Dr. (Mrs.) Funmi Babington-Ashaye is a trailblazing icon in the insurance industry. The Managing Director and Chief Executive Officer of Risk Analyst Insurance Brokers Limited has a distinguished career spanning several decades. Also, the Nigeria Ambassador of the Chartered Insurance Institute London, her expertise, leadership, and vision have earned her numerous accolades and recognition. In this interview, she speaks on her life, legacy as she marks her diamond jubilee.
As you step into the diamond age, what are your reflections on life’s journey so far?
I am filled with profound gratitude and appreciation to God Almighty for taking me this far. My path has been marked by moments of triumph, challenges, and invaluable lessons. Each experience, whether joyous or difficult, has shaped the person I am today. From my early years, I have been driven by a desire to make a meaningful impact. The support and encouragement from my family, friends, and mentors have been the foundation of my journey, propelling me forward even in the face of adversity.
What significant milestones have you achieved in your personal and professional life?
The most significant milestones have been the relationships I have nurtured and the family I have raised. Watching my children grow into responsible, compassionate individuals has been one of my greatest joy. Professionally, by the special grace of God I have had the honour of breaking barriers in the insurance industry. I was with Cornerstone Insurance Plc for 18 years, where I rose to being the first female Managing Director of the company. I later started my insurance brokerage firm, Risk Analyst Insurance Brokers Limited, in 2007 where I am currently the Managing Director. In 2009, I was also appointed the Managing Director of NICON Insurance Plc. Mentoring young professionals and witnessing their growth and success have been other significant milestones. In 2015, I founded the Funmi Babington-Ashaye (FBA) Foundation, a non-profit organisation dedicated to impacting the lives of underprivileged students through scholarships and empowering women to reach their full potential. I am an alumnus of Lagos Business School, a Fellow of the Chartered Insurance Institute of both Nigeria and the United Kingdom, a Fellow of the Chartered Institute of Insurance Brokers, and the Institute of Directors Nigeria. I also hold a Master’s in Entrepreneurship from MIT, USA. In 2017, I became the President/Chairman of the Council of the Chartered Insurance Institute of Nigeria and a Past President of the Entrepreneurs’ Organisation, Lagos Chapter. I have received notable awards, including the Top 50 Women in Insurance in Africa Award, Lagos Female Entrepreneur of the Year 2022 Award, Outstanding Women of Ultimate Distinction, Nigeria’s 50 Most Outstanding and Impactful Women in Leadership 2021, Africa’s Patriotic Amazon of the Year 2021 Award, and I am a Doctoral Fellow of the International Certified Risk Management Professionals United Kingdom. I also hold an Honorary Doctorate in Leadership & Community Development from ESAE Benin University. I authored the book “Insurance in Practice: All You Need to Know About Insurance in Nigeria,” published in 2017.
How have your experiences shaped you into who you are today?
Growing up in a humble background, I witnessed my parents’ immense sacrifices to ensure I received an education. Their unwavering commitment to service, honesty, hard work, and faith profoundly shaped my values. The generosity of others, like my father’s boss who funded my professional examinations in London, reinforced the importance of support systems and paying it forward. Throughout my career, I have encountered challenges, including gender bias and doubts about my capabilities. These experiences ignited my determination to overcome barriers and prove my worth. They taught me resilience, self-belief, and the importance of consistent excellence. Thriving in male-dominated spaces requires staying informed, working diligently, exuding confidence, and consistently delivering superior results. The mentorship of extraordinary women such as Dr. Stella Okoli (OON), Chief (Dr.) OnikepoAkande (OON, CON), Chief Eniola Fadayomi (MFR), and Dr. Cecilia Ibru (OON) has been pivotal in my journey. Their guidance shaped my leadership philosophy and reinforced my commitment to empowering others. Faith remains my cornerstone. As a practicing Christian, I entrust my plans to God, drawing strength and direction from Him. My journey reflects my dedication to excellence, integrity, and service in all I do.
You have had a distinguished career spanning several decades, what motivated you to pursue your chosen profession?
My journey in the insurance world was divinely orchestrated. Initially, I wanted to study accountancy, but when I couldn’t pursue that path, an uncle suggested insurance as an industry with immense potential. This advice set my professional journey in motion. After serving as the MD/CEO of Cornerstone Insurance PLC and NICON Insurance PLC, I decided to establish Risk Analyst Insurance Brokers Ltd. My goal was to provide invaluable support to the insurance industry by breaking down complex policies into simple terms, explaining their benefits and shortcomings, and offering rich information to potential policy buyers. As brokers, we also work with underwriters to develop unique products that meet the specific needs of stakeholders. The dynamic nature of the insurance industry, with its constant evolution and need for innovation, kept me engaged and passionate. I was motivated by the challenge of finding solutions to complex problems and creating products and services that meet the needs of my clients.
What challenges did you face in your early days, and how did you overcome them?
In the early days of my career, I faced several significant challenges, including gender bias and skepticism about my capabilities. The insurance industry was predominantly male, and breaking into it as a woman required immense determination and resilience. Women were often viewed as the weaker vessel, and gaining recognition in such an environment meant I had to work ten times harder than my male counterparts. Building a strong support network was crucial in overcoming these challenges. I sought mentorship from experienced professionals who provided guidance, encouragement, and valuable insights. Their support helped me navigate the difficulties and stay motivated. Additionally, I remember with fond memories my husband, late Prince Adebajo Babington-Ashaye of blessed memory who supported and encouraged me to pursue my dreams. The importance of having a good support system cannot be overstated. Balancing my professional and personal life was a significant challenge. As a wife and mother, it required God’s grace and endurance to fulfill my natural roles while pursuing my career goals. I had to ensure that my responsibilities to my husband, children, and elderly parents did not suffer. Maintaining peace on the home front allowed me to enjoy the support of my family and the confidence of my colleagues at work.
As an entrepreneur, what advice would you give to young women who are just starting out in business?
To young women starting out in business, my advice is to believe in yourself and your vision. Confidence in your abilities and ideas is essential. Embrace challenges as opportunities for growth, and don’t be afraid to take risks. Surround yourself with supportive mentors and peers who can provide guidance and encouragement. Building a strong network is invaluable. Seek out opportunities to learn and grow and never stop investing in your personal and professional development.
You are known for your philanthropic efforts, particularly in the areas of education and women’s empowerment. What drives your passion for giving back to the community?
My passion for giving back is driven by a belief in the transformative power of education and empowerment. In 2015, I founded the Funmi Babington-Ashaye Foundation. The FBA Scholarship Programme, in partnership with the University of Lagos, Lagos State Polytechnic, and Lisabi Grammar School (my alma mater), has awarded scholarships to over 200 exceptionally talented underprivileged students. In 2020, we launched the FBA Mentors programme for women, providing a mentoring and advocacy platform that inspires women to achieve their maximum potential in career, business, and family life. Empowering women is particularly important to me because I believe that when women succeed, their families and communities thrive. My philanthropic efforts aim to pay forward the support and opportunities I have received, driven by a desire to create a better future for the next generation and contribute to a just and prosperous society. Through our mentoring group, we have successfully produced managing directors and C-suite executives. Our corporate social responsibility focuses on raising awareness and providing support for mental health issues. The foundation has initiated various advocacy programmes aimed at promoting mental health awareness and offering practical support to those in need. The foundation has held two annual Mental Health Awareness Walkathons in Lagos, Nigeria (November 2022 and November 2024). In October 2023, we also visited the Federal Neuropsychiatric Hospital in Aro, Abeokuta, providing support to female patients through necessities, medical care, and bill coverage.
As you look back on your life, what do you hope your legacy will be?
Reflecting on my life, I hope my legacy will be one of empowerment, compassion, and positive impact. I want to be remembered as someone who uplifted others and made meaningful contributions to society. My journey is marked by a commitment to excellence, integrity, and relentless pursuit of my goals, and I hope these values will continue to inspire future generations. In the insurance industry, I have strived to provide security and peace of mind to individuals and businesses. Founding my own successful business and mentoring young professionals have been significant milestones. I authored a book, “Insurance in Practice: All You Need to Know About Insurance in Nigeria,” published in 2017, which has played a crucial role in demystifying insurance concepts and advancing the industry by serving as an educational resource and reference material for professionals. Ultimately, my legacy is dedicated to service to God and humanity. It is not just about achievements and accolades but the positive impact I have had on others’ lives. By empowering others and creating opportunities for growth and success, I aim to leave a lasting, positive impact on society.
