From a surprise appointment to impressive double-digit growth in gross written premium, she has embraced both challenges and opportunities with a clear focus on the future.
During an exclusive interview with IGIHE, Igoma shared the driving forces behind her leadership, key milestones in her career, and her insights on the evolving insurance landscape in Rwanda.
Career path and education
With a strong background in finance and insurance, Igoma brings a wealth of experience and passion to her role, ensuring that Mayfair Insurance remains competitive in the Rwandan market while also aligning with global industry trends.
Igoma's journey to the top has been a story of perseverance and professional growth.
Reflecting on her appointment as Managing Director, she admits that it was a surprise, despite her longstanding involvement with Mayfair as a member of the Board of Directors.
"I felt valued and appreciated," Igoma says. "I was humbled by the confidence that the shareholders and the Board placed in me."
Her sense of duty and excitement was matched by the recognition of her ability to steer the company forward.
Igoma's career trajectory reveals a deep understanding of both the technical and operational aspects of business.
"Starting from the bottom and working your way up is crucial for building a successful career," she shares.
Igoma's earlier roles gave her insight into the workings of various organizational layers.
She rose through the ranks, eventually heading the Finance Department at her previous job, where she established a Treasury Department and implemented measures that enhanced organizational efficiency.
These milestones prepared her for the multi-faceted responsibilities of leading Mayfair Insurance in an evolving industry.
Education has played a pivotal role in shaping Igoma's professional path. Armed with a Business Administration degree from the College of Science and Technology (formerly Kigali Institute of Science and Technology) and a Master's in finance and management from the University of St. Andrews in the UK, she also pursued certifications in diverse areas such as Corporate Governance, Anti-Money Laundering, Reinsurance, and Insurance.
"These qualifications equipped me with the technical know-how to perform tasks required of me in middle management and cross-cutting functions," she notes.
This solid foundation in both academic and practical fields has enabled Igoma to navigate the complex landscape of finance and insurance with confidence.
Motivation and leadership
Her decision to enter the finance sector was influenced early on by her mother, who was both a teacher and an accountant.
"Growing up, I was fascinated by my mother's ability to do complex calculations in her head," Igoma recalls.
This exposure sparked a lifelong interest in numbers and finance, which led her to pursue a career that combined these elements.
The insurance industry, in particular, resonated with her due to its potential for growth in Rwanda.
"With the industry's penetration rate still below 2% in Rwanda, there is significant potential for growth," she says. Igoma is determined to contribute to the industry's development and seize the opportunities it presents.
Since assuming her role at Mayfair, Igoma has led several key initiatives aimed at strengthening the company's market position.
A priority has been full digitization, a transformation she believes is essential for future growth.
"We have made notable progress in our digitalization journey," Igoma reports, emphasizing that technological advancements are key to improving client service and operational efficiency.
The integration of artificial intelligence and data analytics, for instance, has enhanced Mayfair's risk assessment capabilities, claims processing, and overall customer experience.
Growth
Profitability has also been a major focus. Under Igoma's leadership, Mayfair Insurance has seen remarkable growth.
"Mayfair Insurance is on a strong growth trajectory, achieving double-digit growth. Our Gross Written Premium [GWP] increased by 28% last year, and as of June 2024, we've seen a 42% growth year-on-year," she shares.
This impressive performance is a testament to the company's strong growth trajectory.
For Igoma, profitability goes hand-in-hand with operational efficiency, and she has worked tirelessly to streamline processes and reduce costs, thereby enhancing customer satisfaction and improving the company's bottom line.
Customer-centric approach
At the heart of Igoma's strategy is a customer-centric approach. She believes that understanding and addressing the specific needs of Rwandan customers is essential for remaining relevant in the market.
"A customer-centric approach ensures that the company remains relevant and responsive to market demands," she explains.
This focus extends to product development, where Mayfair is continuously innovating to meet the evolving needs of its clientele.
By introducing niche products like index-based insurance, the company is addressing gaps in the market and offering solutions tailored to its customers' requirements.
Talent development and gender equality
In addition to digital transformation and customer satisfaction, Igoma places a high value on talent development within the organization.
"Attracting and retaining top talent is critical for fostering a culture of innovation and collaboration," she says. Igoma is committed to building a strong, capable team, which she views as essential for maintaining Mayfair's competitive edge in the industry.
She has worked to create a supportive work environment that encourages professional growth, particularly for women, who are underrepresented in the finance and insurance sectors.
One of Igoma's most notable achievements since taking on the role of Managing Director has been Mayfair Insurance's decision to join Women in Finance Rwanda, an initiative aimed at promoting gender equality and diversity in the workplace.
"This decision reflects Mayfair Insurance's commitment to creating an inclusive environment where women can thrive and advance in their careers," Igoma explains.
The partnership also allows the company to contribute to the empowerment of women in the finance industry by supporting initiatives that provide women with the tools, resources, and networks they need to succeed.
The future of Mayfair Insurance
Looking ahead, Igoma is excited about Mayfair Insurance's future, particularly its ongoing digitalization journey.
"We look forward to becoming fully digitalized within the next two to three years," she shares, noting that this transformation will position the company to better serve its clients and adapt to changing market conditions.
As Rwanda's insurance market continues to evolve, Mayfair is well-positioned to thrive, thanks in no small part to Igoma's strategic leadership and forward-thinking approach.
Advice to aspiring women in finance and insurance
Igoma also offers advice to young women aspiring to build successful careers in finance and insurance.
"Never stop learning. Whether it's gaining new technical skills, staying updated on industry trends, or pursuing further education, continuous learning will keep you competitive and open to new opportunities," she advises.
Igoma also encourages women to seek out challenges, take risks, cultivate resilience, build a strong network, be open to feedback, prioritize work-life integration, and develop confidence, all of which are essential for navigating the complexities of the business world.
'While it's important to be ambitious, also be patient with your career progression. Success takes time, and it's important to build a solid foundation,' she concluded.
Théophile Niyitegeka
