain into a cohesive whole by showcasing the creative talent that pervades throughout the African continent; while emanating the diversity of culture, history and skill, much like yarn being formed into a unique tapestry. 

Cowry Basket (Image Source: WOVEN)

WOVEN has the honour of partnering with 150 esteemed Artisan weavers in Ghana to create sustainable, functional, home furnishing products. It’s design principles and execution promote inclusion and seek to disrupt fear-based stereotypes by creating products, made in Africa, that are par with those of global standards.

Visit WOVEN WORLDWIDE

Continue Reading

Afripreneur

Emalohi Iruobe, An Attorney and Founder of Tribe XX Lab Empowering Female-led Startups

Published

on

Emalohi L. Iruobe Esq. is an attorney, adjunct professor and social entrepreneur. She is the founder of Tribe XX Lab, the first and only co-working, wellness and incubator space exclusively for female entrepreneurs and female led startups and companies in Lagos. Tribe XX Lab offers an open-plan office, private offices, events, networking, yoga, a nap room, conference room, reference library, pop up restaurants and wellness retail.

The fundamental idea is to create a place where women are able to present a professional front for their business as well as network, get training, access to funding opportunities and help each other. With a general focus on self-care and balance, the space also partners with brands that retail wellness and selfcare products in order to meet the other often overlooked core need of women in business-wholeness.

Prior to founding Tribe XX Lab, Emalohi was an adjunct professor of Business Law, Business Research Methods and Legal Analysis and Writing at Lincoln University in Pennsylvania, USA for several years before moving to teach Business Law and Data Management at LIM College in Manhattan, New York. Afterwards she taught Expository Writing at Rutgers University in New Jersey, USA before founding Aimanosi Lingerie; a dynamic brand focused on promoting body positivity and selflove in African women. She has a Bsc. in Finance and Banking from Lincoln University, PA and a Juris Doctor from Villanova University.

Before delving into full time entrepreneurship, she practiced law in Pennsylvania and New
Jersey working in Commercial litigation, as well as working as the Manager of Project Implementation in the Kwara State Public Private Partnership office in 2013. She comes with over a decade experience in entrepreneurship, law, education and business.

About Tribe XX Lab

Tribe XX Lab is a civic space for complex conversations, critical contemplation, learning and action to prevent all forms of violence and oppression against women and girls. The goal of their work is to change the perceptions of women and their role in society as well as lead conversations and interventions that PREVENT violence against women and girls in the first place. They do this through the use of digital and social media, conversations, XX-CEED Virtual festival, game theory and art.

Through their work, they are particularly looking to provide support to survivors of Gender-based violence, promote greater public engagement in preventing violence against women, increase public awareness of the intersectionality of oppression women face, create social projects that encourage the extermination of rape culture.

Since inception, they have successfully carried out several survival supports programs, prevention panels and have received a grant to prevent gender-based violence against women and girls in universities in Nigeria as well as provide psychological support to victims of GBV in institutions of higher education from Oxfam/Voice.

Emalohi also launched ‘I GO TALK’ ​a​ ​Nigerian​ ​Pidgin​ ​phrase​ ​which​ ​simply​ ​means​ ​I​ ​will​ ​not​ ​be​ ​silent,​ ​I​ ​will​ ​tell​ ​on you.​ It ​came​ ​in​ ​as​ ​a​ ​crucial​ ​response​ ​to​ ​the​ ​sexual​ ​violence​ ​that​ female students ​ in Nigerian​ Universities face.​ ​This​ ​is​ ​a​ ​clarion​ ​call​ ​from​ ​victims,​ ​survivors,​ ​and​ ​women​ ​in​ ​general​ ​to​ ​the​ ​perpetrators​ of ​sexual​ ​abuse​ ​and​ ​to​ ​the​ ​general​ ​public,​ ​that​ ​they’re ​here​ ​to​ XXterminate, silence ​and​ ​provide​ ​support​ ​to​ victims.​ ​This​ ​is​ ​a​ ​motivation​ ​for​ ​victims​ ​of​ ​sexual​ ​abuse​ ​and harassment ​amongst​ ​University​ ​students​ ​to speak ​up​ ​and​ ​also​ ​a​ ​mode​ ​to​ ​create​ ​awareness for ​students​ ​on​ ​their​ ​rights​ ​in​ ​line​ ​with​ ​the recently signedd​ ​Sexual​ ​Harassment​ ​bill.​

After ​the​ ​BBC​ ​Documentary,​ ​Sex​ ​for​ ​Grades​ ​rocked​ ​the​ ​whole​ ​of​ ​Nigeria​ ​in​ ​October​ ​2019,​ ​the​ ​long​ cloaked ​truth​ ​about​ ​the​ ​oppression that ​young​ ​women​ ​face​ ​in​ ​the​ ​hands​ ​of university ​lecturers​ ​started​ to ​come​ ​to​ ​light.​ ​For the ​longest​ ​time,​ ​young​ ​women​ ​seeking​ ​higher education ​have​ ​been​ ​preyed​ ​upon​ by ​several academicians ​high​ ​in​ ​power​ ​and​ ​have​ ​been oppressed,​ ​victimized,​ ​and​ ​helpless.​

Also Read Closing The Gender Gap: An Interview with Dream Girl Global (DGG) Founder, Precious Oladokun

Starting from the 25​th​ of October to the 31​st​ of October, they are kicking off the first edition of I GO TALK Youth Summit, the largest gathering of university students across the country to build collective power and voice in the fight to end Sex4grades and sexual harassment in Nigerian Universities.

Tribe XX Lab is laser focused on promoting gender equality, deliberate living, transformative leadership and community development through the design and delivery of trainings, workshops, seminars, collaborative partnerships and data gathering.

Visit: Tribe XX Lab & I GO TALK

Continue Reading

Ads

Most Viewed