AIICO Continues to Prioritise Claims & Benefits - Paid N47.3bn in 2021
While AIICO Insurance considers a variety of metrics when assessing the quality of its services, for a lot of its customers, especially retirees, paying claims and benefits when they are due is often the key determinant of the quality of their experience. Timely claims settlement hallmarks AIICO’s obsession with customer satisfaction and a key driver for its customer retention. The company currently serves a variety of customer groups, from individuals and small-scale entrepreneurs to the largest businesses in the country, with each segment having its own peculiar needs and requirements. In 2021, 70% of claims reported, about ₦33 billion in total, were paid to individuals, with about 14% (₦6.5 billion) going to retirees who have lifetime contracts with the company. Claims to businesses across the spectrum made up 30% (₦14 billion) of total claims paid to customers. In total, the company paid ₦47.3 billion in claims and benefits to customers, up 19.1% from ₦39.7 billion paid in 2020. It will be recalled that it paid N29.1bn and N30.6bn in 2018 and 2019 respectively. This growth, along with the growth in its overall financial position over the years, underscores its incremental capacity to cater for the needs of existing and prospective customers.
Commenting on this, the MD/CEO, Mr. Babatunde Fajemirokun stated “We put the customer first in everything we do. We believe that our customer-centric philosophy is especially crucial today, as customers seek to protect themselves from the volatility of the environment around them. Many of our customers have been with us for decades and others will have a relationship with the company for the rest of their lives. We understand the risks that they face, and we have made it our priority to continue to adapt to their changing needs as they go through life, helping them to manage their risks where possible to improve their overall quality of life. Our customers trust us to be there for them and we will stop at nothing to continue holding our end of the deal.”
Today’s insuring public is more discerning and risk-conscious, generally trusting companies with a track record of good service with their hard-earned funds. Insurers are no different in this regard and for customers, promptness in settlement of genuine claims remains a key performance indicator for choosing an insurer. An AIICO customer, Mr. Monday Abah, recently shared his experience on a radio interview in Lagos. He signed up for one of AIICO’s Savings & Life Assurance Plans and got paid immediately at maturity. He stated “As a matter of fact, before they called me, my account was credited; I just received the alert and then, a call came through to notify me. I am now planning to embark on a 15-year policy for my retirement”.
Commenting on the certification, the MD/CEO, Mr. Babatunde Fajemirokun said, “We are taking conscious steps towards the fulfilment of our vision of being the dominant insurer in Sub-Saharan Africa, leveraging technology. While investing substantially in technology, we are also mindful of the associated risks and leaving no stone unturned for effective risk management; this is the reason we subjected our systems to BSI’s assessment.” He stated further, “Our valued Customers and other stakeholders stand to benefit more from this endeavour. The implementation is towards a sustainable approach to business continuity, reinforcing our resilience against attacks and strengthening our ability to continue to fulfil our obligations now and in the future.”
AIICO Insurance is a leading composite insurer in Nigeria, serving its clients for over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management, and pension management services to create and protect wealth for individuals, families, and corporate customers.
Head, Strategic Marketing & Communications Department.